Articles

Why Should I Hire a REALTOR®

Posted by admin on April 23, 2018
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Category: Uncategorized
14 Reasons to Work With a REALTOR® REALTORS® aren’t just agents. They’re professional members of the National Association of REALTORS® and subscribe to its strict code of ethics. Kim Sheen is has been a proud member since 1988! This is the REALTOR® difference for home sellers and buyers: An expert guide. Selling a home usually requires dozens of forms.  A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes. Also,

Anti-Money Laundering Laws in Bermuda

Posted by admin on May 29, 2018
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Category: Uncategorized
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 those your bank or your lawyer may have already requested. While this may seem to be a duplicated effort, it

Stamp Duty Table

Posted by Kim Sheen on June 27, 2018
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Per Assistant Tax Commissioner In general the position of our office is that the fixed duty in the amount of $25.00 stated under Head 25(f) of the Schedule to the Stamp Duties Act 1976 (as amended) is a drafting error.  Any renewal of a lease, or agreement for a lease, or extension of a lease or agreement for a lease, that has been granted in consideration of a monthly rent, is in our opinion chargeable

Non-Bermudian Purchase

Posted by admin on April 23, 2018
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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 is used as the basis for calculating Land Tax. Minister Fahy Remarks: On Reduction Of ARV Levels For Residential Property

Change in ARV for Non-Bermudian Purchase

Posted by admin on April 23, 2018
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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. Such action will help stimulate economic activity at the higher end of the property market in Bermuda, thus helping with Bermuda’s