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Updated this morning’s [Feb 22] Budget statement, Finance Minister Bob Richards revealed that licence fees for non-Bermudians purchasing property will be lowered in a bid to boost jobs, the construction industry, and customs duties  

http://bernews.com/2013/02/property-fees-for-non-bermudians-lowered/

 

The Bermuda Chamber of Commerce’s Real Estate Division is “applauding” the Minister of Finance for his decision to slash the licensing fees for Non-Bermudian and PRCs purchasing local properties.

http://bernews.com/2013/02/real-estate-division-applauds-licence-change/

 


In case you had not seen the press conference with Dr Grant Gibbons with regards to the tabled bill to allow for local and exempt companies to purchase specific residential property/commercial properties I have attached the link to the Bernews article which contains the video and summary.

 

http://www.royalgazette.com/article/20150530/NEWS01/150539987

The Act broadens the ability of Permanent Resident’s Certificate (PRC) holders to purchase property of any annual rental value (ARV), to a maximum of two houses.

It lowered the ARV threshold of $177,000 to $153,000 for non-Bermudians and non-PRC holders to buy houses, and loosened 90-day and 120-day annual restrictions on tourist accommodation and the division of fractional units, so that those holding licences for tourist accommodation would get up to six months annually.

 

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