Joy Lusher Real Estate Ltd.
The laws regarding granting Bermudian status are strict and grants of status to non-Bermudians are unusual, except for those who qualify through marriage to a Bermudian. These restrictions resulted in a significant population of long-term non-Bermudian residents with no rights or benefits of citizenship under the law. This was corrected in 2002 when the Bermuda Immigration and Protection Amendment Act introduced the Permanent Residents Certificate (PRC). The PRC offers some benefits to qualifying candidates, defined as those who have been ordinarily resident in Bermuda prior to July 31, 1989 and who are at least 40 years old on the date of application. A PRC offers the holder the right to live and work in Bermuda without requiring a work permit and increased security with regard to employment and residency; however, they are not afforded citizenship.
A PRC holder has the right to live and work in Bermuda and to purchase property, however, there are some restrictions. PRC’s must make application to the Minister of Home Affairs for a license to acquire property. Permission will be granted to acquire a residential property only. PRC’s are permitted to own two residential properties but not within a Government sponsored development. 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. All other taxes and fees are subject to current government policy.