The minimum ARV for houses is $126,000 and $25,800 for condominiums. Ask Questions: Be an informed purchaser. Each franchise is independently owned and operated. The Purchaser is liable to their own attorney for costs incurred for legal advice. We have created a clear, comprehensive, and convenient way to search, view and locate your Bermuda property. Why Choose Rego Sotheby's International Realty. Deposit: A deposit of 10% of purchase price is payable upon signing sale and purchase agreements. propertyskipper is Bermuda's number 1 property portal website, providing an online hub for anyone interested in buying and renting property.

Non-Bermudians must acquire a Residency Certificate to purchase a condominium, which they are not eligible for if they have a work permit. Buyer Information & Land Policy: Acquisition of Bermuda Property by Non-Bermudians. Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC and used with permission.

83-85 Front Street, Hamilton Bermuda HM19, #mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; } The licence application fee is currently $1,546 (refundable upon licence approval). Each franchise is independently owned and operated. Relocation. In his younger years Ben spent countless summer holidays learning the nuances of the different areas of the business and ultimately had his ambitious mind set on what he wanted to do with his life from a very young age.

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Generally, a Non-Bermudian is permitted to own two residential properties. A Non-Bermudian is permitted to own up to 2 properties. Non-Bermudians may only purchase property valued above a set minimum Annual Rental Value (“ARV”). A PRC is not permitted to acquire vacant land, a property that is part of a Government Scheme, and may not rent out a property that they own which has two assessment numbers. These costs are legal fees for preparation of Conveyance and Stamp Duty payable on the Deed of Transfer. Schedule an appointment with your bank to speak with a mortgage loan officer who will guide you through what you need to submit for your loan pre-approval. Browse our luxury Bermuda real estate listings, including estate homes, waterfront property, and luxury condominiums. Mortgage Fees: Your preferred lender can provide a current fee schedule for mortgages. About Ben Rego Ben Rego has been entrenched in the real estate industry ever since he was a child with both grandfathers and parents having successful careers in the business.

Government has approved Non-Bermudian purchasing by application in Trust subject to (a) a locally licenced Trustee, (b) the sale is limited to one generation and (c) after death, the property must be sold within 2 years. For more information on the residency requirements for Non-Bermudians to purchase property in Bermuda, please refer to the Bermuda Government website:  www.gov.bm. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Sotheby’s International Realty Affiliates LLC nor any of its affiliated companies. A PRC is able to purchase any property on the market with some exceptions. coldwell banker bermuda realty Hello, Thanks for checking out our website.

Your bank will also assist you in determining additional costs you may not have thought of that are associated with a home purchase – appraisal fees, land taxes, structural survey fees, property insurance, legal fees, services charges, bank (mortgage) finder’s fees, etc. Applicants are required to provide a banker’s reference and personal references (preferably Bermudian if possible). Government has approved Non-Bermudian purchasing by application in Trust subject to (a) locally licenced Trustee, (b) limited to one generation and (c) after death, the property must be sold within 2 years. In 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was founded. Check with your Agent about zoning restrictions, rules and regulations and neighbourhood facts. If you have any questions regarding any real estate needs, wants or concerns, let us know here and we'll answer them. Stamp Duty: Bermuda Government Stamp Duty is calculated on purchase price: Conveyance Fee: Based on a scale of minimum fees provided by the Bermuda Bar Association and determined by your legal representative. Non-Bermudians may only purchase property valued above a set minimum Annual Rental Value (“ARV”). 83-85 Front Street, Hamilton Bermuda HM19, #mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; } ARVs may be viewed on the Department of Land Valuation website (www.landvaluation.bm). A PRC is permitted to own up to 2 properties. */. Coronavirus (COVID-19) Information For Travellers. */. We recommend moving this block and the preceding CSS link to the HEAD of your HTML file. Interest accrued is for the Purchaser’s benefit. Licence Fees for Permanent Resident Certificate Holder (“PRC”) purchasers are 4% of the property purchase price (on April 1, 2019, licence fees are expected to increase to 6%). About Rego Sotheby’s International Realty; About Sotheby’s International Realty; Contact; Blog; Home; Relocation; Your search results. Discover why only the most discerning of buyers chooses Sinclair Realty, the exclusive Christie's International affiliate in Bermuda, as their estate agent of choice. Houses with a qualifying ARV start at approximately $2,500,000 and condominiums at approximately $320,000. Through this extraordinary network our agents have access to some of the most qualified buyers in the world. This certificate does not apply for houses. However, the ARV of one of the assessment numbers alone must be above the $126,000 minimum. Search for luxury real estate in Bermuda with Sotheby's International Realty. The Sotheby’s International Realty brand takes great pride in presenting to the world unique places and their stories, and in using our innovative marketing tools, global network and relationships with discerning buyers to perfectly match time-honored properties with those who will appreciate them and give them new life. Non-Bermudians may be granted permission to rent their property upon application to the Department of Immigration which is subject to a tax of 7.25%. The licence fees for a property within a hotel development is at 6.5%. Understand the Process and the Costs:Your Agent will guide you through the process, from Offer and Acceptance to Sales and Purchase Agreement and the documentation required throughout.

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The deposit is held in escrow by the Agent or Attorney until closing. Bermuda Land Policy. Generally, a non-Bermudian is permitted to own two residential properties. This Sotheby’s International Realty network is now made up of more than 20,000 sales associates in approximately 880 offices in 70 countries and territories across 6 continents worldwide with over $95 billion dollars in sales volume in 2016. An informed agent will know the market, arrange viewings of suitable properties and may be one of the first to hear of new properties coming onto the market, giving you first opportunity to view. Non-Bermudians who purchase property are not able to rent it out for short-term or holiday rentals unless it is in a specific hotel tourism designated development. The ARV is used to determine land tax and is not necessarily a reflection of market value.

There are situations where a Non-Bermudian is permitted to purchase a house with more than one assessment number upon application. Non-Bermudian purchasers must obtain a licence from the Minister of Labour and Home Affairs; their application is made through a local attorney of their choosing. Rego Realtors Bermuda Ltd. fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Balance is payable when sale completes. View our exclusive listings of Bermuda homes and connect with an agent today.

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A Non-Bermudian is not permitted to acquire vacant land. We at Rego Sotheby’s International Realty are pleased to provide these simple tips to help you understand what to expect when purchasing your home: Financial Planning: Enlist the help of your bank’s financial advisory services to determine your buying capacity.

Buying a home is one of the most important decisions you may make and certainly one of the most significant investments of your life. Costs associated with the conveyance of a property are usually shared equally between the Vendor and the Purchaser. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Sotheby’s International Realty Affiliates LLC nor any of its affiliated companies. Choose a Real Estate Agent: You will be working closely with your Agent on your home purchase; you will want to choose an Agent you are comfortable with, who listens to you and helps you define your needs (‘must haves’) versus your wants (‘wish list’). About Rego Sotheby’s International Realty; About Sotheby’s International Realty; Contact; Blog; Home; Bermuda Land Policy; Your search results. The Sotheby’s International Realty brand takes great pride in presenting to the world unique places and their stories, and in using our innovative marketing tools, global network and relationships with discerning buyers to perfectly match time-honored properties with those who will appreciate them and give them new life. Your Name (required) Your Email (required) Your Phone Number (required) Best Time to Reach You Approximate Relocation Destination (required) Approximate Moving Timeframe (required) Will you need assistance selling your home locally? The effect of these guidelines means that only the highest valued properties are available to Non-Bermudian purchasers. Additional Costs: These may include an Appraisal fee (from $450 upwards), Pro-rated land taxes at closing; structural survey fee (if the home you are purchasing is a fixer-upper and requires repair/renovation) – price of survey depends of size of property and approximately 1/10th of one percent of the purchase price; property insurance; services charges for utility service installation; moving costs; maintenance fees (condos). (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';fnames[1]='FNAME';ftypes[1]='text';fnames[2]='LNAME';ftypes[2]='text';}(jQuery));var $mcj = jQuery.noConflict(true); About Rego Sotheby’s International Realty, Next $500,000 ($1,000,000 but not exceeding $1,500,000) is at 6%.

We recommend moving this block and the preceding CSS link to the HEAD of your HTML file. Rego Realtors Bermuda Ltd. fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Property Ownership Costs: Other costs to consider include utilities (such as electricity, cable and internet), water (houses in Bermuda collect rainwater via their roofs which is collected in a cistern or tank – some properties may have access to a well or are connected to the Bermuda Waterworks – during the drier months it is possible that your water supply may need to be supplemented), building maintenance (houses should have their exteriors painted every 5 years or so and their roofs painted every 2-3 years as needed), and ground maintenance.

The Sotheby’s Auction House was founded in 1744 and since has earned the Sotheby’s name renown as a marketer of the world’s most valuable and prestigious possessions.