Bermudians flocking to buy cyprus property overseas

If the overwhelming response to a recent Bank of Bermuda HSBC seminar is any indication, more Bermudians than ever are interested in buying homes overseas.There were 280 people in attendance and a 100-person waiting list for the seminar titled Buying a Piece of Another Rock, which took place Wednesday and focused on buying properties in countries other than Bermuda.Bank of Bermuda's Richard Brown said the organization has previously given seminars about buying homes in Bermuda, but the growing interest in overseas properties prompted this new topic.He said there was an especially large interest in U.S. properties, so the bank is now looking into presenting more seminars about purchasing specifically in America. Speakers at the seminar included representatives from the Bank of Bermuda, Coldwell Banker, Rego Sotheby’s International Realty and London Central Portfolio Ltd.“Before, services [for purchasing overseas properties] were not as readily available as they are now,” Mr Brown said. “Before, you had to get on a plane, do everything yourself and basically start from scratch.”Now, buyers are able to sort out many details right here in Bermuda.The bank is able to provide pertinent information like rates and set up interested buyers with contacts such as mortgage specialists in other countries by liasing with HSBC branches worldwide. HSBC has a presence in 77 countries and retail operations in 43 countries.And if you have assets in Bermuda, borrowing locally is also an option.Besides the U.S., Bermudians have shown an interest in properties in the U.K., Australia, New Zealand, Cyprus, Dubai, Canada and France among other places.But it's not as simple as choosing a location. Mr. Brown said it's important to know a few things first.“It’s important to familiarize yourself with tax and legal structures in the country where you want to purchase property. You'll need advice from someone there,” he said.As an example, he said the Bank of Bermuda can help immensely with financial questions by recommending lawyers and tax advisors in countries where HSBC does business. He said France is one such country where it is a bit complicated to purchase property. For that reason, the Bank of Bermuda has published literature specifically about buying homes in France.Buyers should also know beforehand how much they can afford, what the bank will loan them and what they really want.Look for more relevant seminars to come. Mr. Brown said, “Overall the seminar shows we look for topics of interest and events where we can have a presence… It’s a unique advantage of having a global organization.”