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 the next $400,000 (up to $500,000)||3 per cent|
|On the next $500,000 (up to $1 million)||4 per cent|
|On the next $500,000 (up to $1.5 million)||6 per cent|
|Thereafter (over $1.5 million)||7 per cent|
In respect of property that is not a Bermuda property – 1 per cent.
The stamp duty payable on lease agreements is as follows:
|Term Lease||Stamp duty|
|Up to three years||1% of the aggregate rent payable for the term of the lease|
|More than three years||1% of the aggregate rent payable for the first three years of the lease, plus 0.5% of the aggregate rent payable for any additional period beyond three years|
Duplicate copies are stamped for $25.
If you transfer your mortgage from one financial institution to another, you will not have to pay stamp duty on the mortgage if its total value is $750,000 or less. If the mortgage is for more than $750,000, the stamp duty will be assessed at 1/10 per centum of the value of the mortgage.
How to pay Bermuda stamp duty
Stamp duty must be paid to the Accountant General by cheque, debit card or cash. Read more about paying taxes and bills in Bermuda.
Information provided via Bermuda Government website.