Property Law
- All conveyancing in Bermuda is unregistered. Bermuda has no equivalent of the 1925 property law legislation in England.
- Bermuda has no capital gains taxes, but there is ad valorem Stamp Duty on sales and gifts of real estate.
- Generally, Bermuda real estate cannot be vested in a corporation, except:
- in a trust company;
- in the management company of a condominium; or
- in other cases with the permission of the minister, strictly limited by policy.
- Bermuda real estate cannot be vested in a non-Bermudian, nor in a trust which may benefit a non-Bermudian, unless a licence is obtained on behalf of the non-Bermudian. The fee for the licence is a substantial percentage of the market value of the real estate.
- With some limited exceptions, only real estate in the hands of non-Bermudians is available for sale to non-Bermudians.
- It is common for Bermuda real estate to be owned by trusts.
Read more about this topic: Law Of Bermuda
Famous quotes containing the words property and/or law:
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