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Permanent Resident Certificate Holders’ Information

I hope that this will provide you with some guidelines as you consider purchasing a property on the island. If you would like advice in identifying individual properties that will suit your needs and requirements I would be pleased to assist.

PRC holders may purchase any house in Bermuda. The property should only have one assessment number.

PRC holders may purchase any condominium in Bermuda that is not considered to be Government subsidized housing.

There are Leasehold condos (generally 999 years ownership of shares that entitle the owner to use of the described property) and Freehold condos which the property is owned outright together with the land described surrounding it.

To purchase a property a PRC holder would have to apply for an Alien License to Acquire and Own Land.

There is an Application Fee of $1,546 which is refunded when the License is granted.
As of 1 April 2013 PRC license fee decreased to 4% on the purchase price of both a house or a condominium. This rate will be in effect until 31 March 2019 after which the license fee is expected to rise to 6%

A PRC holder cannot purchase vacant land or commercial property.

The License Fee on the purchase of a property in a Tourism Development (including Fractionals) is 6.5%.

The application for the License to purchase can only be made once there is a signed Sale and Purchase agreement on a property and the Application and License is specific to that particular property.

I would expect the License to take 3-4 months to be processed from date of application.

It should be possible to purchase a property with a tenant in situ providing you intend to live in the property following expiration of the lease and there was only a fairly short period of time left to run. The Sales Agreement would make the purchase subject to Immigration agreeing to this.

Sharon Cranfield
email:
sales@bda4sale.com

Phone
+1 (441) 305-8074 - Cell

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