Living in Bermuda offers an incredible experience — world class beaches, golf courses, sailing and fishing – yet in the past, the chance for non-Bermudians to own their home was limited. But that has now changed. New Government policies have made property ownership for international purchasers a real possibility. There is an exceptional selection of properties now available and there couldn’t be better time to buy.

Restrictions have been lifted to allow Bermudians to sell their homes over a certain Annual Rental Value (ARV) to international purchasers and License Fees have also been dramatically reduced.

The ARV is used to determine land tax and is not necessarily a reflection of market value.

License fees are 8% of the purchase price of a house and 6% for a condominium. These fees will increase as of October 1, 2014 to 12.5% for a house and 8% for a condominium, so it would be wise to buy sooner rather than later. All properties within a designated resort development are 6.5%.

As in other countries, applicants are required to provide a banker’s reference and personal references. The license application fee (which is refunded when the license is granted) is currently $1,416.

The Bermuda Government has also approved non-Bermudian purchasing by application in Trust subject to (a) locally licensed Trustee, (b) limited to one generation and (c) after death, the property must be sold within two years.

Generally, a non-Bermudian will not be permitted to own more than one residential property at any one time. A non-Bermudian will be permitted to purchase a second property on the condition that he/she disposes of the original property within 12 months..

Once you’ve found your dream Bermuda home, your application for a license from the Ministry of Labour and Home Affairs should be made through a local attorney of your choosing.