The Real Estate Brokers’ Licensing Act 2017 (the “Act”) came into operation on 2 October 2017.
The Act replaces the Real Estate Agents’ Licensing Act 1976. The Act modernizes the operation and supervision of the real estate industry by the Superintendent of Real Estate, in accordance with international standards.
Licences issued under the Real Estate Agents’ Licensing Act 1976 that were due to expire on 30 September 2017 are valid until 30 November 2017.
The receipt of real estate licence applications will commence on 14 November 2017.
2017/2018 Deadline Extensions
We have provided extensions for the following submissions:
- Criminal Background Check Letters – 31 December 2017
- Anti-Money Laundering Policies and Procedures Template – 31 January 2018
- Broker Annual Statistical Returns – 15 February 2018
- Risk Assessment Form
- over the age of 18
- Bermudian, or has permission from the Minister responsible for Immigration to work in Bermuda as a real estate broker or agent
- of good character
Requirements to apply for a licence
- You must supply the following information:
- A completed Real Estate Licence Application Form (see below)
- Police criminal background check results (extension provided until 31 December 2017)
- Required fee(s)
- Proof of Bermudian status (passport)
- Proof of immigration approval to work (spousal letter, permanent resident certificate)
- Marriage certificate when there has been a change of name
- Real estate examination pass results for new applicants (70% pass)
- GoAML registration email confirmation issued by the Financial Intelligence Agency (FIA)
- Annual statistical return - included in the How to Apply for a Real Estate Licence guide (see below)
- Auditor’s report (within 6 months of business year-end date)
Annual broker’s licence $635*
Annual agent’s licence $105*
* Payments can be made by cash, cheque or wire transfer (see below for wire transfer details)
How to Apply
Follow the How to Apply for a Real Estate Licence Guide below. All completed applications with accompanying documentation must be delivered at the Registrar of Companies on or before 30 November 2017. Fees must be paid at the time of application submission.
Wire Transfer Payment Instructions:
|HSBC Bermuda||BERMUDA GOV-REGISTRAR OF COMPANIES||010-723971-501||USD|
|HSBC Bermuda||BERMUDA GOV-REGISTRAR OF COMPANIES||010-723971-001||BMD|
Consolidated National Risk Assessment Report
Through the leadership of NAMLC, Bermuda conducted a national risk assessment in 2016, to identify the terrorist financing risks that affect Bermuda. In 2017, NAMLC conducted another national risk assessment to identify Bermuda’s money laundering risks. This was an update on the first money laundering national risk assessment that was done in 2013. A consolidated report on the findings of the 2016 and 2017 risk assessments has been published.
- The bank accounts are for the deposits pertaining to payments made to the Registrar of Companies and are not intended for transactions with other government departments. There will be delays in allocating funds not intended for the Registrar of Companies and the department will not be held responsible for any penalties incurred.
- Include the broker and/or agent registration number in the bank reference field.
- All bank fees are borne by the sender. Any shortages in fees will reflect as an underpayment and will generate a penalty, if applicable. Companies will be deemed to be non-compliant until the difference is paid in full. Contact HSBC for transaction fees.
- Licence fees are deemed to have been received when the transaction appears on the Bermuda Government account- not on the date the funds were submitted. This must be taken into consideration when sending funds from other countries and other local banks that may require a longer period of time to process the funds. Contact HSBC for processing times.