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Phase 1 Condos - Now For Sale

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frequently asked questions

What annual events are there in Bermuda?

January – Bermuda Restaurants Weeks, Bermuda Marathon Weekend, Bermuda Festival of the
Performing Arts
March – Bermuda International Film Festival, Grey Goose World Par 3 Championship, Bermuda Triple
Challenge, Good Friday Kitefest, Moth World Championships
April – Bermuda Agriculture Exhibition, The Town Crier Re-enactment in St. George’s Peppercorn
Ceremony, MS Amlin World Triathlon Bermuda, Hamilton’s Summertime Harbour Nights
May – Hamilton’s Summertime Harbour Nights, Antigua Bermuda Race, Bermuda Day
June – Hamilton’s Summertime Harbour Nights, Annapolis Bermuda Ocean Race, Bermuda Heroes
Weekend, Newport Bermuda Race
July – Hamilton’s Summertime Harbour Nights, Bermuda Triple Crown Billfish Championship
August – Hamilton’s Summertime Harbour Nights, Cup Match Weekend, Non-Mariner’s Water Raft Up
September – Hamilton’s Summertime Harbour Nights, Sand Sculpture Competition
October – City Food Festival
November – World Rugby Classic, Viper North American Race
December – Goodwill Golf Tournament

See links below for more information:
https://www.gotobermuda.com/
https://www.bermuda.com/things-to-do/events-calendar/#/?i=7

How do I get to Bermuda?

Bermudiana Flights Map Updated

When do I need to be in Bermuda to go Whale watching?

You get the best opportunity of watching whales in Bermuda during the spring time between March and April. This is when the humpback whales migrate from the Caribbean water zone to the north Atlantic feeding zone. The whales usually have a regular pattern of behavior and a migration route.

What activities are there in Bermuda?

Activity Time of year
Swimming and Snorkeling During Summer
Swimming with the Dolphins During Summer
Sunset & Sightseeing Cruises, Sailing and Boat Rentals Available all year-round
Kayaking, Paddle Boarding, Water Skiing, Jet Skiing, Parasailing, Flyboarding Available all year-round
Windsurfing and Kitesurfing Available between December and May
Golf, Tennis, Mini Golf, Archery, Fencing Available all year-round, weather permitting. 
Bowling, Squash, Spa Available all year-round
Fishing Available between May and October (Deep sea fishing) 
Hiking & Cycling Available all year-round
Horseback Riding Available all year-round (Beach rides only accessible during low-season i.e. November to April) 
Scuba Diving Available all year-round
Helmet Diving Available during Summer
Whale Watching Available between March and April
Bird Watching Dependent. The rare Cahow can be seen between December and February. 
Glow Worm Cruises Available between May to November, once a month (2-3 nights after a full moon). 
Cliff Jumping & Rock Climbing Available during Summer
Cave Exploring and Swimming Available all year-round
Fort Touring Available all year-round

What amenities are there at Bermudiana Beach Resort?

In the first of two conversion phases a cliff top pool and the first car of a 2-car funicular elevator to the beach will be constructed. At the same time the first half of the site will be landscaped and elevators will be added to each of the residence buildings.

In the second and final conversion phase a clifftop bar, restaurant, hotel reception, spa, gym and second pool will be constructed. Another car will also be added to the funicular elevator to the beach. The full list of amenities comprises
  • Funicular elevator to beach
  • Seasonal beach & pool bar
  • Ocean view bar & restaurant
  • Room service
  • Clifftop infinity pool & hot tub
  • Clifftop observation & yoga terrace
  • Second pool with swim lanes
  • Children's activity area
  • Wedding lawn
  • Outdoor fitness area & indoor gym
  • Spa & Massage
  • Outdoor fire pit
  • Cycling, jogging, hiking, tennis, golf and fishing can also be arranged



 

What is a condo-hotel?

A condo-hotel is a property operated as a hotel, but comprises properties that are for sale as vacation homes to private individual owners.

Property owners can then choose to take part in the hotel’s rental program when their home is not in use by them or their guests.

When owners choose to to do this hotel guests can then rent their property as a hotel guest room or suite. Revenue from these hotel guests is then shared between the private individual owner and the Management Company or Hotel.

Can non-Bermudians buy property in Bermuda?

Non-Bermudians may only purchase property valued above a set minimum Annual Rental Value (ARV). The minimum ARV for houses is $126,000 and $25,800 for condominiums. The ARV is used to determine land tax and is not necessarily a reflection of market value.

Houses with a qualifying ARV start at approximately $2,350,000 and condominiums at approximately $320,000. ARVs may be viewed on the Department of Land Valuation. The effect of these guidelines means that only the highest valued properties are available to Non-Bermudian purchasers.

Non-Bermudians must acquire a Residency Certificate to purchase a condominium, which they are not eligible for if they have a work permit. This certificate does not apply for houses.

A Non-Bermudian is permitted to own up to 2 properties but not permitted to acquire vacant land except in specific tourism developments.

There are situations where a Non-Bermudian is permitted to purchase a house with more than one assessment number upon application. However, the ARV of one of the assessment numbers alone must be above the $126,000 minimum.

Non-Bermudians who purchase property are not able to rent it out for short-term or holiday rentals unless it is in a specific hotel tourism designated development. Non-Bermudians may be granted permission to rent their property upon application to the Department of Immigration which is subject to a tax of 7.25%.

How much does it cost to buy a condo at Bermudiana Beach Resort?

For the first 12 condos prices start at $415,000 for a fully-furnished 1-bedroom studio (sleeps 4) in Residence A. Prices then increase in this phase to $1,050,000 for a 3-bedroom lock-off condo (sleeps 8 or 4 + 4) with ocean views in Residence G. These prices will increase by 10% once reservation deposits for the first 12 condos have been received.

There are four phases and prices will increase steadily through these phases until conversion of the condos and amenities is fully completed. Those that wait until this time will buy at full market value. Early birds will however enjoy prices substantially below market value to compensate for the months when they don’t have full amenity and the development team are working on parts of the site.

What other property purchase costs are there?

Deposit: A deposit of 10% of purchase price is payable upon signing sale and purchase agreements. The deposit is held in escrow by the Agent or Attorney until closing. Interest accrued is for the Purchaser’s benefit. Balance is payable when sale completes.

Stamp Duty: Stamp Duties are charged on a sliding scale: 2% on the first $100,000; 3% on the next $400,000; 4% on the next $500,000; 6% on everything over $1,000,000 plus 7% on everything above $1.5 million. (Thus, any property sale for more than $1,500,000 will incur stamp duty of $64,000 plus 7% of the value above $1,500,000.) These are normally divided between Vendor and Purchaser. At Bermudiana Beach Resort stamp duty is exempt. 

Conveyancing and other miscellaneous legal fees: Legal fees for conveyancing are charged on a sliding scale set by the Bermuda Bar Association. The rate starts at 1% of the sale price for the first $250,000. The rate is then 0.75% for the next $250,000 of the sale price. The rate continues to decrease in stages as the price increases until the price is $2,000,000 or more and the rate charged is 0.125%. Generally, legal fees are split between the Vendor and Purchaser in equal amounts, with each party being responsible for any additional personal legal and incidental costs incurred during the conveyancing process.

For the condos at Bermudiana Beach the purchaser will pay $3,500 relating to the assignment of lease. In addition, the purchaser will also pay $1,000 for the preparation of the Sale and Purchase Agreement as established by the Bermuda Bar scale of fees.

License Fee (for overseas purchasers only): Normally non-Bermudian purchasers have to obtain a license from the government. Applications are made through a local attorney of their choosing and at present cost 8% of the house purchase price or 6% of the condo purchase price. In 2019 the charge for license fees is expected to increase to 12.5% and 8% respectively.

A license fee for a Permanent Resident Certificate holder is 4% of the property purchase price expected to increase to 6% in 2019. The license fees for a property within a hotel development is at 6.5%.

NB: Because Bermudiana Beach Resort will have a hotel rental management program the license fee is waived.

Will I need a local attorney to purchase a condo?

Yes, you will. Once you have decided on a property/home, and before you sign the 'Sale and Purchase' Agreement drawn up by the Seller's attorney, you will need to retain a good Conveyance Lawyer. At your first meeting, bring as much information about the property, the Seller, and the transaction as you possibly can. You will also want to discuss with your lawyer, all likely costs associated with the purchase of your condominium, including legal fees, bank administration fees, stamp duty, closing costs, etc.

Do I need an Overseas Buyers License to buy a condo in Bermuda?

In Bermuda, a license fee is traditionally paid by overseas buyers but at Bermudiana Beach Resort, owing to specific Government legislation pertaining to the property, this license fee is waived. Based on the average price of the condos at Bermudiana Beach Resort this results in a saving to the buyer of approximately $60,000 when compared to the purchase of a traditional condominium.

As an overseas buyer you will require an Alien License in order to purchase a property at Bermudiana Beach Resort. Your local attorney will require the following information in order to process the application:
  • A check in the amount of $1,546 made payable to the Accountant General
  • The requisite immigration form duly completed
  • One banker's reference addressed to the Chief Immigration Officer of the Department of Immigration but submitted to your attorney
  • Two personal references addressed to the Chief Immigration Officer of the Department of Immigration again submitted to your attorney (please do not use family members)
  • A copy of your marriage certificate
  • A copy of your birth certificate

Will I own the property?

You will own through what is termed Condominium Ownership. “Condominium” is a legal term used in the U.S and most Canadian provinces. In the US, the laws governing condominium development and ownership can vary from state to state. Nevertheless, it is universally understood to mean a development consisting of residential dwellings that are individually/wholly-owned, along with a portion of the land upon which the building sits in addition to co-ownership of the development’s common elements by all homeowners.

Common elements typically include hallways and entryways, recreational and social facilities, exterior walls, the building roof, and other exterior accoutrements such as landscaping, driveways, open spaces, etc.

What is a 999-leasehold interest?

Condominiums in Bermuda are typically owned as leasehold interests. Basically, you are purchasing the right to live in the condominium unit for 999 years . You will have to pay a monthly amount of maintenance, in addition to a one-off payment that buys you ownership of the lease until you either sell it, or it runs out.

Leasehold purchases generally occur in buildings that comprise more than one property, such as blocks of condos/apartments. Alterations are limited in accordance with the head lease as well as other restrictions imposed by the landlord/owners committee. You will have some input on the condo rules and regulations as you may be part of the Board with voting rights at the AGM.

As a leaseholder, you are in no way obligated to retain the lease. You can sell at any time. Leases can vary greatly in length. At Bermudiana Beach Resort the length of the lease is 999 years – “the leasehold equivalent of freehold”!

Are there any property costs once I am the owner?

South Shore Home Owners Association (SSHOA) will charge a regular maintenance fee. This will be charged quarterly initially but frequency will be reviewed during the first year of operations.

The charge is necessary to help cover the upkeep of the common areas and amenities. It will cover painting & redecorating, landscaping & gardening, cleaning & repairs to the exterior and communal areas, pools and lighting, building insurance, and a fee for the resort management company.

Some of the funds levied will be paid into a reserve fund to pay for the costs of larger, less frequent expenditure and to help prevent the need for special assessments.  

Payment is a condition of the lease and failure to pay may result in the HOA serving notice."

Will I have to go through an anti-money laundering (AML) process?

From 2018 onwards, Bermuda real estate is now subject to globally established and recognized anti-money laundering (AML) legislation, which requires additional due diligence for all sales transactions in Bermuda.

All related and supporting documentation will have to be submitted to the regulatory body upon the execution of a Sale and Purchase Agreement.

Your attorney will need to see your identification (passport, driver’s license) or receive an original certified copy.

What are the next steps?

Should you decide to go ahead and buy at Bermudiana Beach Resort here is the process you will follow:
  1. Pay Reservation Deposit - To “reserve” a specific condo and take it off the For Sale list you will pay a refundable reservation deposit of $5,000 to Coldwell Banker Bermuda Realty, the master agent representing Bermudiana Beach.
  2. Sign Sales and Purchase Agreement and pay 10% Deposit – Within 30 days of paying the Reservation Deposit you will sign the Sale and Purchase Agreement and pay a deposit of 10% of the agreed sale price (less the Reservation Deposit amount).
  3. Pay 40% Closing Payment – Once the legal agreements are finalized you will pay 40% of the agreed sales price (less the 10% Deposit amount already paid) to close the purchase, at which point ownership of the condo is transferred to you subject only to a Construction Conversion Contract with a defined completion date.
  4. 60% Completion Payment – Finally the 60% Completion balance will be paid on completion of the Construction Conversion Contract as evidenced by the Planning Department’s Certificate of Occupancy

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