Real estate in Bermuda is becoming an increasingly popular choice for people who want to purchase gorgeous land. There are certain things you should be aware of if you are purchasing land in Bermuda from overseas. Here we will look at the things that you should know so that you can make your real estate choices accordingly, as Bermuda has many restrictions regarding real estate.
The Context
Bermuda real estate is highly sought after and therefore you will find yourself in a much more competitive market than in some other island real estate markets. There are only 13,000 square acres of the island and an average of 3,400 people per square mile. It is one of the most affluent countries in the world. It also has more restrictions than many other places in terms of buying real estate.
Rules for Overseas Buyers
What you will need if you are not from Bermuda is a License to Acquire Property. When you acquire this license, you will have to give a fee of about 25% of the price of the house to the government. If you are purchasing a condo, the fee is between 6.5 and 18%.
There are a few things required for you to get this License to Acquire Property for real estate in Bermuda. They basically want to know that you are capable of owning real estate. You will need to have some references who know you personally as well as financially. There will be research done on your past to be sure that all of the facts line up.
Furthermore, if you are a non-Bermudian who wants to own a property and you do get the License from the Minister of Labor, Home Affairs and Public Safety, you will only get to use it for one property. If you want to own many properties on one island, Bermuda may not be the place to do it.
Are Things More Affordable in Bermuda?
Although many people choose to buy island real estate because the prices can be so much better for the land and the resources nearby, this is not the case for Bermuda. Buying a single-family home or condo here means paying more for the same amount of land than you would in many other places. Furthermore, the cost of living is quite high, so do not expect to stay in your new Bermuda home and have an easier time paying for groceries and gas than you would somewhere else.
Why Own Real Estate in Bermuda?
If you can afford it and can take care of all of the legal procedures, you may find it very worthwhile to own property here. There are golf courses and easy air travel to Europe and North America. The landscape is wonderful and green, with pink coral beaches. You might find a home with a lovely ocean view that can make you feel like you are living in paradise.
The bottom line when it comes to real estate in Bermuda is to make sure you are following all of the laws and working with people who are qualified to deal with real estate there. Know your options and be aware of the many laws and restrictions that will come into play. Be sure to talk to someone who has a firm understanding of the Bermuda laws so that you can be aware of what other fees are going to be involved with your real estate purchase.
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