Bermuda

Offshore financial centre Bermuda is historically one of the more closely guarded locations in the Caribbean when it comes to property ownership and residency. Houses are highly sought after amongst the super wealthy and prices are high, with condominiums making popular alternatives for second homes or retirement.

In 2021, Bermuda launched a residence permit by investment programme with a minimum investment of $2.5 million. Of the five investment options available, this includes the purchase of commercial or residential real estate. If the application is approved, permit holders get an Economic Investment Certificate valid for five years. There is a fee for the certificate, but the holder is free to live, work and do business on the islands as long as terms & conditions are met, which includes investment for a minimum of five years and spending at least 90 days a year in Bermuda.

Foreign visitors are welcome and allowed to stay up to six months. Permits are required to live and work. Foreigners can buy property but only with a license granted by the Bermudian Government Ministry, with fees, terms & conditions to qualify. Fees vary from 4-8% of the property price, depending on certain criteria and property needs an approved ARV (Annual Rental Value). ARV is set by the Department of Land Valuation and re-evaluated every five years.

The application process can take three to nine months and application is made usually when an eligible home has been found. Some tourism-suited properties may be fee exempt so check with the agent.

Overseas buyers may not buy for rental investment, except if it is tourist accommodation or a hotel residence. Owners can rent out their property for a period, with permission of the Bermudian Immigration Department. There is a 7.25% tax on short-term rental income, but in some areas this is waived, so again, check with the agent.

Other buying costs include; Stamp duty, ranges 2-7% with payment made as agreed in negotiations; legal fees, and estate agency fees whose rates are recommended by Bermuda Chamber of Commerce.

Time-shares and lease ownership are other tenure considerations.

Our affiliate partners on Bermuda have over 80 years combined experience serving the market, so are well placed to help sellers through the specific laws around what needs to be done in order to sell, as much as they can help buyers through the regulations to successfully own here.

Please do get in touch with us and we can connect you to our partners.

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