Bermuda’s Minister of Labour, Jason Hayward, has unveiled a new Economic Investment Certificate (EIC) policy, which came into force on 1 March 2021. Many countries that are dealing with growing national debt due to the pandemic are opening doors to foreign investors with time-limited work from abroad policies.
Bermuda, however, is offering foreigners who meet specific eligibility requirements the chance to become long-term residents if they make “an upfront investment in the Bermuda economy” of a minimum of US$2.5 million.
After applying for an EIC and making the investment, successful applicants are issued with an EIC for a fee of US$2,625. The EIC is valid for a period of five years and grants the holder the right to reside and seek employment in Bermuda (with automatic approval to work in any business in which they may have invested). The investor’s spouse and eligible dependants may also reside in Bermuda.
The investment can be made in one or more of the following:
- Bermuda-based real estate (residential or commercial)
- Government bonds
- The Government’s Sinking Fund for debt reduction
- The Bermuda Trust Fund
- A Bermuda-based charity in the areas of sports development, youth, seniors, and health
- A new or existing Bermuda-based business
- Such other social or useful venture that benefits Bermuda
Whichever investment option is chosen, the investment must be “maintained at a minimum threshold value” of US$2.5 million for at least five years. Investors must also reside in Bermuda for a minimum of 90 days in each calendar year after the EIC is granted.
At the end of the five years, if the EIC holder can demonstrate that they have complied with EIC requirements throughout the five-year period, they may apply for a Residential Certificate (RC). The RC grants the holder the right to live and work indefinitely on the island with their spouse and eligible dependants and is issued for a fee of US$2,625.
Persons currently residing in Bermuda who meet the eligibility criteria for an EIC or an RC may also make an application to the Minister.
“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,” said Hayward.
Like Bermuda, many other Caribbean countries offer opportunities for those looking to work in paradise. A popular path for many is through citizenship by investment, a programme that confers citizenship status without causing any major disruptions to an investor’s life, as many can be applied to remotely. Nations like the Commonwealth of Dominica and the Federation of St Kitts and Nevis grant citizenship in a matter of months, provided applicants deliver the correct forms and documentation, pass all the due diligence checks, and make a qualifying investment.
Get in touch with one of our citizenship experts at CS Global Partners to learn more.