International Buyers

Buying  Real Estate in Bermuda

This is a general guide to provide information to anyone considering purchasing property in Bermuda. If you are considering buying in Bermuda, it is highly recommended that you seek sound advice, and work with a reputable Real Estate Agent to guide you through the challenges that can arise. Our Agency can provide you with all your Real Estate needs, whether it be residential, commercial, or even a rental. Call one of our Agents to have a one-on-one meeting to discuss viewing properties on the island, and gaining insight to what can seem daunting and complex. We can also assist with all your relocation needs!

Bermuda’s climate, its natural beauty and proximity to the East Coast of the USA, have made the island very appealing to International property buyers. As the island is restricted in size, most of the housing and undeveloped residential land is reserved for Bermudians. The total area of land in Bermuda that can be owned by non-Bermudians is limited to 2,500 acres.

If you are not Bermudian, but would like to buy a property on the island, an application for a license must be submitted to the Minister of Home Affairs, through a local law firm. Some of the information required for the license would include specifics of the property, personal details, references from upstanding Bermudian citizens, as well as a notarized copy of the Sales and Purchase Agreement. The Minister may grant a Residential Certificate which gives the bearer the right to live in Bermuda and to enter and leave the island at their leisure, without restrictions.

Every property in Bermuda is assigned an Annual Rental Value, known as ARV. The number attached to the ARV does not reflect the market value for rent, but instead, it is a number upon which the Land Tax will be based. ARV assessments are reviewed by the Government every five years.

License fees, until 31 March 2019, for International buyers are 8% of the purchase price of a house and 6% of the purchase price for a condominium. Non-Bermudians may only purchase property that is qualified by a minimum ARV of $126,000 for a house and $25,800 for a condominium.  The sale price for a house that qualifies ranges from around $3,500,000 - $45,000,000 and for a condominium $575,000 - $5,500,000.

An Agreement in Principal for an International Purchaser will include a deposit of 10% of the purchase price which is held in escrow, and thereafter deducted from the overall price of the property

International buyers will benefit from the experience of our agency to help guide them through the complicated steps involved to purchase residential real estate in this exclusive property market. If there is a management company involved with the tourist accommodation, paying short-term occupants may also be accommodated.

We do recommend that legal advice is sought before entering into any agreements concerning the acquisition of property on the island.

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