International Buyers

United States citizens and other international buyers benefit when Coldwell Banker Bermuda Realty guides them through the often complex rules determining who may buy property in Bermuda.

The main thing to remember is that there are two categories of residential real estate in Bermuda: Real estate that is available only to Bermudians and real estate that also is available to international buyers.

That's why this website's Search Property feature lets international buyers designate which category they seek.
From this simple distinction it gets more complicated. The following summary of additional requirements, exemptions and exceptions (as of June 20, 2005) gives you an idea of how helpful it can be to have a knowledgeable real estate professional help navigate the process.

• Generally, international buyers may only buy property currently owned by a non-Bermudian.
• Prospective international buyers must submit an application along with a consideration fee (refunded if the license to own property is granted).
• The cost of a License to Acquire is 18 percent of the purchase price of a condominium and 25 percent of the purchase price of a house.
• To be eligible for purchase by an international buyer, a property's annual rental value (ARV) must exceed a designated amount ($32,400 for a condominium, $153,000 for a house).
• Agreement in principle between an international buyer and seller includes a deposit of 10 percent of the purchase price.The deposit is held in escrow, subject to contract, and deducted from the overall purchase price.
• International buyers may not buy investment property such as land, commercial real estate or property intended mainly to earn rental income.
• International owners may be granted permission to rent their property by the Immigration Department. Permission rarely extends to periods of more than a year and includes a tax of 7.25 percent.

These restrictions can make Leasing Property a preferable option for non-Bermudians who wish to live in Bermuda.
Prospective international buyers may want to review the Bermuda Immigration and Protection Amendment Act 2007.

Contact Coldwell Banker Bermuda Realty now to ensure compliance with all the rules and regulations that apply to your international real estate purchase.