EXPERT ADVICE | International Buyers
cost housing project Any freehold property regardless of its (ARV) In 2020 The Bermuda Government Introduced The Economic Investment Certificate & Residential Certificate Program (Eic) Bermuda welcomes eligible persons to make expressions of interest in the certificate encourages and enables high net worth individuals to make substantial economic investments into Bermuda. Investments may be made in one or more investment categories which are defined in the policy statement. Benefits for investors include, residency rights for a period of 5 years after which the grant of a Permanent Residency Certificate. We Recommend That You Contact Qualified Bermuda Legal Counsel In Order To Guide You Through This And Any Process Associated With The Your Purchase. Types of Ownership of Bermuda property are: Properties that are purchased by a non-Bermudians are typically made in the name of an individual or individuals in joint tenancy or as tenants in common. Bermuda Exempted Companies that meet the established requirements
It is necessary to establish policies that control the types and number of homes eligible for purchase by non-Bermudians in order to preserve an adequate housing supply for the Bermudian purchaser. International Purchasers are able to purchase property in the following categories: Freehold Houses and Estates with a minimum qualifying Annual Rental Value (ARV) of $126,000 Any condominium within a designated Tourism Condominium Development (defined below) Every single residence in Bermuda is assigned an ARV for the purpose of calculating annual land tax. However, the ARV is not an indication of what the home is able to achieve on the rental market. Permanent Residency Certificate (Prc) Holders Are Given Certain Privileges And Exemptions Not Given To Non-Bermudians. This Staus Is Usually Achieved By Marriage To A Bermudian Citizen Or A Long Term Resident Who Has Qualified Under Application To The Immigration Department The Following Categories Of Property Qualify For Sale To Prc Holders. Any condominium provided it is not within a Government sponsored low
Buying Bermuda, what you need to know….
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