(CMR) In a bid to stimulate economic activity, Bermuda is offering foreigners the opportunity to become long-term residents by investing $2.5 million or more in the country's economy.
Minister of Labour Jason Hayward, who unveiled the new economic investment policy on Friday, said it would bring significant benefits to Bermuda's economy.
Hayward said the new policy would “allow Bermuda to capitalize on having more people living on the island while also benefitting from those who have significant financial means.”
As of March 1, 2021, persons who make this significant investment will first receive an economic investment certificate that allows them to live in the country for five years.
Hayward explained that “if at or after five years, the economic investment certificate holder decides he or she would like to reside in Bermuda indefinitely, the holder may apply for the residential certificate.”
A person must possess an economic investment certificate to be eligible for a residential certificate.
This certificate will give the holder and the holder’s spouse and/or dependents the right to reside in Bermuda for an indefinite period.
Hayward said wealthy individuals with the means of making significant investments were seeking safe, stable, sophisticated places with a comfortable climate where they can live with their families. He said Bermuda could offer all that and benefit significantly.
Stating that immigration was one of Bermuda's major economic tools, Hayward said the government welcomed individuals who can invest substantially in the country.
He pointed out that if 100 persons received the economic investment certificate over the next 10 years, that would “generate $250 million into the economy and facilitate continued economic activity for years to come.”
“The impact of 100 economic investment certificate holders would be far greater as their upfront, and continued investment could potentially impact the real estate market, the construction industry, the retail and restaurant industry and much more given the economic activity spurred as a result of this policy,” he added.
Investment can be made by purchasing real estate, residential or commercial, purchasing Government bonds to be held for a minimum of five years, and contributing to Bermuda’s Sinking Fund for debt reduction.
Foreigners will also have the opportunity to contribute to the newly established Bermuda Trust Fund; or donate to a Bermuda Registered charity in sports development, youth, seniors, and health to receive an economic investment certificate.
Hayward said investment could also be made by direct or indirect equity investment in an existing Bermuda-based business, including BSX listed entities, but excluding where the investment is limited to holding listed securities in exempted undertakings.
Also investing in the development and launch of a new Bermuda-based business, or investing in other social or useful venture that benefits Bermuda, or Bermudians could allow one to qualify for an economic investment certificate.