Real Estate Brokers and Agents

Licensing and supervision by the Superintendent of Real Estate

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Real estate brokers and agents are licensed and supervised by the Superintendent of Real Estate under the Real Estate Brokers' Licensing Act 2017.

Licensing

Broker licenses and agent licenses are granted under the Real Estate Brokers' Licensing Act 2017. The supervisory role and the functions of the Superintendent are set out in sections 4 and 5, and the Superintendent's powers in section 13. A Real Estate Brokers' Advisory Board advises but does not license.

The same office, a different statutory hat

The Act defines the Superintendent of Real Estate as the Registrar of Companies appointed under section 3 of the Companies Act 1981. So this is the same office acting under a different statute, not the Registrar acting under the Registrar of Companies (Supervision and Regulation) Act 2020.

Eligibility

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 license

You must supply the following information:

A completed Real Estate License Application Form (for all applicants)
Bermuda Police Service criminal background check letter (all applicants)
Required fee(s) (for all applicants)
Proof of Bermudian status - copy of passport (as applicable)
Proof of immigration approval to work (spousal letter, permanent resident certificate) (as applicable)
Marriage certificate when there has been a change of name (as applicable)
Real estate examination pass results (70% pass) (for new applicants)
GoAML registration email confirmation issued by the Financial Intelligence Agency (FIA) (for Brokers)
Broker Annual Statistical Return – due 15 March each year (for Brokers)
AML Independent Audit (for Brokers)
Anti-Money Laundering Policies and Procedures Template (for Brokers) (31.64 KB)
Risk Assessment Form (for Brokers) (276.26 KB)
Annual Financial Auditor Report – due within 6 months of a business year-end (for Brokers)
Fit and Proper Person Questionnaire (for all applicants) (281.29 KB)
List of Directors, as applicable (for Brokers)

Annual statistical returns

Bermuda has committed itself to implementing and maintaining a robust framework to combat money laundering and terrorist financing. At the core of Bermuda’s fight against money laundering (ML) and terrorist financing (TF) is being cognizant of the ML/TF risks associated with the various business sectors such as real estate.

In furtherance of the on-going assessment of Bermuda’s ML/TF risk, the Superintendent of Real Estate (the “Superintendent”) has exercised his right as the competent authority with supervisory duties over real estate brokers in Bermuda to require that brokers provide such information as is specified in the Annual Statistical Return. See Regulation 16 of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist financing Supervision and Enforcement) Act 2008.

Brokers Engaged in Sales/Purchases Transactions and Rentals Only

Annual Statistical Return Form and Instructions for Sales and Purchases (for brokers whose business involves sales and purchase transactions)

Annual Statistical Return Form and Instructions for Rentals Only (for brokers whose business is only rentals and other real estate ancillary services)

Deadline

15 March each year

AML and ATF obligations

Real estate brokers and agents are relevant persons under the Proceeds of Crime Act 1997 and the anti-money laundering and anti-terrorist financing regulations, with the Superintendent of Real Estate as their supervisory authority. That makes them obliged entities for the purposes of access to beneficial ownership information.

Obliged entity requests →

How to Apply

Follow the How to Apply for a Real Estate License Guide attached to the application forms below. Fees must be paid at the time of application submission.

Application for a Real Estate Broker (1.67 MB)
Application for a Real Estate Agent (1.27 MB)

Fees

Annual broker's license	$705
Annual agent's license	$120

Payments can be made by cash, cheque or wire transfer.

RoC Banking Instructions

Additional Information

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.
License 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.

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.

This summary report of Bermuda’s 2020 Terrorist Financing National Risk Assessment (TF NRA) provides highlights of the analysis and the underlying rationale, while also providing key information on the methodology used for the identification and analysis of TF risk factors.