The tourism industry has become the second largest economically lucrative market for Bermuda. On top of this, the financial boom for Bermuda is sustaining due to the low direct taxation on the corporate or personal income.
Even though the financial aspects are pretty much positive for Bermuda, but accommodation has become an issue for the locals. For this reason, the Bermudian listings market is not so attractive for the international real estate. The Bermudian rentals are pretty attractive for the buyers as the figure rounds about to $2.6 million for an average property with a minimal tax of 22 percent. The total amount stands at $3 million which is cheaper in comparison to the international rentals. But this price is completely ruled out as the Bermudian real estate for sale is pretty much preserved for the housing and accommodation of Bermudian only. Due to this situation, the international listings and international exchange of Bermuda are owned by the Government in order to regulate and limit the foreign ownership of the land.
The real estate in Bermuda is suffering in terms of the foreign occupation because Bermuda measures 2 miles wide and 22 miles long. The land area for Bermuda is only about 21 square miles which makes only one-third of Washington DC size. The Bermudian land barely provides accommodation to its 66,000 citizens. So this leaves no room for the non-Bermudians. Although there are about 37% of the non-Bermudian who hold the property in Bermuda, this trend has been limited in order to create more opportunities for the local people.
To restrict the Bermudian market only for the local people, a law was introduced according to which if a person is not a Bermudian, then he or she is restricted. If still a person wants to be native of this country and buy a property, then he or she will have to marry the opposite sex and remain married for at least 10 years. In addition to this, Bermudian for sale restrictions have been issued which include the following points:
1) As per the Bermudian law, the local Bermudian could transfer or sell the property to other Bermudians only.
2) Non-Bermudians are allowed to sell their property to other non-Bermudians or Bermudians.
3) There is a limited value of $2 million fixed for non-Bermudians and they cannot buy any property under this value.
4) Raw land purchase is prohibited to non-Bermudians.
5) The restricted person mentioned in the above law includes corporations, trusts and partnerships.
6) If a non-Bermudian owns a property, he should not think of it as a path to citizenship.
Real estate in Bermuda is no wonder a treat for everyone, but the limitations and structure of this island sure makes a difference.