If you’re looking for a cheap holiday home in Bermuda we suggest you stop reading now. Bermuda real estate is very expensive. The price of the average family home in 2006 was $1.6 million.
Overseas buyers can only purchase properties in the following categories:
- Houses with an Annual Rental Value (ARV) of more than $153,000
- Condominiums with an ARV of more than $32,400
Those considering buying Bermuda real estate should also consider these factors:
- The purchase of investment property by foreigners is prohibited. Rental of the property is allowed but not where this is the primary purpose for the purchase.
- A License to Acquire Property is required. This costs a whopping 22% (15% for condominiums) of the purchase price.
- Stamp Duty is payable.
- Buying a house or condominium in Bermuda does not entitle you to permanent residence.
- If you wish to work you will be subject to the same immigration regulations as everybody else.
This is by no means a complete list of the considerations that should be taken into account. Purchasers are advised to contact a Bermuda real estate agent with more detailed information regarding their particular circumstances and requirements.