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BERMUDA

BERMUDA IMMIGRATION AND PROTECTION (LAND-HOLDING CHARGES) REGULATIONS 2007

BR 56 / 2007

The Minister responsible for immigration, after consultation with the Minister of Finance, in exercise of the powers conferred by section 102C (1)(a) of the Bermuda Immigration and Protection Act 1956, makes the following Regulations:

Citation

1 These Regulations may be cited as the Bermuda Immigration and Protection (Land- Holding Charges) Regulations 2007.

2. Schedule of charges

(1) The land-holding charges payable under section 96(2) of the Bermuda Immigration and Protection Act 1956 are set out in the Schedule.

(2) The charges in subsection (1) shall be payable to the Accountant General in accordance with these Regulations.

3. Reduction or deferral of charge

(1) A hotel developer (as defined in section 2(1) of the Hotels Concession Act 2000) is entitled to a reduction or deferral of a land-holding charge to the extent that that is provided for in an order made under section 4 of that Act.

(2) A developer (as defined in section 2 of the Tourism Investment Act 2017) is entitled to a reduction or deferral of a land-holding charge to the extent that is provided for in an order made under section 5 of that Act. [Regulation 3 amended by 2017 : 36 s. 14 & sch. 3 effective 10 November 2017]

BERMUDA IMMIGRATION AND PROTECTION (LAND-HOLDING CHARGES) REGULATIONS 2007

4. Refund of charge

(1) Where a licence has been issued to a restricted person and the licence lapses without the land being conveyed to the licensee, the restricted person may apply to the Minister for a refund of the land-holding charge in respect of that application, setting out the reasons for the application.

(2) The Minister shall refer the application to Cabinet to decide whether the charge is to be refunded.

BERMUDA IMMIGRATION AND PROTECTION (LAND-HOLDING CHARGES) REGULATIONS 2007

SCHEDULE

(regulation 2) LAND-HOLDING CHARGES

In this Schedule, “the statutory period” means the period beginning on 1 April 2013 and ending on 31 March 2021.

Type of Type of land Means of Charge restricted holding or person acquisition of land Spouse of Residential valuation Jointly with Nil Bermudian unit Bermudian spouse Spouse, Child or Any Land held by Nil Parent of Bermudian by Bermudian any means; restricted person has an equitable right in land Permanent Residential valuation Any, other than (a) during the statutory resident unit that is not a by devise, period, 4% of the value of condominium unit inheritance the land or voluntary

(b) after the expiry of the conveyance statutory period, 6% of the value of the land Condominium unit that Any, other than (a) during the statutory is not tourist by period, 4% of the value of accommodation or a devise, the land hotel residence inheritance or

(b) after the expiry of the voluntary statutory period, 6% of conveyance the value of the land Any, other than Residential valuation Any, other than (a) during the statutory Spouse, Child or unit that is not a by devise, period, 8% of the value of Parent of condominium unit inheritance the land Bermudian, or or voluntary

(b) after the expiry of the Permanent conveyance statutory period, 12.5% resident of the value of the land

BERMUDA IMMIGRATION AND PROTECTION (LAND-HOLDING CHARGES) REGULATIONS 2007

Condominium unit that Any, other than (a) during the statutory is not tourist by period, 6% of the value of accommodation or a devise, the land hotel residence inheritance or

(b) after the expiry of the voluntary statutory period, 8% of conveyance the value of the land Any, other than Tourist accommodation Any, other than Spouse, Child or or hotel residence by devise, Parent of inheritance or Bermudian voluntary conveyance

(a) election to place on 0% of hotel inventory the value of the land

(b) election to keep for 6.5% of private use the value of the land Any, other than land of a Any 5% of specific type referred to the value of the land. above [Schedule amended by BR 16/2008 effective 28 March 2008; amended by BR 17/2008 effective 1 April 2008; revoked and replaced by BR 59 / 2010 s. 2 effective 27 August 2010; amended by BR 28 / 2013 reg. 2 effective 28 March 2013; amended by BR 27 / 2014 reg. 2 effective 28 March 2014; amended by BR 83 / 2015 reg. 2 effective 30 September 2015; amended by BR 28 / 2017 reg. 2 effective 31 March 2017; amended by BR 42 / 2019 reg. 2 effective 27 March 2019]

Made this 22nd day of June, 2007

Minister of Labour and Immigration

[Amended by: BR 16 / 2008 BR 17 / 2008 BR 59 / 2010 BR 28 / 2013 BR 27 / 2014 BR 83 / 2015 BR 28 / 2017

2017 : 36 BR 42 / 2019]