Minister: Revise Residential Certificate Policy

November 11, 2020 | 18 Comments

Jason Hayward Bermuda November 2020 thumbThe Government will “revise the Residential Certificate policy to require those granted the right to live in Bermuda to make economic investments in the Island or to invest in the new Bermuda Trust Fund,” Minister of Labour Jason Hayward said.

Speaking at yesterday’s [Nov 10] press conference, Minister Hayward said, “The Economic Investment policy is designed to stimulate economic activity, create the environment for job creation, and help market Bermuda as a place to reside and do business.

“The objective of the policy is to fully harness Immigration as one of many tools for creating economic growth for Bermuda while taking into account our limited space and ensuring that Bermudians fully benefit.

“Affluent individuals around the world seek to live in places that meet certain criteria. They often seek safety, stability, sophisticated, connected places, with a comfortable climate, and the rule of law. Of utmost importance is they seek a place where they will feel comfortable with their children.

“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.

“Therefore, the Government will continue to protect the rights of Bermudians, while reforming policies to increase the residential population to support economic growth.

“The Government will further revise the Residential Certificate policy to require those granted the right to live in Bermuda to make economic investments in the Island or to invest in the new Bermuda Trust Fund. The Fund will be set up to benefit those who have not had the benefit of historic, inherited wealth.

“It must be noted that the current Residential Certificate Policy only requires an individual to prove that they have substantial means without any significant investment in Bermuda. The current policy does not serve the best interest of the Bermudian people and will be revised in the coming months.”

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Comments (18)

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  1. Bumble says:

    And watch absolutely noone apply for the PRC now.

    This is a horrible idea, ill thought out with little narrative on how it works or how it is justified.

    I’m sorry but Jason Hayward sends all the wrong messages to IB. Again.

  2. Ringmaster says:

    There seems to be a large amount of arrogance here. Why would anyone agree to pay into a reparations Fund when they have nothing to do with Bermuda’s history? What benefits do their children get ? Apparently nothing. Just by living here Bermuda benefits from the amount spent on the island. There are plenty of other places that offer more, and cheaper. Bermuda is not that special despite what the PLP elite might think. Digital nomads? Bermuda boasts around 500 have applied. Competing locations have in the thou=sands.
    Hayward and his colleagues are totally out of touch with reality. Jobs for Bermudians are needed and this does nothing to help.

  3. Pondering says:

    How do we determine who has not had the benefit of historic, inherited wealth?

    • Sandgrownan says:

      Easy. Skin colour or branding.

      • wahoo says:

        Would it make a difference if you had a parent that immigrated here from another island knowing full well what evils lurked here? Would that make your share worth 50% of a real born Bermudians? What if you were a prime example of what hard work is rewarded for and had made a success of yourself….would you still be entitled to a share in the winnings? I would think that paying off the debt would be a better plan and less contentious and would benefit all not some.

  4. Bob says:

    This guy makes no sense. Please think a little bit before creating rules or laws.

  5. Boston Whaler Owner says:

    Jason needs to do some homework by travelling to other places around the world.
    He will understand then that Bermuda is a very small fish in a very big ocean.

  6. kevin says:

    No one ever said this government were smart …..who will just give money to live here …this government thinks we are the place that ” affluent people” want to live ….maybe 25 years ago …whoever came up with that lame brain idea needs to open the shutters and see where they live …we are in no position to dictate we should be begging for them to come
    plp wrong again and again and again and again

  7. Wowzers says:

    Good thing these people will have a pathway to status in the future!!

  8. What type of BS none sense is this??? They honestly cannot think this is appealing to anyone but themselves. Is this the best you could come up with……… Wow……….what will they come out with next?

  9. Letariatpro says:

    So out of touch with reality, it boggles the mind.

  10. Observer says:

    What an unbelievable bunch of delusional pretentious individuals at the helm. Carry on guys the icebergs are more plentiful now. Something to do with climate change I think.

  11. YaboySoNSo says:

    A foreigner bringing money is always better then what OBA supporters have brought to the table ( the foreigner that takes money out)
    A foreigner that brings work to the island is better then the OBA suggestion of foreign worker taking a job. I’m willing to give Hayward a bly. Although I’m worried about the 90 AI workers from Arabia. Let’s see.

    • kevin says:

      wow i guess these same folk you talk about live in a box and eat nothing and walk to work. Its becomes obviously crystal clear that many plp supporters will believe everything they hear

    • Question says:

      The open, casual racism. Here it is.

  12. Joe Bloggs says:

    ““The Government will further revise the Residential Certificate policy to require those granted the right to live in Bermuda to make economic investments in the Island or to invest in the new Bermuda Trust Fund. The Fund will be set up to benefit those who have not had the benefit of historic, inherited wealth.”

    On the brighter side, I do not descend from any of the “40 thieves” families so I am a Bermudian who has “not had the benefit of historic, inherited wealth” and I should be able to make a claim on the Bermuda Trust Fund :)

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