Legal Advice

Acquiring Bermuda real estate: experienced, local legal advice is critical

Buying real estate can be a complicated procedure, especially in Bermuda. With no title insurance in Bermuda, the purchaser needs to confirm the title is in order through their attorney. An experienced local lawyer can assist you in determining whether you will acquire good title to any property before you buy.

With over 75 years of experience in the Bermuda property market, Conyers can advise on any real estate deal on the island, whether standard or complex, residential or commercial. Our clients range from local home owners to international property developers. We have extensive experience working on large residential, commercial, condominium, hotel and resort property deals in Bermuda.

The law relating to the acquisition of Bermuda real estate by non-Bermudians is complicated. The Bermuda Government restricts the properties, both freehold and leasehold, available to non-Bermudians to the upper end of the real estate market, along with those linked to hotel developments. The intention of this restriction is to preserve the majority of the housing stock and undeveloped residential land for Bermudian ownership.

Whether or not a property is available for purchase by foreigners

Conyers Real Estate and Property Development Team

Francesca S. Fox Director francesca.fox@conyers.com +1 441 278 7989 Cynthia M. Millett Counsel cynthia.millett@conyers.com +1 441 298 7898 Oliver Goodwin Associate oliver.goodwin@conyers.com +1 441 278 7996

is determined by its type (freehold, leasehold, hotel linked) and its annual rental value (ARV) ascribed by the Government valuation department. Presently, only houses with an ARV above BM$126,000 and hotel linked condos (regardless of ARV) qualify. Realtors typically indicate if a property is available for purchase by foreign buyers. Non-Bermudians require a licence from the Minister responsible for Immigration before they are granted permission to buy a house or condo. The application, which must relate to a specific property, generally takes between six and eight weeks to approve. The advice of a Bermuda lawyer who is familiar with the law relating to non-Bermudian purchasers and with the licence application process can save much time and ensure the purchase goes smoothly.

Like all Bermuda attorneys, our charges for property transfers are made in accordance with a scale established by the Bermuda Bar Association.

Our attorneys also have a wealth of experience in all kinds of property financing, including residential and commercial mortgages and project financing. We work with all major banks in Bermuda and act extensively for both lenders and borrowers.

Should the need for litigation arise, we can handle all aspects of civil and commercial arbitration and litigation in connection with residential or commercial property.