Changes to the ARV threshold for Overseas Buyers
Information Provided by Coldwell Banker Bermuda Realty - 28th April 2016
NEW ARV Thresholds:
Homes - $126,000
Condominiums - $ 25,800
The Bermuda Government has announced proposed changes that the ARV threshold for overseas buyers as it relates to stand alone homes has been reduced to $126,000. The adjustment was expected as this change was precipitated by the recently concluded island wide ARV revaluation. Economic factors which impacted our residential market following the last ARV revaluation, resulted in lower ARV assessments island wide, hence changes to the thresholds.
During the last couple of years numerous policy and legislative changes have been introduced by the Bermuda Government to stimulate our real estate market.
The following information provides you with a summary as it relates to ARV thresholds and alien license fees, valid through 31st March 2017.
Non Bermudian buyers
House ( ARV $126,000) 8%
Condominiums ( ARV $25,800 ) 6%
House ( no minimum ARV ) 4%
Condominiums ( no minimum ARV ) 4%
Further Information can be found in the Coldwell Banker Bermuda Realty Luxury Home Market Update - April 2016