Bermuda Real Estate For Sale To Non-Bermudians
Introduction
Bermuda, a British Overseas Territory in the North Atlantic Ocean, is known for its pink sand beaches, crystal-clear waters, and stunning landscapes. The island is a popular destination for tourists and expats alike, and its real estate market is thriving.
Non-Bermudians have long been interested in owning property on the island, but until recently, it was nearly impossible for them to do so. However, in 2016, the Bermuda government passed legislation that allows non-Bermudians to purchase certain types of property on the island.
Types of Property Available
Non-Bermudians are now able to purchase condominiums, apartments, and townhouses on the island. These properties must be located in developments that have been approved by the Bermuda government's Land Valuation Department.
In addition, non-Bermudians can purchase homes that have been designated as "International," which means they have been approved for sale to foreigners. These homes must be worth at least $2 million and must be located on at least 0.25 acres of land.
The Purchasing Process
When purchasing property in Bermuda, non-Bermudians must work with a licensed Bermuda real estate agent. The agent will help the buyer find properties that are available for purchase and guide them through the purchasing process.
Non-Bermudians must also apply for a license to purchase property in Bermuda. This process involves submitting an application to the Bermuda government's Ministry of Home Affairs along with a fee of $1,238.
Additional Costs
It's important to note that purchasing property in Bermuda can be quite expensive. In addition to the cost of the property itself, buyers must also pay a 6% stamp duty fee, which is based on the purchase price of the property.
There are also annual property taxes that must be paid. These taxes are based on the assessed value of the property and can range from 0.6% to 1.5% of the value.
Residency and Citizenship
Purchasing property in Bermuda does not automatically grant residency or citizenship. Non-Bermudians who wish to live on the island for an extended period of time must apply for a residency permit.
There are several types of residency permits available, including a work permit, a long-term residency permit, and a retirement residency permit. Each type of permit has its own requirements and restrictions.
Conclusion
While purchasing property in Bermuda as a non-Bermudian can be a complex process, it is now possible thanks to recent changes in legislation. With the help of a licensed real estate agent and careful planning, non-Bermudians can own a piece of this beautiful island paradise.