International Buyers | EXPERT ADVICE
cost of having the property surveyed and staked prior to the property sale closing. The Purchaser is responsible to pay for any building survey/inspections that have been made a condition of the purchase. Bermuda Stamp Duty is calculated on the purchase price. First $100,000 is at 2.10% Next $400,000 is at 3.15% Next $500,000 is at 4.20% $1,000,000 – $1,500,000 is at 6.30% $1,500,000 and Thereafter is at 7.35% Anti-Money Laundering And Anti-Terrorism Funding Laws Bermuda real estate brokers and agents are regulated under the Bermuda Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008. We are required to obtain Know Your Customer (KYC) information from both buyers and sellers in order to conduct risk assessments. You will be asked to provide certified colored copies of your passport, a current utility bill as proof of residence and completion of a Customer Due Diligence Form.
may, at the discretion of the Minister, acquire certain residential and commercial property. We recommend discussing this with your Bermuda Counsel. The Minister has approved non- Bermudians purchasing by way of a Trust subject to specific requirements. For instance, you must have locally licensed Trustees and the property is only limited to one lifetime and must be sold within a prescribed timeframe after the death of the Settlor of the Trust. Other restrictions to do apply and we recommend discussing this with your Bermuda Legal Counsel. Non-Bermudians are permitted to own 2 properties simultaneously. In Order To Purchase Real Estate In Bermuda A Non-Bermudian Needs A License To Acquire Property The Department of Immigration requires non-Bermudian purchasers to attain a license to acquire the land and property. Your Bermuda Legal Counsel will assist in this process, however an application must be submitted to the Bermuda Government and approved before the purchase can close with this process taking 60 days or more. In addition to the property price purchasers will incur the additional acquisition tax calculated on the purchase price as follows:
12.5% for freehold homes 6.5% for tourism condominium developments (such as Tucker’s Point Club, St. Regis, Azura, Newstead and The Loren), Condominiums that are not within a tourism development cannot currently be sold to non-Bermudians. 6% for Permanent Resident Certificate holders Other associated documentation and costs are: A bank reference and personal references are also required with the application.
NON-BERMUDIANS ARE PERMITTED TO OWN 2 PROPERTIES SIMULTANEOUSLY.
The license application fee. A 10% deposit is required at the time you sign the Sales & Purchase Agreement and will be held in Escrow by your Bermuda Counsel. The Vendor is responsible for 100% of the Sales Commission and 50% of the conveyancing (legal) and stamp duty fees (shown below) Agents Commission is calculated as 5% of the purchase price for homes. 10% for fractional ownership sales. The Vendor is responsible for the
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