International Buyer's Information

The purchase of property in Bermuda by Non Bermudian / International Buyers is subject to certain restrictions & it would be useful to use the services of a knowledgeable real estate professional to help navigate the process.

Generally speaking:

International Buyers may only buy a house with an Annual Rental Value (ARV) over $126,000 or a condominium with an ARV over $25,800. Prospective International Buyers must apply for a Licence to Acquire Land & submit an application along with a consideration fee of $1,546.00 to the Bermuda Government (refunded if the license to own property is granted).

From 1st April 2013 the cost of a License to Acquire was reduced from 18% to 6% of the purchase price of a condominium & from 25% to 8% of the purchase price of a house.

From 31 March 2019 the licence fees are expected to rise to 8% of the purchase price of a condominium & 12.5% of the cost of a house

Agreement in principle between an international buyer & seller includes a deposit of 10% of the purchase price. The deposit is held in escrow, subject to contract, & deducted from the overall purchase price.

Properties that form part of a Tourism Designated Development or a Resort property (Fractionals) are subject to a 6.5% licence fee.

International Buyers may not buy land without a dwelling on it, commercial real estate or property intended to earn rental income.

However, International owners may be granted permission to rent their property by the Immigration Department. Permission rarely extends to periods of more than a year & may include a tax of 7.25%.

Prospective international buyers could contact Sharon Cranfield sharon@bda4sale.com for assistance or further information.

See also the Bermuda Immigration & Protection Act 1956, amended as recently as 2016 http://www.bermudalaws.bm/Laws/Consolidated Laws/Bermuda Immigration and Protection Act 1956.pdf

Sharon Cranfield
email:
sales@bda4sale.com

Phone
+1 (441) 305-8074 - Cell

BACK     -    NEXT