Information for Purchasers

Types of Buyers

BERMUDIAN – Qualify to purchase any property, regardless of the ARV.

Stamp duty exemption for first-time buyers: The exemption applies to the first $1,000,000 of the purchase price for a residential property or a parcel of land on which a residential property is to be built. The purchasers must be Bermudian (and can include a Bermudian and his or her non-Bermudian spouse). BOTC’s are not eligible.  Each of the purchasers must never have held a legal or beneficial interest in any residential property or land greater than 25% of its market value.

PRC – Any property, regardless of the ARV other than vacant lots of land and/or property or a parcel of land and/or developments funded by Government, however, there is a 6% tax on the purchase amount.

BOTC – Any property, regardless of the ARV other than vacant lots of land and/or developments funded by Government. No added tax payable.

Non-Bermudian International Buyers

To qualify, the property must have an ARV at least equivalent to the minimum set at the current amounts:

• Freehold House $126,000 and over. (May be permited to purchase a house with more than 1 assessment number provided one unit is 126,000 or over.)
• Apartment or Condominium $25,800 and over (Residency Certificate Required)

Must obtain a license from the Minister responsible for Immigration. The purchase of a freehold house license fee is 12.5% of the property's value.  The fee for purchasing a leasehold condo is 8% of the property's value.  6.5% for a property within a hotel development

Non-Bermudians are not permitted to own more than two residential properties at any one time and may not acquire vacant land except in specific tourism developments.  Short-term or holiday rentals are not permitted.  However, non-Bermudians may be granted permission to rent their property upon application to the Department of Immigration which is subject to a tax of 7.25%.

Non-Bermudian purchasers must obtain a license from the Minister of Labour and Home Affairs; their application is made through a local attorney of their choosing. The license application fee is currently $1,706 (refundable upon license approval).

When purchasing a home, Non-Bermudians can apply for the following:

• Multiple Re-Entry Permit: this allows the successful applicant to stay on Island for a maximum of 6 months per trip.
• Permission to Reside on Annual Basis: this allows the successful applicant to stay on Island year-round and must be renewed annually.
• Residential Certificate: this certificate the successful applicant to stay year-round without restriction and does not need to be renewed. The applicant must prove they have substantial means to reside on island without employment.

CORPORATE LAND HOLDING - Local and Bermuda Exempted Companies that meet the established requirements may, at the discretion of the Minister of Economic Development, acquire certain residential and commercial property.

BELONGER - A Belonger can purchase any property on the market without any restrictions. This means that a belonger is not subject to any ARV restrictions and a license is not required. A belonger can purchase multiple properties including vacant land.

NON-BERMUDIAN TRUSTS - Requires a specific application to the Bermuda Government but in the past such Trusts have been approved subjuct (a) administered by a locally licenced Trustee;(b) limited to one generation; and (c) after death, the property must be sold within 2 years.

ECONOMIC INVESTMENT RESIDENTIAL CERTIFICATE Investment Residential (EIRC) enables individuals — plus their spouse and minor dependents — who invest $2.5 million in certain Bermuda industries, sectors, charities, or government programs to receive residency rights. If the spouse or dependent of a Residential Certificate Holder desires to work in Bermuda, they will be subject to the Bermuda Work Permit Policy.

Annual Rental Value (ARV): A notional value that does not equate to amount of rent achieved on the open market.