Property for Sale in Bermuda, Caribbean

Bermuda – an ideal paradise that comes with a catch: properties are very expensive.

There are no regulations limiting non-Bermudians who retire or work here and what type of property they may lease or rent, but there are very strict regulations in the sale of Real Estate to Foreign Nationals.

Foreigners can only purchase homes and condominium units currently owned by non-Bermudians.Non-residents are restricted to owning condominium units only within areas approved for foreign ownership.

Properties in Bermuda cannot be rented out or subdivided unless specific permission is granted by the Ministry. Such permission is not a formality. It is possible that a foreigner with some history of residence who temporarily departs would be allowed to agree a long let, but probably only for a year. But after that he would likely be required to put his property into the short-term ‘holiday’ market, which the government wishes to encourage.

Unlike Bermudians who can legally acquire any property regardless of price if they can afford it, those who are not Bermuda citizens may own only one residential property. They may select a property from Bermuda's 200 or so most expensive single family properties.

The restrictions on buying property are strict. Non-residents need to obtain an Acquisition License from the Ministry of Labour, Home Affairs and Public Security before buying property.

Uniquely in Bermuda, Land Taxes do not include Water or Waste Water/Sewage. Neither are piped in or out via a central system. Costs of water and disposal of waste water and sewage from cesspits is the separate responsibility of the home or condominium owner or tenant or both.

The average price now in Bermuda for a modest 2 bedroom single family house without sea views start from US$950,000.