Q&A Q&A with Francesca Fox HEAD OF THE CONYERS BERMUDA REAL ESTATE & PROPERTY PRACTICE Tell us a little about the background of Conyers Law above $25,800 or houses or condos in hotel developments qualify.
What changes do you foresee for the property market in the future? The economic and social impact of the pandemic put a temporary halt on global mobility. As the effects dissipated we saw increasing interest from high-net- worth individuals and their families in having a primary or secondary residence in Bermuda and this has continued as a result of current global conflicts and geopolitical events. As a self-governing British Overseas Dependent Territory, Bermuda offers stability and tranquillity in a modern and sophisticated environment.
Founded in 1928, Conyers was the first offshore law firm in Bermuda. Today, we remain at the forefront of the jurisdiction, offering unrivalled expertise in corporate, banking, finance, insurance, investment funds, aviation, shipping, property, private client & trust, and litigation. Why should people select you for the property purchase? With over 75 years of experience advising on Bermuda real estate laws, Conyers can advise on any real estate deal on the island, whether standard or complex, residential or commercial. Our clients range from local home owners to international property developers.
Do foreign nationals need a licence to buy property in Bermuda? Yes, all foreign nationals require a licence issued by the Bermuda Government before they can buy a property. The application process generally takes
between six and eight weeks to approve and is an integral part of the purchase process.
What attracts high-net worth individuals to purchase property in Bermuda? The desire for a safe but sophisticated retreat attracts high-net-worth individuals and their families to have their primary
Bermuda Francesca S. Fox Director +1 441 278 7989 francesca.fox@conyers.com Cynthia M. Millett Counsel +1 441 298 7898 cynthia.millett@conyers.com Oliver Goodwin Senior Associate +1 441 278 7996 oliver.goodwin@conyers.com
Our team of experts can assist you with property sales or purchases, leases and financing, including mortgages. With our combination of technical expertise and market knowledge, you’ll know your deal is in safe hands. How does a foreign national buy property in Bermuda? To preserve housing and undeveloped residential land for Bermudian ownership, the Bermuda Government restricts which properties are available for purchase by foreigners. Non-Bermudians are generally limited to purchasing high-end houses or condos. Whether or not a property is available for purchase by foreigners is determined by its annual rental value (ARV). Presently, only houses with an ARV above $126,000, condos with an ARV
or secondary residence in Bermuda. The island offers an enviable lifestyle, with ease of access from anywhere in the world, modern infrastructure, and well- developed financial services industries. What advice would you give persons interested in buying property in Bermuda? Buying property in Bermuda can be a rewarding investment, but it’s important to be well-prepared. Bermuda has specific laws regarding property ownership, especially for non-Bermudians and we recommend consulting with a property lawyers to understand the intricacies of buying a Bermuda property. Ensure you have a clear understanding of the costs involved, including legal fees, taxes, insurance, and utility bills.
Scan to learn more about our Bermuda Real Estate Practice.
Made with FlippingBook - professional solution for displaying marketing and sales documents online