Buying into a haven of harmonyArticle by Stephen Penn from Abode 2 - The No.1 Google Ranking Luxury Property Magazine
Buying real estate in Bermuda doesn’t have to be a complicated affair if you have the right professional support. Stephen Penn, content editor at Abode2 Luxury Property Magazine, finds out more.
Bermuda is known for its natural beauty and alluring climate. However, sun, sea and sand are only part of the attraction. Friendly people and a relaxed atmosphere contribute to Bermuda’s recognition as one of the most desirable destinations in the world.
Furthermore, its infrastructure and support systems have evolved to make living on the island feel easier than in many other places.
Those who choose to own property have their pick of locations. What leads them to opt for Bermuda however is usually a mix of the quality of lifestyle, diverse property choice, and ease of access from anywhere in the world.
Property options in Bermuda, available to foreign purchasers consist of elegant and desirable homes. Stylish and sturdy structure in idyllic settings with beautiful island vistas are the order of the day. Only the most exclusive homes in Bermuda are available to foreign purchasers.
Whether you choose to reside on the sun-kissed coast or simply visit from time to time, three types of real estate are available:
- ‘High end real estate’ based on a nominal annual rental value (ARV) ascribed by the Government’s valuation department.
- Limited number of condos with a suitably high ARV.
- Fractional ownership in luxury accommodation attached to a hotel.
As is true in any country-specific location, buying real estate can be a complex process, with a detailed legal process in permits, licences and ownership technicalities which makes seeking out the services of an experienced estate planning professional of paramount importance.
With the right support, buying a home in Bermuda can be a seamless process. The real estate market is active, efficient and welcoming. The key however is to use experienced real estate attorneys to ensure you have the best investment experience.
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