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.