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Purchase of Property in Bermuda by Non-Bermudians

 

International buyers are permitted to buy only selected properties in Bermuda with an Annual Rental Value (ARV) of $126,000 or higher for a house and an Annual Rental Value (ARV) of $25,800 or higher for a condominium.  These regulated guidelines are in place for International Buyers and provides the opportunity to purchase Bermuda’s finest selected properties.

 

The Annual Rental Value (ARV) for houses and condominium units doesn’t necessarily reflect the market value.  

 

Once an International buyer has selected a property and a Sales Agreement is in place an application for a License to Acquire is submitted to the Bermuda Government’s Ministry of Labour, Home Affairs and Public Safety along with a consideration fee of $1,625.00.    Applicants are required to provide a banker’s reference and personal references (preferably Bermudian).   All applications for a license are submitted to the Bermuda Government made through a local attorney of their choice.   This approval process can take approximately three to six months and the fee is refundable upon granting of a license.

 

License Fee is 6% of the purchase price of a condominium and 8% of the purchase price of a house.  Properties that are designated Tourist/Resort Development are eligible to International buyers.

 

Generally speaking, a house with a qualifying ARV start from $4 million or higher and condominiums from $700,000.00 or higher may be sold to International Buyers. 

 

International buyers are permitted to own two residential properties.

 

For further information and helpful website links:  
Government of Bermuda -
www.gov.bm  
Bermuda Government Department of Land Valuation - www.landvaluation.bm 

 

KM Realty is a full-service real estate broker which provides purchasers with access to the island’s full range of property inventory.

 

KM Realty Ltd cannot guarantee the accuracy of information provided and its contents or parts hereto.   All contents are set out in good faith and reasonable efforts made to obtain an accurate account of information concerning real-estate et al provided by or obtain from public records or other sources.