Purchasing of property by a Non-Bermudians is valued above a set minimum Annual Rental Value (ARV). The ARV for houses is $126,000 and condominiums is $25,800.The ARV is not the Market Value of the property, but to determine land tax.
ARVs of any homes can be viewed on the Department of Land Valuation.
Houses with a qualifying ARV start at approximately $2,350,000 and condominiums at approximately $320,000.
There are certain guidelines that Non-Bermudians have to follow when purchasing property. These guidelines means that only the highest valued properties are available to Non-Bermudian purchasers. The guidelines are as follows:
- They are permitted to own up to 2 properties.
- Non-Bermudians are not permitted to purchase vacant land unless it is in specific Tourist Developments.
- Non-Bermudians if on a work permit are required to acquire a Residency Certificate to purchase a condominium, which they are eligible for. The Residency certificate only applies to the purchase of Condominiums not houses.
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%.They are not able to rent the property out for short-term or vacation rentals unless it is located in a specific Hotel Tourist Development
Under certain situations a Non-Bermudian is permitted to purchase a house with more than one assessment number upon application. The ARV of one of the assessment numbers alone however must be above the $126,000 minimum.