DC4MS

Thank you very much for your informative post and I look forward to any reviews of DHH properties you visit.

Also, I LOVE Bermuda, but there are no DCs there. Perhaps this will change some day, but I understand it is hard for a non-resident to buy property in Bermuda.

OneKeyRep

We (One Key) do have 4 homes in Bermuda, 2 of which are on private islands. We will also be adding additional properties there in the future.

DC4MS

Sorry for the oversight.

Kagehitokiri

OTOH one key does not OWN those homes. which was the context of DC4MS' original comment.

Friend of Sandman

I agree with you DC4MS on your sentiment on Bermuda - - Bermuda is a beautiful destination, especially from May to October.

International purchasers are only able to purchase homes that are designated for sale to non-Bermudians (these are typically houses that are $2.5M+, and condos of $1.6M+). In context of houses, as I am aware, there are something like less than 500 that are eligible.

A large number of fractional properties and residence clubs are being built here as we speak - they will come to market in the next year or two - these are eligible for purchase by international buyers by design (e.g. have government approval to do so prior to being built, plus are associated with a high ratio of hotel rooms to be built in conjunction).

Bermuda can be tricky in context of housing regulation, especially when it comes to homes and rentals, so a DC needs to be careful and make sure that they consult a local law firm to make sure that they are in compliance. The laws really are geared to protect Bermudan's ability to retain interest in local properties (as the island is so small - the gov't doesn't want to make it further cost prohibitive for locals to purchase property). International exploitation of the properties (eg. non-bermudans buying places) would exacerbate the housing crisis that's currently going on as we speak.

For instance, a non-Bermudan is not permitted to lease out the property that they own for greater than 3 month intervals. Nor is a non-Bermudan permitted to own more than one property. It's so strict, that even if a Bermudan has two properties and then marries a non-Bermudan, they are required by law to sell their interest in one of the properties! Pretty hard to believe, right?!!

Businesses that are located here but do not conduct any business on the island (exempt companies such as global insurance carriers) are permitted to be owned 100% by non-Bermudians. Business that conduct business locally on island must be owned 60% by a Bermudan. Hotels fall into a "grey" area whereby you do have international franchises located here - but these are projects that always have government blessing and approval before construction. However, a DC may not fall within that "grey" area - and I would play it on the safe side just make sure that your local lawyer says it's cool.

I am certainly not suggesting that it is impossible for DCs to lease properties here for their members as OneKeyRep has suggested, but I do agree with DC4MS in his perspective that I don't think it's as easy as 1, 2, 3.... would love to hear OneKeyRep's experience with establishing a foothold here.

Kagehitokiri

onekey is a rental broker that uses a prepaid card format.

one of their bermuda properties is perots island.

Friend of Sandman

Perots island is a stone's throw from where my friend's house is located. Perots island was for sale for like $8M-$10M for a pretty long time, then was listed on the rental market here for a couple of years ($35K/month range) - with OneKey renting it - no wonder it dropped from the rental listings on the local real estate website!

Has quite a bit of Bermuda charm to it, along with I believe 4 full-time staff which are renter's responsibility, a tennis court, separate staff quarters, etc. I can see how that would be a fun property to rent here in Bermuda for a DC.

I'm not allowed to post a website link as of yet, as I'm a beginning member. But if you were to add the appropriate letters to the following link: http://www.perotsmanor.com you'll be able to access some pics.

To be fair to DHH, we should probably take this topic to the OneKey forum!

Kagehitokiri

i didnt think onekey has any actual longterm leases or other ownership. clearly their hotel partners are not like that. perots island is listed for rental on the site you linked, and ive seen other properties they have listed elsewhere as well, like other rental brokers.

OneKeyRep

I did understand the context of his comment and it is one of the benefits of our business model that we can enter these markets like Bermuda and Nantucket that other DC's can't. I simply wanted to make sure there was no confusion on the forum that it is possible to vacation with a DC in Bermuda.

Kagehitokiri

sorry, i was just clarifying for those who may not be familiar with onekey yet.