Articles - Kim Sheen Properties

Stamp Duty Act

Conveyance or transfer on sale of land fees Land transfer or general transfer stamp fees are based on the value of the transaction. The fee is calculated on a sliding scale, with different portions of the transfer taxed differently, as follows: Amount or value Stamp duty fees On the first $100,000 2 per cent On […]

Anti-Money Laundering Laws in Bermuda

Bermuda’s real estate community is now subject to similar AML/ATF (Anti Money Laundering/Anti-Terror Financing) laws, regulations and guidelines that are already in effect in many other jurisdictions. Real estate brokers are now required to obtain far more information than in the past. You will be asked to complete forms that are similar in content to […]

Non-Bermudian Purchase

Non-Bermudians MAY purchase qualifying properties in Bermuda. In order to be available to a non-Bermudian purchaser a property must have an assessed Annual Rental Value (“ARV”) at or above a set minimum level (in effect disqualifying properties in the middle to lower price ranges). NB: ARV is not a reflection of market value but rather […]

Change in ARV for Non-Bermudian Purchase

Today I am here to announce that Government will be enacting regulations that will lower the minimum Annual Rental Value at which non-Bermudians and non-permanent residents, referred to as ‘Restricted Persons’ may purchase residential property from $153,000 to $126,000. Additionally, we will be reducing the minimum ARV threshold of $32,400 for condos to $25,800.

How ARV’S are calculated for residential property

he Land Valuation Department inspects properties around Bermuda, taking photos and measurements to establish the annual rental value.

Eight Costly Mistakes Vendors/Landlords Make

There are always appropriate steps to investing in real estate. However, there are also inappropriate steps vendors/landlords can walk down when it comes time to put their property on the market. In my 23 years of being in the business I see the same mistakes over & over when all they had to do was […]

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