Just got back from an amazing trip to Bermuda, where my mom grew up, for her 70th birthday. An amazing island, but not cheap. Real estate prices are a bit higher than Nantucket, but the cost of entry is massively higher. We think the 2% Land Bank fee, albeit for a top notch purpose, is a big hit, try to buy on Bermuda. Not only are only certain properties available to non-Bermudians, the closing costs are huge. A non-Bermudian needs to buy a license to buy for 12.5% of the purchase price, about 6% for stamp duties, about 1% for legal and sometimes part of the commission. So, to get your foot in the door, you’ll have to pay roughly another 20% of the purchase price. I’ll pay the 2% Land Bank fee, which ultimately increases property values, any day of the week.
Oh yeah, almost forgot, there is a review process to qualify you to buy the license to buy; the Bermuda government can deny you the license if you are not financially independent or not considered a desirable person to own property.