Guidelines for International Buyers of Property in Bermuda

Guidelines for International Buyers of Property in Bermuda

Thinking of buying a property in Bermuda?

There are guidelines for buying property on the Island of Bermuda based on whether a person is a Bermudian or non Bermudian / International buyer i.e. US Citizen, UK Citizen, etc.

· International buyers may only buy property in Bermuda that is currently owned by a non-Bermudian.

· Prospective international buyers must submit an application to the Bermuda Government for the grant of the license to hold property along with a fee.

· The cost of a Bermuda License to Acquire Property is 18 percent of the purchase price of a condominium and 25 percent of the purchase price of a house.

· A property's annual rental value (ARV) must exceed a designated amount ($32,400 for a condominium, $153,000 for a house) to be eligible for purchase by an international buyer.

· International buyers may not buy investment property such as land, commercial real estate or property intended mainly to earn rental income.

For further information on the buying process for property in Bermuda as well as what property is for sale in Bermuda please visit my website http://www.bda4sale.com/ or call Sharon Cranfield at 1 441 305 8074.