What Can Overseas Buyers Purchase?
Overseas buyers are permitted to buy only selected properties in Bermuda: houses with an assessed ‘ARV’ (annual rental value – our land tax base) over $153,000 (providing the house is currently owned by an overseas owner) and approved condominiums. They are prohibited from buying undeveloped land. Non-Bermudian property owners are also prohibited from buying ‘investment’ property or property intended primarily to earn rental income. While they may be given permission by the Immigration Department to rent under certain circumstances, this permission cannot be taken for granted and is generally not given for periods in excess of one year. (A tax of 10% is paid to the government on rental income earned by non-Bermudians). Back to Top Closing and How Long it Will Take If you are an overseas buyer, the length of time will be determined by how long it takes the Department of Immigration to process your application for a License to Acquire Property. This can range from 6 weeks to 6 months or
