Stamp Duties Regulations 2009
STAMP DUTIES REGULATIONS 2009



1



BR 20/2009

STAMP DUTIES ACT 1976

1976 : 14

STAMP DUTIES REGULATIONS 2009



The Minister of Finance, in exercise of the powers conferred by
section 77(1)(b) of the Stamp Duties Act 1976, makes the following
Regulations:

Short title
1 These Regulations may be cited as the Stamp Duties Regulations
2009.

Head 14 amended
2 Head 14 of the Schedule to the Stamp Duties Act 1976 is
amended—

(a) by adding an “s” to the word “Exemption” where it first
appears and inserting the letter “(a)” immediately after
that word;

(b) by deleting the letters “(a)” and “(b)” and substituting “(i)”
and “(ii)”; and

(c) by inserting immediately before Head 15 the following —

“(b) Conveyance to a first time homeowner described in
condition (B) of this paragraph, for consideration of
$750,000 or less, of the entire freehold or leasehold
interest in—

(i) a residential property consisting of a house or a
condominium, other than a fractionally owned
unit, traditional hotel room or condominium
hotel unit that does not have a separate land

STAMP DUTIES REGULATIONS 2009



2



valuation assessment number assigned to it
under the Land Valuation and Tax Act 1967; or

(ii) a parcel of land on which a residential property
referred to in subparagraph (i) is to be built;

provided that all of the following conditions are met—

(A) the Conveyance takes place on or after April 1, 2009;

(B) the purchasers are all individuals with Bermudian
status who have never held a legal or beneficial
interest in any residential property or land in
Bermuda (other than the interest being acquired by
the Conveyance) greater than 25% of its market
value;

(C) the purchasers will—

(aa) live in the residential property being conveyed for
a period of three years or more, or

(bb) complete construction on the parcel of land being
conveyed of a residential property described in
paragraph (b)(i) within three years after the
Conveyance,

as the case may be;

(D) the consideration for the Conveyance of the property is
equal to the property’s fair market value and is entirely
in the form of money, money advanced by way of
mortgage on the property, or both;

(E) the Tax Commissioner will be required to express his
or her opinion on whether the Conveyance is
chargeable with stamp duty and if so, the amount of
the duty under section 22 of the Act; and

(F) all facts and circumstances affecting the duty are set
forth in the Conveyance, including a declaration signed
by the purchasers and the vendors of the property as
follows—

DECLARATIONS UNDER STAMP DUTIES ACT 1976

I/We ______________ and __________ [name of
purchaser(s)]; and

I/We ______________ and __________ [name of vendor(s)]
declare—

STAMP DUTIES REGULATIONS 2009



3



1. That conditions (A), (D), (E) and (F) in paragraph (b)
of Head 14 of the Schedule to the Stamp Duties Act
1976 are met in respect of this Conveyance, and

I/We, the purchaser(s) declare that conditions (B)
and (C) are met;

2. That the total consideration for the residential
property or parcel of land being conveyed does not
exceed $750,000; and

3. That this Conveyance is not part of a larger
transaction, the consideration for which exceeds
$750,000.”.

Commencement
3 These Regulations commence on 1 April, 2009.









Made this 4th day of March, 2009







Minister of Finance