What you need to know when Buying in Bermuda

Acquisition of Bermuda Property by Non-Bermudians 

• Non-Bermudians are not permitted to acquire undeveloped land.

• A Non-Bermudian is permitted to own up to 2 properties.

• The license fees for a property within a hotel development is at 6.5% and the license application fee is currently $1,625 (refundable upon license approval).

• Acquisition of a property by Non-Bermudians requires a land holding license which must be applied for through a local attorney.

Purchase and Sale Agreement

The Purchase and Sale Agreement, describes the property, defines price and terms and lists other conditions particular to the transaction. Facsimile signatures are acceptable. The procedure may be handled by phone, courier and wire transfer. It is not necessary for either party to be present for closing as your Attorney may represent you.

Real Estate Fees

The Purchaser pays 100% of the conveyance fee and the stamp duty.

Stamp Duty Bermuda government stamp duty is calculated on purchase price:

Percentage

• First $100,000 is at 2%

• Next $400,000 is at 3%

• Next $500,000 is at 4%

• Next $500,000 ($1,000,000 but not exceeding $1,500,000) is at 6%

• Thereafter: 7%

Conveyance Fee

Conveyance fee is subject to standard Bermuda Bar Association fee scale rates:

Base Fee

• First $250,000…………………………………………. 1.25%

• $250,000 to $500,000………………………….. 1.00%

• $500,000 to $1 million……………………………. 0.75%

• $1 million to $2 million……………………………. 0.50%

• Over $2 million Rate Applied………………… 0.250%