Land tax on houses with ARVs of $90,001 to $110,000 will jump 19.2% | Bermuda News www.royalgazette.comLand tax will be increased for the Island’s most expensive homes, according to legislation approved in the House of Assembly.The Land Tax Amendment Act increases taxes for properties with an annual rental value of between $90,001 and $110,000 from 9.6 percent to 19.2 percent.Taxes on properties with...
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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
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.
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.