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Bermuda
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The ‘island’ of Bermuda is made up of six large islands and two smaller islands. Connected by 12 bridges and a causeway, this chain of islands forms an interesting fishhook-shape over its 22 mile length of 21 square miles. And yet, so close are these islands to each other it is as though it is one continuous landmass. In total, there are 181 islands, islets, cays and rocks that form Bermuda, many dominated by Bermudas re-known magnificent pink sand beaches, all surrounded by crystal clear turquoise warm waters warmed by the Gulf Stream.
With beaches galore, nine golf courses on its 21 square mile frame and with an interesting blend of colonial history, African heritage and American influence; it is only here in Bermuda that is found beautiful 17th century architecture, fabulous shopping, refined restaurants, cobblestones streets, a ‘bobby’ directing traffic, reggae or calypso music and the re-known Bermuda Shorts, not to mention the notorious Bermuda friendliness. It is no wonder that Bermuda is a popular holiday destination, as well as an attractive foreign investment and vacation home real estate choice.
Real Estate in Bermuda
The terrain of Bermuda is gently undulating; its highest point reaching 259 feet above sea level, where beautiful pastel homes with white roofs and manicured gardens speck the pristine Bermuda landscape. With a temperate climate, significantly different than its Caribbean neighbors, Bermuda sits, 950 miles north of the Bahamas in the north-Atlantic and 650 miles due east of North Carolina.
Apart from the appealing uniqueness and temperate climate that makes the island so attractive for foreign investment, the self governing island of Bermuda with 66,000 people is one (of the oldest and smallest) of the British Overseas Territories. Because of this one can buy in Bermuda with great peace of mind as ownership rights are ingrained and protected.
Another beauty of Bermuda is it has no income tax, sales tax, poverty, or unemployment, and no major crime problems. The island has a stable and intelligently run economy, and a sophisticated infrastructure. In fact, although Tourism represents an important part of the island’s economy, financial services for international business and reinsurance represent a larger sector contributing to make Bermuda one of the wealthiest countries in the world; able to boast one of the highest per capita incomes ($76,403) and a Financial services sector that accounts for 60% of the GDP. The Bermuda dollar is on par with the American dollar. Real Estate investment is popular and the Bermuda real estate market continues to offer exciting opportunities.
The attraction of the island however, does come with considerable cost; for in an effort to protect the balance of foreign ownership on Island the Government of Bermuda implemented stern restrictions for foreign ownership of property. Non-Bermudians may purchase a house provided the price of the property starts at approximately $2,000,000 (based on the house having an annual rental value of $126,000 or greater. A.R.V. is a formula used for the calculation of land tax). This means a limited supply of houses of high value are available to non-Bermudians. In regards to condominiums, at the current market levels the prices for Non-Bermudians start at approximately $400,000 (A.R.V. unit of at least $28,800 or greater). The condominium must also be in one of the designated developments approved for ownership by non-Bermudians. Again, the effect of this is to ensure only the highest valued condominiums are available for non-Bermudian purchase. Non-Bermudians are also not permitted to own more than one residential property at one time. This is so that non-Bermudians acquire properties for their own use and not for speculation. In certain cases, second properties may be purchased, but only on the condition that the original property is sold within 12 months. Buying a house or condominium in Bermuda does not entitle you to permanent residence. There is also prohibition on the sale of undeveloped land to non-Bermudians The purchase of investment property by foreigners is also prohibited however rental of the property is allowed but not if this is the primary purpose for the purchase. Lastly, Non-Bermudians are only permitted to completely own hotel properties of more than 50 beds or up to 40% of a local company or commercial property. As you see, Bermudians are protective of this precious island and although these restrictions are rigidly set, they provide the necessary diligence to ensure the island remains in balance: uncongested and pristine as it now is. Once stepping onto Bermudian soil, these restrictions are understood and much appreciated.
Once you have purchased your new Bermudian vacation property, you will need a ‘License to Acquire Property’. This fee is considerable at 22% (15% for condominiums) of the purchase price. Stamp Duty is also payable. It is usual for the stamp duty to be equally shared between Vendor and Purchaser. The stamp duty is based on the purchase price and is calculated on percentage increments of 2% for the first 100,000 up to 6% after $1,500,000.
Due to the close proximity to the United States, less than two hours from New York and Florida, Bermuda is a paradise destination choice of many from beach goers attracted to the islands pink sandy beaches and turquoise sea; to scuba divers and snorkelers drawn to the underwater world, where unspoiled coral reefs with 400 historic shipwreck sites await; to the serious golfers, for Bermuda is noted for its nine championship prestigious and pristine golf courses, which were conceived by some of the most notable course designers, all with stunning views, not to mention challenges; to the serious sailor where world re-known regattas are held and the prestigious Royal Bermuda Yacht Club is found.
All this along with its more temperate climate than its southern Caribbean neighbors and everything else the island of Bermuda has to offer, makes it an island ideal for second home ownership. Come to the island of Bermuda, its beauty is alluring and awaits.
Contact Whitten Caribbean Real Estate for all your Bermuda real estate needs.
Map of Bermuda
WHITTEN CARIBBEAN REAL ESTATE
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SIGNATURE HOTEL
| Location: Antigua and Barbuda |
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Price: $700 Description: THE HERMITAGE BAY Hotel in Antigua is a resort with a difference- With just twenty five individual luxury Cottage Suites, landscaped into perfect hillside lush tropical gardens and nestled ... MORE |
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