OBA On Economic Investment Certificate

February 19, 2021 | 19 Comments

“By making residence purchasable like a cell phone or a car, we cheapen membership in our tight-knit community,” OBA MP Jarion Richardson said.

His comments follow after  Minister of Labour Jason Hayward announced plans for an Economic Investment Certificate, which  “will require people who are granted the right to live in Bermuda to first make an economic investment of $2.5M or more in the island.”

“This requirement will allow Bermuda to capitalize on having more people living on island while also benefitting from those who have significant financial means,” the Minister said,

Mr Richardson said, “Without an alternative method to status, the Economic Investment Certificate [EIC] betrays the many for the few. The EIC implements the simplest, least contentious parts of the Pathways to Status programme without addressing the hard questions. It shows the fundamental unfairness of our immigration policy.

“Today in the House of Assembly, the One Bermuda Alliance found out that for a non-Bermudian, if you have $2.5 million in cash today and invest it in Bermuda, you can come to Bermuda and stay here.

“However, if you are already here, having invested your labour, purchasing services, building a life, etc. over a period of time, then you are not welcome to stay. Certainly not in comparison to the person with $2.5 million.

“There is a fundamental fairness question that must be resolved when developing and implementing immigration policy. By making residence purchasable like a cell phone or a car, we cheapen membership in our tight-knit community.

“That which we obtain too easily, we esteem too lightly. It is dearness only which gives everything its value,” said Thomas Paine.

“Without providing a pathway to long-term residency for those who have already committed to Bermuda, the true price of the EIC is our vigilance and reputation.

“This effort demonstrates a shallow regard for our non-wealthy residents and puts on display another Thomas Paine truism ‘Government, even in its best state, is but a necessary evil; in its worst state, an intolerable one.”

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Comments (19)

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  1. sandgrownan says:

    And that’s the rub isn’t it…what about families that have been here for years, paid rent, bought cars, sent kids to school, bought food in Supermarkets, who go toe restaurants etc etc…who volunteer in the arts and for sports, who give their time to the needy? Who have invested time, effort and hard cash into this island, while being treated like second class citizen by oh so special Bermudians?

    • RIP oba/UBP says:

      If you don’t like it your welcome to move back from where you came from OBAUBP troll. The people that came here on work permits came here to work and enjoy the island life. Status was not part of the deal.

      You forget that when Micheal Fahy OBAUBP Minister was pushing for pathways for Bermuda Status the main reforms his OBAUBP clowns proposed would allow any permanent resident who is ordinarily resident in Bermuda for 20 years to apply for Bermudian status. Any person who is ordinarily resident in Bermuda for 15 years will be eligible to apply for permanent residency.

      THE WHOLE ISLAND MARCHED WHITE AND BLACK AND WENT ON STRIKE. When the election took place months later the OBAUBP distance the party from FAHY like he had COVID. This was not a one man decision it was the entire party who decided to go this direction, but they kicked him out like a step child.

      Now the OBAUBP has 5 pathetic seats and 1 jetgate.

      • Gtown says:

        You are what is wrong with this country. Nowhere in the bloody world can u live for 10 years and more and not earn status. Nowhere! Its unethical and i hope this island sees the light sooner rather than later

      • Sandgrownan says:

        That’s a whole lot of typing to say nothing. Fact remains, you are xenophobic and insular and Bermuda is facing a demographic timebomb.

        Simple maths that even you could understand.

        Third world status beckons.

      • LOL says:

        Wow that is so true and funny you the party did dump Fahy

  2. STFU says:

    ST&U OBA!!! Nothing pleases you privileged lot!!

    • Sandgrownan says:

      Well, it’s a typical PLP “scheme” isn’t it. Admitting they have failed Bermuda with respect to the economy is a start, but they are incapable of addressing the hard problems.

      Let’s tinker with immigration but avoid the core issues.
      Let’s debate who gets to make money off weed
      Let’s rant about colonialism to divert attention from the fact the emperor is wearing no clothes.

      Idiots

    • saud says:

      “ST&U OBA!!! Nothing pleases you privileged lot!!”

      Typical.
      Your homophobic PLP are trying to discriminate against some Bermudians.
      You need to hang your stupid head in shame and STFU!

      • STFU says:

        No you STFU! We have more seats than you lot so it’s our world now! Get over it or leave!

        • sandgrownan says:

          It’s been your world for 20 years. let’s see how it’s going…..

          oh wait…$4bn in debt a f*** all to show for it. Idiot.

        • Toodle-oo says:

          Are you really proud of the job you’re doing in ‘your world’?
          And as for the leave part , I know full well that that’s been the agenda for a very long time now. And I mean lot longer than since 1998.

        • sandgrownan says:

          Leave? That’s very Trumpian.

          Very childish too…stop liking what I don’t like.

  3. Vortex says:

    Firstly this is a ridiculous amount, multiples of other desirable Caribbean countries, but anyone mad enough to spend, sorry ‘invest’ that will do their homework.

    And what they will see is endless government promoted anti-foreigner bile.

    I doubt that one person will take this up.

  4. saud says:

    What if you’re gay? Is that gay $2.5 million still desirable?

  5. Not Houses says:

    I have no issue with investment and right to live. But this will throw the housing market into an upward spiral. As houses 2.5M dry up, houses 2.0M will become 2.5M. That means 1.5M will become 2.0M, 1M will become 1.5……… and the dream for Bermudian families to own houses, up in smoke.

    What about folks who are renting to Executives, the executives won’t need those rentals anymore, they will buy a house or build one. Oh that means lots of land will double and triple in price and are precious few open spaces and lots will be fine forever.

    Bermudians won’t be making money off rentals.

    Take residences off the table as part of this investment. Invest in businesses, fine. Maybe even after 5 years they can buy a house, but not now.

    Can someone explain, so if I work here, and I buy a house, does that mean I don’t need a work permit anymore? I invested and I get this investment certificate. This will be a dream for ex-pat professionals – they can buy a house and work and after 5 years so can their spouse and children!!!

    • Leighton says:

      At the $2.5m I don’t think we are going to be overun by applicants. The govt. are putting out a number of 100 over 10 years, which really wouldn’t impact the housing market the way you are imagining. Let us see how it goes.

  6. Not Houses for PRC says:

    Does it apply to folks already living here? If so, I can buy a house, not need a work permit and in 5 years get PRC for my spouse and kids. Oh there will be 100 people plus from exempt companies alone taking advantage of this loophole. I know 7 families in my neighborhood who will take the government up on this offer. Yes, currently they are all renters of Bermudian owned real estate.

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