Long-term Resort Ownership Options
The emerging fractional ownership market in Bermuda is attractive to many repeat visitors. With four-star amenities like full-service spas, infinity-edge pools, roof-top putting greens and private owners' lounges, your second home will seem more like second heaven.
Fractional ownership provides a more affordable alternative to vacation property ownership in Bermuda. With fractional ownership, you purchase a deeded share of 1/4 to 1/13 of a unit within a resort development. Your share grants you access to the unit and all of the hotels or resorts luxury amenities for up to three months a year.
As irresistible as it may be to return every year, your share also allows you to venture out. In many cases, you can exchange weeks at other luxury resorts in locations as far flung as Vermont or Egypt.
Accommodating International Buyers
An added benefit of fractional ownership in Bermuda is it loosens up restrictions on international buyers, providing a rare opportunity for non-Bermudians to own real estate on the island. The Bermuda Immigration and Protection Amendment (no.2) Act 2010 sets out a new series of advantages for purchasers interested in designated tourist accommodation and hotel residences substantially reducing license fees for real estate within resort communities, from 18% to 6.5% on whole ownership and from 10% to 6.5% on fractional ownership. If the property is made available for rental through the hotel, the license fee associated could be waived entirely!
Contact a qualified Coldwell Banker Bermuda Realty Sales Representative to learn more about this exciting new legislation.