About Bermuda Real Estate
We are one of the leading Bermuda real estate companies in the area. The first thing to understand regarding the Bermuda real estate market is that there are 2 different types of property: those homes that can be owned by non-citizen foreigners (expatriates), and those homes that can ONLY be owned by Bermuda citizens.
This is to ensure that the island’s residents are able to own homes within Bermuda. What determines which homes can be purchased by non-citizens? This is primarily determined by the annual rent value (ARV) exceeding the limits placed by the Bermuda government, AND these properties may only be purchased if being sold by a non-Bermudian owner.
The minimum ARV for Bermuda is currently $153,000 (which was last set in 2005).
Obviously, with that level of annual rent, the properties that qualify to be owned by non-citizens is generally what would be categorized as luxury Bermuda real estate with values typically in the $5 million to $25 million. In general there are usually only around 10 or 12 of these properties for sale at any given time on the market.
The highest probability of finding a property that qualifies to be purchased by a non-citizen is going to be in the Tuckers Town region, as well as South Shore, Fairylands, and Point Shares.
Contact us today for all of your Bermuda real estate needs!
Bermuda Condos
Bermuda condos on the other hand, are exempted from this provision and are much more readily available to non-citizens, and typically run anywhere from $800,000 to $4 million – and are available in numerous locations across Bermuda. Many hotels & resorts are now offering these type of units, and will even offer to rent the unit to others for the owner so that some rental income can be enjoyed when the condominium is not in use.
Additionally, there is a non-Bermuda citizen license fee that applies in all real estate purchases, that runs 25% for Bermuda homes, and 18% for Bermuda condos which is paid to the Bermuda government.
Our team of Bermuda real estate agents is ready to help you with your Bermuda condo or home purchase. We can make this process much easier and will work hard to represent your interests. Contact us today!
