In 2002, the the Bermuda Immigration and Protection Amendment Act introduced the concept of the Permanent Residents Certificate (PRC). The PRC is not a means to acquire status, but it does offer certain benefits to qualifying candidates, defined as anyone who have been ordinarily resident in Bermuda prior to July 31, 1989 and who are at lease 40 years old on the date of application.
The main advantage of a PRC is that it offers the holder the right to live and work in Bermuda without the need of a work permit, and thereby provides increased security of employment and residence. Holders of a Permanent Residents Certificate are entitled to reside in Bermuda, but there are not citizens and there is currently no prospect of them being offered citizenship.
For the PRC Holder, there are somewhat limited benefits in terms of purchasing real estate in Bermuda. A Permanent Resident may purchase any property in Bermuda as long as it is not considered to be a Government subsided housing. PRC's will be required to:-
Apply to the Minister of National Security for an Alien License to Acquire a property costing
Cannot subdivide property which is purchased
Cannot purchase property with multiple ARV's
Cannot purchase undeveloped land or commercial property
Cannot rent the property without ministerial consent
Licenses fees for Permanent Residents Certificate Holders ( PRC) purchasers will be 4% for a house or a condominium. The License Fee will increase as of March 1, 2019 to 6% for a house or condominium. This fee, which is paid by the purchaser; takes approximately 3-4 months to be proceed from the date of application and must be received by the Minister after the Sales and Purchase Agreement is signed. Once the license is granted, the Application fee of $1,546.00 is refunded.