$2.5m investment to qualify for long-term residency

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Updated: Feb 19, 2021 11:32 AM

    Jason Hayward, Minister of Labour

    Non-Bermudians will be able to become long-term residents if they invest a minimum of $2.5 million in Bermuda, the Labour Minister announced this morning.

    Jason Hayward unveiled the new economic investment certificate policy today which will come into effect from March 1.

    The investment can include real estate, Bermuda Government bonds, a contribution to the island’s sinking fund for debt reduction or the Bermuda Trust Fund, as well as charity.

    Investors can also contribute to an existing business on the island, launch new businesses, or “invest in such other social or useful venture that benefits Bermuda, Bermudians and things Bermudian as may be determined by the minister”, Mr Hayward said.

    After five years investors can apply for a residential certificate which gives additional rights, Mr Hayward told the House of Assembly.

    MPs heard that “affluent individuals from around the world” wished to live in places meeting criteria such as safety, rule of law, and “a place where they feel comfortable with their children”.

    Mr Hayward added: “These individuals and their families have the means to make significant financial investments, develop businesses, and create job opportunities, which can benefit Bermudians.

    “Bermuda must take advantage of these opportunities.”

    Mr Hayward said the move marked an improvement on the Residential Certificate Policy of 2015 and preceding legislation, where the target audience was the “globally retired” – who were prohibited from obtaining gainful and were required to come to the island with “substantial means”.

    He told MPs that 100 people given the Economic Investment Certificate over the next 10 years would generate “$250 million into the economy and facilitate continued economic activity for years to come”.

    Mr Hayward said a fee of $2,625 would be charged for the certificate.

    He added: “The Government has established a concierge service to facilitate the submission and approval process, as appropriate for the affluent investors targeted.”

    The immigration department will link with the Government’s concierge and the Bermuda Business Development to offer a “high touch service” to investors.

    Mr Hayward added: “I look forward to all of Bermuda welcoming those persons who will be granted an Economic Investment Certificate and a Residential Certificate in the coming months.”