Kitson & Company Ltd is Bermuda’s oldest internationally recognized real estate firm. We offer extensive listings of executive homes on the sales and rental markets including holiday home rentals and property management.
Our experienced staff offer professional assistance to your enquiries relating to property in Bermuda, whether it be the purchase of prestigious Tucker’s Town property or the acquisition of a waterfront condominium. Whatever your requirements may be, we look forward to providing you our complete range of services with unmatched personal service.
Our services include paying all bills, checking the property on a regular
basis and taking care of all necessary repairs. We can also arrange and pay all wages and benefits for domestic employees such as butlers, maids and groundskeepers.
Of particular comfort to the absentee property owner is our commitment to looking after properties as though they were our own, particularly in the event of a Hurricane or Winter Storm. Anyone considering our services will appreciate that as commercial and residential property owners ourselves, we are acutely familiar with all aspects of property management.
PROPERTY IN BERMUDA BY NON-BERMUDIANS
POLICY FOR UNDEVELOPED LAND
There is a prohibition on the sale of undeveloped land to non-Bermudians, except in extenuating circumstances in which your Bermudian lawyer will be happy to advise you.
POLICY FOR HOUSES
It is possible for a non-Bermudian to purchase a house provided that the house has an Annual Rental Value (A.R.V. is a formula used for the calculation of land tax) of $177,000 or greater. This means that only a limited stock of houses of high value properties are available to non-Bermudians. At current market levels, the price of these properties start at approximately $3,500,000.
POLICY ON CONDOMINIUMS
Non-Bermudians may be permitted to acquire a condominium where the unit has an A.R.V. of at least $32,400 and is 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. Current market prices for these start at approximately $600,000.
In general, non-Bermudians are not permitted to own more than one residential property at one time. The purpose of the regulation is to ensure 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.
POLICY ON COMMERCIAL PROPERTY
Non-Bermudians are only permitted to wholly own hotel properties of more than 50 beds or up to 40% of a local company or commercial property.
Non-Bermudians wishing to acquire real estate in Bermuda are required to obtain a license from the Ministry of Labour and Public Safety. Applications for license should be made through a local Attorney. The application fee for all licences is currently $1,097.00 which is payable when the application form is submitted. When a licence to purchase is granted, the application fee will be refunded. Once approval has been given, the fee for the grant of a license is 25% of the purchase price for a house or 18% of the purchase price for a condominium. On February 22nd 2013 the new OBA Government announced reduced license fees for an 18 month period to non-Bermudians wishing to buy real estate. Houses will go from 25% to 8% and revert to 12.5% after 18 months. Condos will go from 18% to 6% then back to 8%. Permanent Residency Certificate holders will be subject to license fees of 4% for houses and condos, reverting to 6% after 18 months. There is presently no license fee for the purchase of hotels or shares in local companies or commercial property.
It is usual in Bermuda for the costs of the agreement as well as the preparation of conveyance and the stamp duty to be equally shared between Vendor and Purchaser. The bulk of this cost, the stamp duty, is calculated based on the purchase price as follows:
First $100,000 is at 2%
Next $400,000 is at 3%
Next $500,000 is at 4%
Next $1,000,000 (but not exceeding $1,500,000) is at 5%
If you are a non-Bermudian interested in purchasing property please contact us. You may also search for available residential properties here.
Properties that are currently under full management by our Commercial Management Division include The Kitson Building, Windsor Place, Chevron House, Cumberland House, Craig Appin House, Cedar House, Dundonald Place, Burnaby Building, 31 Reid Street and Reid Hall (partial management services). Our group also provides full management services for the Honey Hill Condominium Development located in Paget. In total, these properties represent close to 500,000 square feet of prime office, retail and residential space. These properties are predominately located in the City of Hamilton or within a very close proximity.
We have numerous years of experience in managing all types of commercial properties inclusive of all aspects of the day-to-day operations of these properties. Our services include the management of routine and emergency maintenance issues, full accounting services, as well as the leasing of vacant space. Anyone considering our services will appreciate that as commercial property owners ourselves, we are acutely familiar with all aspects of building management as they relate to ownership.
Kitson Real Estate is also very active in placing prospective tenants in commercial space that is available for lease. Our leasing services can provide all required services for both landlords and tenants seeking to fill or occupy vacant space. Over the years, we have been involved in the location and placement of commercial tenants into all sizes of office and retail premises.
Our team has numerous years of project management experience both in Bermuda and in various overseas markets. Offering everything from hands on knowledge of building systems and techniques to a wide range of valuable contacts in the construction, architectural and other service industries, our project management services have proven extremely valuable to our clients.
Tailor made project management services are offered for all the properties we manage and can be tailor made for properties not in our management portfolio. Feel free to contact Julie McRonald directly to discuss how we can assist with your project management needs.