Joy Lusher Real Estate Ltd.
Bermuda consists of approximately 181 small islands but with a total area of only 21 square miles, therefore our Government has initiated policies that restrict foreign ownership of real estate to a limited category in protection of land ownership opportunities for future generations of Bermudians. Each property is assessed with an Annual Rental Value (ARV). This ARV assessment provides the basis for the relatively nominal Bermuda land tax, payable bi-annually on all residences; it is also used as a means of determining which properties are available for sale to International Purchasers.
International Purchasers must make application to the Minister of Home Affairs for a license to acquire residential property. Only houses or condominiums that meet the following criteria are available to International Purchasers; houses with an ARV of $126,000.00 or higher; and condominiums with an ARV of $25,800.00 or higher and only those which are located within one of the designated developments. Non-Bermudians are permitted to own two residential properties.
Please contact one of our Sales Agents for further information on purchasing or details of properties available for your consideration.
Read more about Designated Developments.