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A land tax is payable on land owned or rented. Non-Bermudians can buy only top-end properties and at a price far higher than what a Bermudian would pay, and usually cost in millions. [6] The tax amount is based on an annual rental value (ARV) of the property and has 6 bands or tiers.
Some non-real properties commonly available for rent or lease are: motion pictures on VHS or DVD, of audio CDs, of computer programs on CD-ROM. transport equipment, such as an automobile or a bicycle. ships and boats, in which case rental is known as chartering, and the rent is known as hire or freight (depending on the type of charter)
Bermuda (/ b ər ˈ m j uː d ə /; historically known as the Bermudas or Somers Isles) is a British Overseas Territory in the North Atlantic Ocean. The closest land outside the territory is in the American state of North Carolina, about 1,035 km (643 mi) to the west-northwest.
St. George's (formally the Town of St. George or St. George's Town), located on the island and within the parish of the same names (and on the northern side of St. George's Harbour), settled in 1612, is the first permanent English (and later British) settlement on the islands of Bermuda.
Bermuda has nine "Parishes", originally called "Tribes". Each of the nine parishes with the exception of St. George's covers the same land area of 597 hectares.The Parishes are not administrative divisions, and have no relationship with Bermuda's electoral districts.
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Bermuda has no equivalent of the British Law of Property Act 1925. 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
The State House, the home of Bermuda's parliament in St. George's from 1620 until the capital's relocation to Hamilton in 1815. Picture taken in 2006. The State House (1620) in St. George's was the first purpose-built home of the House of Assembly, which then constituted the only chamber of the Parliament of Bermuda.
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