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International Purchaser/Permanent Resident Certificate Holders

Please note the following guidelines and procedures with regard to the purchase of property in Bermuda by international purchasers or permanent resident certificate holders.

 

ANNUAL RENTAL VALUE

Non-Bermudians (International Purchasers) or Permanent Resident Holders (allowed permanent residency but not citizenship) may only purchase property that is qualified by a minimum Annual Rental Value (“ARV”).

 

The ARV is used to determine land tax and is not necessarily a reflection of market value.

 

The minimum ARV for houses is $177,000 and $32,400 for condominiums. In addition, condominiums available to Non-Bermudian purchasers must be in “designated developments”.

 

The effect of these guidelines means that only the highest valued properties are available for Non-Bermudian purchasers.

 

Homes with a qualifying Annual Rental Value start in the price range of $3.5 million for homes and condominiums start at around $800,000.

 

LICENSING AND FEES

Non-Bermudian purchasers must obtain a license from the Minister of Labour and Home Affairs. Their application is made through an attorney of their choosing. License fees are 8% of the purchase price of a house and 6% for a condominium. Current License Fees will increase as of September 30, 2015 to 12.5% for a house and 8% for a condominium. All properties within a designated resort development are 6.5%.

 

License fees for Permanent Resident Certificate Holders (“PRC”) purchasers will be 4% for a house and a condominium. The License Fee will increase as of September 30, 2015 to 6%.

 

Applicants are required to provide a banker’s reference and personal references (preferably Bermudian if possible).

 

The license application fee (which is refunded when the license is granted) is currently $1,416.

 

NON-BERMUDIAN TRUST

Government has approved Non-Bermudian purchasing by application in Trust subject to (a) locally licensed Trustee, (b) limited to one generation and (c) after death, the property must be sold within 2 years.

 

MULTIPLE PROPERTY OWNERSHIP

Generally, a non-Bermudian will not be permitted to own more than one residential property at any one time. A non-Bermudian will be permitted to purchase a second property on the condition that he/she disposes of the original property within twelve (12) months.

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