Acquiring Property in Bermuda by Non-Bermudians.

Non-Bermudians may purchase qualifying properties in Bermuda. In order to be available to a non-Bermudian purchaser a property must have an assessed Annual Rental Value ("ARV") at or above a set minimum level (in effect disqualifying properties in the middle to lower price ranges). NB: ARV is not a reflection of market value but rather is used as the basis for calculating Land Tax.

Not all properties are available to non-Bermudian purchasers. However, the ones that are for the most part are likely to be priced at or above $3.5 million and condominiums at or above $550,000.

Licensing and Fees

Overseas buyers wishing to acquire real property in Bermuda must apply for and be granted a license by the Bermuda Government. Upon entering into a contract with the vendor of the property, and having selected a local attorney with whom to work, the application is prepared by the lawyer and the sale may only close after all pre-conditions including the granting of the license have been met. Bank and personal references (Bermudian if possible) will be required.

The current application fee is $1,787.50 (refundable upon grant of the license). The cost of the license, itself, is based on the agreed purchase price, currently: 8% for a house, 6% for a condominium, and 6.5% for property within a designated resort development


Anti Money-Laundering Laws in Bermuda

Bermuda’s real estate community is subject to the same AML (Anti Money-Laundering) laws and guidelines that are already in effect in other jurisdictions.

All Real Estate companies in Bermuda now have to register with the FIA (Financial Intelligence Agency) in order to obtain information from each person who is selling or purchasing property here in Bermuda. New laws are now in effect in order to prevent money laundering and terrorist financing via real estate transactions.

Dale Young Properties will be required to obtain far more information than they will have requested from clients in the past. You may be asked to complete forms that are similar to those your bank or lawyer have already requested. 


Land Policy

The Bermuda Immigration and Protection Act ("BIPA") 1956
http://www.bermudalaws.bm/Laws/Consolidated Laws/Bermuda Immigration and Protection Act 1956.pdf

BERMUDA IMMIGRATION AND PROTECTION ACT 1956
Trustee holding or acquiring land without a licence
No trustee shall hold or acquire land in Bermuda in trust for a person that the trustee knows or has reasonable grounds to suspect is a restricted person (other than the spouse of a person who possesses Bermudian status), unless the trustee has a licence or a deferral certificate.
[Section 77 repealed and replaced by 2007:16 s.5 effective 22 June 2007; amended by 2015 : 22 s.5 effective 8 June 2015]

Non-Bermudian Trust

It is possible for overseas purchasers to utilise a Trust for the purchase of property subject to certain restrictions. These should be discussed with your lawyer before settling on the specifics of the Sale and Purchase Agreement.

Multiple Property Ownership

Generally, Non Bermudians are allowed to purchase two properties.

For more information, go to www.gov.bm

contact us today

Office  (441) 236-5200

Cell       (441) 535-3202

Email    dale.dyproperties@gmail.com