Congratulations!
You have decided to purchase a home, or are thinking about buying one.
You’ll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family.
When you own your own home, your hard-earned dollars contribute to your mortgage.
The equity you earn is yours.
Over time, your home will increase in value.
What Type Of Buyer Are You?
There are varied classifications of persons who may purchase Bermuda property.
Certain classifications have requirements that need to be met.
PRC Holders, click here
International Buyers, click here
Please contact us if you have any questions about buying real estate.
If there is a property that you do not see on our website but are interested in viewing, give us a call; we’ll be more than happy to assist you.
Try out our Mortgage Calculator (click here) to estimate monthly payments.
Permanent Resident Certificate Holders (PRCs)
PRCs are able to purchase property within Bermuda.
Certain restrictions apply.
PRCs are not able to purchase vacant land or Government Scheme properties.
Read on to learn more about what properties are available and what to expect during the property buying process.
MAY PURCHASE:
ARV = Annual Rental Value
CONDOMINIUMS
ARV = no minimum requirement
FREEHOLD RESIDENCE
ARV = no minimum requirement
A PRC buyer can own up to two Bermuda-based properties.
NOTE: ARV is used to determine land tax value and is not a direct reflection of rental/market value.
ADDED EXPENSES:
In additional to standard closing costs such as:
• agency fees,
• legal fees, and
• government stamp duty fees,
PRCs can expect to pay these additional fees when purchasing property in Bermuda*:
BERMUDA GOVERNMENT LICENCE APPLICATION FEE:
$1,546
BERMUDA GOVERNMENT LICENCE FEE (% of purchase price):
4% residences or condominiums
6.5% tourist accommodations/hotel residences
* fees listed above are subject to change
International Buyers
Non-Bermudians are able to purchase property within Bermuda.
Certain restrictions apply.
Non-Bermudians are not able to purchase vacant land or Government Scheme properties.
Read on to learn more about what properties are available and what to expect during the property buying process.
MAY PURCHASE:
ARV = Annual Rental Value
CONDOMINIUMS
ARV = $25,800 or more
FREEHOLD RESIDENCE
ARV = $126,000 or more
Such properties are typically listed on the market starting at $500,000 (condominiums) and $2,000,000 (residences).
An international buyer can own up to two Bermuda-based properties.
NOTE: ARV is used to determine land tax value and is not a direct reflection of rental/market value.
ADDED EXPENSES:
In additional to standard closing costs such as:
• agency fees,
• legal fees, and
• government stamp duty fees,
international buyers can expect to pay these additional fees when purchasing property in Bermuda*:
BERMUDA GOVERNMENT LICENCE APPLICATION FEE:
$1,546
BERMUDA GOVERNMENT LICENCE FEE (% of purchase price):
8% residences
6% condominiums
6.5% tourist accommodations/hotel residences
4% belonger
* fees listed above are subject to change
For further information about the requirements for international buyers, please visit www.gov.bm or contact a local property attorney.
The above is an outline of entering the property buying market in Bermuda.
To learn more, contact us.
We will be happy to assist you with learning more about the property buying process.
Mortgage Calculator
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