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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.


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.

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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