You've found a Bermuda property that fits your budget. Perhaps it is a $1.125 million family home in Warwick or a higher-value waterfront property.
But the listing price is only the first number you need to understand.
How much stamp duty could apply?
What does the property's Annual Rental Value mean for ongoing Land Tax?
If you are not Bermudian, can you legally purchase the property and what landholding charge could apply?
How much should you reserve for legal work, financing, surveys, insurance and immediate ownership costs?
Those questions need answering before you commit to a purchase, not during the final week before completion.
JBM Realty's current inventory illustrates why property-specific calculations matter. Its live four-bedroom South Road property in Warwick is currently marketed at BMD $1,125,000, while its wider portfolio includes homes, condominiums and land at very different price points.
The correct buying budget therefore starts with the actual property, your buyer status and its ARV rather than a generic percentage added to the asking price.
Browse current Bermuda properties for sale.
Taxes at Purchase: Start With the Actual Property
The main property-transfer tax buyers need to understand is Bermuda's stamp duty on the conveyance or transfer of land.
It is not one flat percentage.
The Bermuda Government currently applies a progressive sliding scale:
| Portion of Property Value | Stamp Duty Rate |
|---|---|
| First $100,000 | 2.10% |
| Next $400,000, up to $500,000 | 3.15% |
| Next $500,000, up to $1 million | 4.20% |
| Next $500,000, up to $1.5 million | 6.30% |
| Amount above $1.5 million | 7.35% |
The highest percentage therefore applies only to the portion of value falling within that band.
You can verify the current schedule through the Bermuda Government stamp-duty guidance.
A Real JBM Listing: What Stamp Duty Looks Like at $1.125 Million
Consider JBM Realty's current South Road, Warwick property.
It is currently marketed at BMD $1,125,000 and comprises a four-bedroom main home plus a self-contained studio income unit.
Using the standard current conveyance scale:
First $100,000 at 2.10% = $2,100
Next $400,000 at 3.15% = $12,600
Next $500,000 at 4.20% = $21,000
Remaining $125,000 at 6.30% = $7,875
Total standard conveyance stamp duty: $43,575
That calculation does not mean the buyer will necessarily pay all $43,575.
JBM's current cost guidance notes that conveyance duty is commonly divided between purchaser and seller, but the final allocation should be confirmed in the transaction documents.
It also does not mean this particular Warwick property is available to every non-Bermudian buyer. Eligibility must be checked separately.
This is exactly why JBM's approach is to assess the property, buyer status and acquisition costs together rather than treating stamp duty as an isolated percentage.
View the South Road Warwick property.
First-Time Bermudian Buyers May Have Stamp Duty Relief
A qualifying Bermudian first-time homebuyer can be in a very different position.
Current Bermuda Government rules provide an exemption on the first $1 million of consideration for qualifying first-time buyers.
A qualifying first home costing no more than $1 million can therefore attract no conveyance stamp duty.
For purchases above $1 million, the relief does not simply disappear. Stamp duty applies to the amount above the exemption under the applicable marginal rates.
The Government provides a worked example of a $1.2 million qualifying first-home purchase where stamp duty is charged only on the $200,000 above the exemption.
Check the Bermuda Government first-time buyer stamp-duty guidance and ask your attorney to confirm eligibility.
ARV: The Number Buyers Often Misunderstand
One of the most important Bermuda-specific figures is the property's Annual Rental Value, or ARV.
ARV is not:
The property's sale price
The amount you personally intend to charge in rent
A real estate agent's market valuation
It is a statutory rental assessment used within Bermuda's property system.
The Bermuda Government defines ARV by reference to the annual rent the valuation unit might reasonably command on the open market under the statutory assumptions.
For a buyer, ARV matters because it can affect both:
Ongoing Land Tax
Eligibility for certain non-Bermudian purchases
That makes checking ARV one of the first due-diligence steps rather than something to discover after an offer has been accepted.
JBM Realty's Non-Bermudians Acquisition of Property guide explains how ARV interacts with international-buyer eligibility.
Land Tax: Budget Beyond Completion
Bermuda Land Tax is an ongoing ownership cost based on the property's ARV.
It is not calculated simply by taking a percentage of the market purchase price.
Current Government guidance applies different rates across ARV bands, with the liability increasing substantially at higher ARVs.
For that reason, JBM buyers should request the actual current ARV and Land Tax position for the property they are considering.
Do not estimate the tax from another property that happens to have a similar asking price.
There is also a significant timing consideration for buyers purchasing during 2026.
Bermuda's existing valuation list is still based on the 2015 valuation cycle. The Government has confirmed that a new Valuation List will be published on 31 December 2026 and take effect for Land Tax purposes on 1 January 2027, using rental values as at 1 July 2025.
A buyer completing late in 2026 should therefore ask how the revaluation could affect the property's future ARV.
Read JBM Realty's wider guide to Bermuda buying costs.
Shortlisted a property? Contact JBM Realty to discuss its asking price, ARV and buyer eligibility before you commit. Call 441-234-2050 or email info@jbm-realty.com.
What JBM's Real Sold Listings Tell Buyers
A useful article should distinguish between real transaction evidence and invented case studies.
JBM's public website includes genuine sold property pages.
For example, Patience Avenue in Sandys is marked Sold and was publicly marketed at BMD $585,000.
The property comprised a three-bedroom main house, a separate one-bedroom apartment and a garage.
What JBM's public page does not publish is equally important:
Final achieved sale price
Buyer identity
Completion date
Actual legal bill
Actual stamp-duty allocation
Closing statement
It would therefore be misleading to invent those figures and present them as a JBM transaction.
The proper lesson is that even with a real sold property, the buyer's closing-cost calculation depends on the final conveyance value, buyer status, available relief and contractual allocation of costs.
For more real examples of how JBM's current and sold stock differs by price, condition and accommodation, read Bermuda House Prices 2026: What Buyers Need to Know.
Legal and Professional Costs
Legal work is a core part of a Bermuda purchase.
The amount should be obtained from the attorney handling your particular transaction rather than estimated using an arbitrary island-wide percentage.
Your lawyer may need to deal with:
Contract review
Title investigation
Property searches
Conveyancing
Mortgage documentation
Government licence requirements
Completion arrangements
Registration
Transaction-specific legal issues
A straightforward Bermudian purchase and a non-Bermudian acquisition involving a landholding licence are not the same transaction.
Obtain a written legal-cost estimate once you know what you are buying and under what buyer category.
JBM's For Buyers guide provides additional preparation advice before making a purchase.
Financing, Valuation and Survey Costs
If you require a mortgage, the lender may insist on its own valuation.
That valuation answers the lender's question:
Is the property adequate security for the proposed loan?
It is not necessarily a substitute for a detailed inspection undertaken for your benefit.
Depending on the property, buyers may also want professional advice concerning:
Structure
Bermuda roof condition
Water catchment and tank
Hurricane protection
Drainage
Electrical systems
Damp or corrosion
Boundaries
Planning and additions
Storm-related damage
A property that looks cheaper on the listings page can become the more expensive option if significant work is required immediately after completion.
This is especially relevant when comparing a renovated home with property requiring modernisation.
Non-Bermudian Buyers: Licence Costs Can Be Substantial
This is where a generic Bermuda closing-cost calculator becomes particularly unreliable.
Non-Bermudians cannot simply choose any residential property listed for sale.
Buyer category, property type, ARV and other legal requirements must first be checked.
JBM Realty's dedicated Non-Bermudians Acquisition of Property page should therefore be reviewed before arranging a long list of viewings.
Under the current Bermuda Immigration and Protection landholding-charge regulations, an ordinary restricted person outside the Bermudian-family and permanent-resident categories can face a landholding charge of:
12.5% of the value for a qualifying non-condominium residential unit
8% for a qualifying condominium that is not tourist accommodation or a hotel residence
Different categories and exceptions can apply.
This is an acquisition charge separate from the ordinary conveyance stamp-duty calculation.
For a hypothetical qualifying $2.5 million non-condominium purchase, 12.5% alone would equal $312,500.
That is why buyer status should be established before setting a maximum property budget.
Read JBM Realty's 2026 guide for non-Bermudian buyers.
Current JBM Properties Show Why One Percentage Does Not Work
JBM's live inventory currently includes examples such as:
South Road, Warwick, four-bedroom house at BMD $1,125,000
Pearman's Hill, Warwick, five-bedroom multi-unit property at BMD $995,000, currently under offer
Southampton property listings, including 208 Middle Road at BMD $475,000, currently under offer
Current land opportunities and other homes through JBM's full sales inventory
These are current asking prices, not completed sale prices or island-wide benchmarks.
More importantly, a lower asking price does not automatically produce a simpler purchase.
Renovation requirements, buyer eligibility, ARV, financing and ownership costs can change the final budget materially.
Buyers researching Southampton can also use JBM's Southampton area guide, while buyers prioritising proximity to Hamilton can compare the Pembroke property guide.
Ongoing Ownership Costs
Once the transaction completes, the budget changes from acquisition costs to ownership costs.
Depending on the property, these can include:
Land Tax
Building and contents insurance
Hurricane cover
Electricity and telecommunications
Water-system maintenance
Roof maintenance
Landscaping
Repairs
Condominium charges
Property management
Immediate renovation or improvement work
Bermuda's stepped roofs, water-catchment systems and exposure to Atlantic weather make property condition particularly relevant to long-term budgeting.
Do not calculate affordability using mortgage payments and Land Tax alone.
A Genuine JBM Buyer Perspective
JBM's published testimonials provide useful human evidence without creating a fictional international-buyer story.
One buyer identified publicly as B.N., Bermuda says their search for the right home lasted two and a half years.
Their feedback includes:
“I will always recommend you as an agent to anyone I know that is looking to buy, sell or rent.”
That experience reinforces an important point.
The objective is not to buy the first property that fits the headline budget.
It is to find a property that works once eligibility, condition, ARV, acquisition costs and long-term ownership have all been considered.
Read genuine JBM Realty client testimonials.
Worked Buyer Budget Checklist
Before submitting an offer, build a property-specific checklist covering:
| Budget Item | What to Confirm |
|---|---|
| Purchase price | Agreed price, not just advertised price |
| Stamp duty | Current progressive calculation and agreed allocation |
| First-time buyer relief | Whether you qualify |
| ARV | Current government-assessed figure |
| Land Tax | Current bill and potential 2027 revaluation effect |
| Landholding charge | Whether one applies to your buyer category |
| Legal fees | Written estimate from Bermuda counsel |
| Mortgage | Deposit, valuation and lender costs |
| Survey | Appropriate inspection for the property |
| Insurance | Confirm cover and premium before completion |
| Condominium fees | Current fees and planned assessments where relevant |
| Repairs | Immediate post-completion expenditure |
| Cash reserve | Funds remaining after all acquisition costs |
This is the calculation buyers should complete before deciding their maximum offer.
Want help applying this checklist to properties you are considering? Contact JBM Realty, call 441-234-2050 or email info@jbm-realty.com.
Frequently Asked Questions
How much is Bermuda stamp duty when buying a property?
The current standard conveyance schedule is progressive. Rates begin at 2.10% on the first $100,000 and increase through successive bands to 7.35% on value above $1.5 million. The final liability depends on the transaction and any applicable relief.
Do buyers and sellers share stamp duty in Bermuda?
JBM's current guidance notes that conveyance duty is commonly divided between buyer and seller, but the actual contractual allocation should always be confirmed for the transaction.
What is ARV in Bermuda?
ARV means Annual Rental Value. It is a government assessment used for purposes including Land Tax and elements of non-Bermudian property eligibility. It is not the same as the home's market value or asking price.
Can a non-Bermudian buy any JBM property for sale?
No. Eligibility depends on the purchaser and the specific property. Review JBM's non-Bermudian acquisition guidance before assuming a listing is available to you.
Does a non-Bermudian licence charge replace stamp duty?
No. The applicable landholding charge and ordinary conveyance stamp duty are different components of the acquisition budget.
Should I rely on the lender's valuation instead of arranging a survey?
They serve different purposes. A lender valuation primarily protects the lender's lending decision. Buyers should consider whether a more detailed inspection is appropriate for the property.
Where can I see real Bermuda properties at different price points?
Browse JBM Realty's current properties for sale. Availability changes, so confirm individual listing status with the team.
Ask JBM Realty Before You Set Your Maximum Budget
The most expensive mistake is not necessarily overpaying for the house.
It can be setting your maximum purchase price before understanding everything that sits around it.
For Bermuda buyers, that means checking:
price, stamp duty, ARV, Land Tax, eligibility, licence charges, legal work, financing, insurance and property condition.
JBM Realty's live and sold property pages show why those calculations need to be made property by property rather than from an island-wide percentage.
Explore current Bermuda properties for sale, review the For Buyers guide, or read the Non-Bermudians Acquisition of Property guide.
For a property-specific discussion before you make an offer, contact JBM Realty, call 441-234-2050 or email info@jbm-realty.com.
