ABIR: Incentives For Job Makers Act ‘Welcomed’
[Updated] The enhancements proposed to the Incentives for Job Makers Act tabled in the House on Friday are very much welcomed, the Association of Bermuda Insurers and Reinsurers [ABIR] said.
An ABIR spokesperson said, “The enhancements proposed to the Incentives for Job Makers Act tabled in the House on Friday are very much welcomed; they recognize the significant contribution of international business to the economy of Bermuda and have the potential to strengthen the continuity of those companies already well-established here. Securing the loyalty of businesses and their senior executives located in Bermuda may well increase the likelihood that companies continue to remain here and more importantly that jobs remain here.
“ABIR in its most recently published data collected from the ABIR member companies illustrated the significant contribution to the Bermuda economy by its members and the1600 jobs located in Bermuda of which nearly 70% are held by Bermudians. ABIR’s headcount has been slowly declining in Bermuda as jobs have been shifted to other countries. Developing meaningful incentives that encourage loyalty to Bermuda is extremely positive and goes a long way to fostering a competitive business environment in Bermuda.”
“We are encouraged by the Government’s proposed amendments and its willingness to table legislation for consideration to encourage insurance and reinsurance leadership of Bermuda-based companies to have their senior executives remain on island and by doing so continue to have jobs locally based in Bermuda” said Ms. Leila Madeiros, Senior Vice President and Deputy Director of ABIR.
Update 2.35pm: One of the island’s major re/insurers also welcomed the move, with RenaissanceRe CEO and President Kevin O’Donnell saying, “We at RenaissanceRe welcome the recently announced amendments to the Incentives for Job Makers Act and commend the Government of Bermuda for its commitment to reviewing this important legislation. We believe the latest revisions represent a significant step towards creating more jobs in Bermuda and ensuring the long term prosperity of Island.”
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oh what a tangle web we have weaved
what is in Bermuda’s best interest is not in Bermuda’s best interest
at least the PLP where duplicitous enough to at least attempt to keep the wool over our eyes
the OBA for their rush to demonstrate transparency are quickly revealing how the island really operates and has been operating
I hope their revelations doesn’t push it over the edge
selling bermuda off to not even the highest bidder now. $25000 to buy permanent residency. I wonder how much they will propose to buy status. gotta get those extra votes…
The fee is in addition to all the other requirements in order to qualify. The other requirements remain in place, but fee has been reduced. Were you happy with the arrangment before, when PRC could be “bought” for $120,000? Is it the reduction in fee that offends you, or the fact that it can be bought in the first place?
Actually i have a problem with the cost being much more in reach as it could result in more people receiving PRC status, so yes its the reduction that mostly bothers me.
Should be $500,000.
2000 takers and there’s your billion dollars of debt gone….
Those that are opposing the new incentives of Govt.do fail to realize how many / the percentage of Bermudians are employed by these foreign CEO.
ABIR spokesperson has stated they have collected information that out of 1600 jobs in Bermuda 70% are held down by, (yes) Bermudians. Now if anyone don’t appreciate that then it’s them that should be packing-up and leaving and not those that are providing dollars to every business on the Island from nannies to land owners to schools. Well you catch my drift by now …
Also, it’s not like the floodgates will be opened to millions of outsiders, but only to them that can watch over their investments and their families.
A lot of Bermudians will not be convinced of the merit of this change. How can the impact of this change be measured??
Bernews, Can you let us know what this bill actually entails. A lot of people are congratulating it, but what are its contents.
Are we really now selling PRC status for $25,000?
Click the link in the first line, and it will take you to more info on the actual Act, plus a copy of it that we just added. You are correct on the PRC cost. The Act seeks to reduce the fee payable for PRC from $120,000 to $25,000.
Not just a matter of paying the fee though and getting your PRC. The applicant has to create jobs to be eligible. Hence it falls under the Job Makers Act, originally a PLP piece of legislation, now amended.Now it takes less jobs and less money. The original version was obviously not working well enough to actually create jobs, which is the main point of the whole exercise.
Well done. Carry on.
the oba has put this on the table to buy more votes selling citizenship for a $25000 shame on you bob so I think the people were right all part of the secret plan come people wake up this government does not give a dam about you kick their a==s out that’s what they do in the islands down south
They should also offer an investment option to receive status.
Lets say an individual invests a certain number of millions dollars into a newly created company that hires a certain number of Bermudians.
These high net worth individuals will not be taking jobs away from Bermudians,they will be creating them.
To get these high net worth individuals here, we first have to make sure that we have the rule of law in place so that Bermuda is an attractive, calm and safe place to live.
Uh….can PRC’s vote? I don’t think they can!
Yet…
OBA will be a one hit wonder!
Only if memories are short…
For their sake they had better hope that memories are short, very short…
I’m guessing that yours is…
Mike hind, the great Oba defender. Smh. This will work just like getting rid of term limits. Remember folk, Fahy is anti Bermudian. I’m tired of these mouth pieces always saying that this is to benefit Bermudians. You people are just plain old liars! This is about buying more votes politically by preparing to give status on the cheap. Every day, the Opposition leaders description that the OBA are ” demonic” is manifesting before our eyes!
And here’s Concerned Citizen, the great PLP defender, trotting out the same tired attacks against anyone that doesn’t goose step to the PLP’s spin.
This time with a pinch of EXTRA crazy! “Demonic”?
Seriously? This is the kind of tactics that turned the voters off last election. You REALLY want to keep using them?
@ Black Bird well if they r get that garden ready!
What I don’t understand, is as Bermuda is in mega debt such that we have to shorten the school year, consider privatization and cuts in the civil service, and ask the common man to take pay cuts and suffer even greater hardships in an overpriced Bermuda – how is it that the OBA government continues to make tax concessions for the wealthy?
First, the Greens get millions in tax concessions for their hotels; and now senior executives if IB, who earn millions, get a concession in the cost of PRC! Are we really in debt? If so, how/why all these freebies to the rich that actually decreases revenue?
I think you’ve (inadvertently) highlighted why basic economics needs to be taught in our schools.
Flawed thinking like yours is exactly what got us into this mess. Corruption and incompetence just accelerated the decline.
He’s not flawed thinking. Kunta just doesn’t seeing the entire picture. Bermuda is in competition with other jurisdictions in International Business and Tourism. We have to adapt to the economic landscape and compete for business. If we don’t our economy suffers.
Making Bermuda more appealing to international Business is the right move. They create a lot of jobs for Bermudians. I just hope they FIX THE HOUSING situation so that rent doesn’t get inflated like it did during the 2000-2010 time period.
I wish they would allow companies to build taller than the cathedral and offer reasonable priced apartments in the City for expats as well as Bermudians. If the OBA manages to get the economy moving again, I really don’t wanna see 1 bedroom apartments renting for $2,200 or a bag of groceries costing $70. That’s what people should be complaining about.
Bermudians shouldn’t pay the price of a higher cost of living because of International Business.
Kunta – It is really a very simple concept. These very people that you are complaining about getting concessions are the ones that are going to create jobs for Bermudians. A small price to pay to get more Bermudians working again.
Question: Once these job creators have their PRC status, what happens if they close their businesses? Do they retain their status?
so buying PRC went from 125K the equivalent to 10 years of work permit cost, to 20K, and the definition of a Senior Executive is subjective… so the Landscaper could possibly be a CEO…a Senior Executive…
and this is good for the Bermudian worker…
next step… what is the selling price for ones birth right..
120k and 25k….
Let’s diversify this group outside of Canada, the US and the UK. How about the Middle East, the Caribbean, maybe even South American businesses.
This applies only to international companies, not local, so no, the Landscaper can not be a CEO. These are the top 5 people in these companies who employ 1000′s of Bermudians. The $ amount was dropped because no one was stupid enough to pay for it as they are already exempt from work permits so there is no carrot for them….