International Buyers Guidelines for Buying Property in Bermuda
Non-Bermudian Property Purchase Policies in Brief 2025
Non-Bermudians may only purchase property that is qualified by a minimum Annual Rental Value ("ARV"). The ARV is used to determine land tax and is not a reflection of the property’s rental market value.
The minimum ARV for houses that may be purchased by a non-Bermudian is $126,000 and $25,800 for condominiums. Houses with a qualifying ARV start at around $3,000,000 and condominiums at around $700,000.
The effect of this policy means that only the top 10% of houses here are available for non-Bermudian purchasers.
A non-Bermudian may own up to two residential properties.
A non-Bermudian may not buy vacant land.
To purchase a condominium, the applicant will need to possess a Bermuda Residence Certificate (see details below), unless this forms part of a hotel development in which case this certificate is not required.
Non-Bermudian purchasers must obtain a license from the Minister of Labour and Home Affairs; the application is made through a local attorney of their choosing. Persons applying are required to provide a banker’s reference and personal references (preferably Bermudian, if possible).
The Bermuda Government usually requires purchases of real estate by non-Bermudians to be in the name of an individual or individuals. Until recently, foreign companies or corporations were not permitted to buy residential real estate however under certain conditions this is now permissible.
License fees for an international buyer’s real estate purchases are currently set at:
• 12.5% of the purchase price of a house
• 8% of the purchase price of a condominium
• 6.5% of the purchase price for a property within a designated tourism resort development
The license application fee is $1,706 (which is refunded when the license is granted)
Obtaining a Residential Certificate through the EIRC
With an investment of at least US$2,500,000 (through a variety of means, including real estate purchase/s), an application for an Economic Investment Residential Certificate is made to the Bermuda Government by the international buyer.
A successful application will see the international buyer granted an EIRC, enabling them to own condominium property, or a house, and have residency in Bermuda.
The government has approved non-Bermudian purchasing by application in Trust subject to (a) locally licensed Trustee, (b) limited to one generation and (c) after death, the property must be sold within 2 years.
This grants a person the right to enter Bermuda and live on the island for a period of one year at a time and is subject to renewal. If you should purchase a second residential property in Bermuda this is most likely the option for you. It is important to note that Permission to Reside on an Annual Basis does not confer the right to seek employment or to work in Bermuda. The application is made via the Cabinet Office and The Department of Immigration will require all interested parties to complete an application form and provide documentation relating to identity and financial means.
A Residential Certificate grants a person the right to enter and live indefinitely in Bermuda subject to satisfying certain requirements. It is important to note that the holders of Residential Certificates are not able to work in Bermuda. The Department of Immigration requires interested parties to complete an application form and provide documentation relating to identity, character and financial means.
A Permanent Resident Certificate (PRC) gives a person the right to live and work in Bermuda indefinitely. The current avenue for Internationals to obtain PRC is through the Incentives for Job Makers Act 2013. A designated company may apply to have a senior executive, who has been in this role for 10 years, exempted from the requirement for a work permit, provided that all other conditions as per the act are met.
If a non-Bermudian owner of property in Bermuda wishes to rent out their property, a permit from The Minister for The Cabinet Office will be required. Permission is usually given provided the owner is living off the island. Rent is taxed at 7.25% with an annual application fee of $368.
This does not apply to properties owned in Condo Hotel Schemes (Designated Tourism Developments).
Non-Bermudian buyers cannot purchase vacant land or commercial property.
