Economic Investment Certificate Applications
Applications for the new Economic Investment Certificate [EIC] have opened — which requires people to invest a minimum of $2.5 million to receive residency rights for five years — and the Bermuda Business Development Agency [BDA] is offering a concierge service to help “ease the process for prospective EIC applicants.”
A Bermuda Business Development Agency spokesperson said, “Applications for the Bermuda government’s new Economic Investment Certificate [EIC] opened on March 1, 2021.
“Recipients are required to invest a minimum of $2.5 million in certain Bermuda industries, sectors, charities, or government programs to receive residency rights for five years. After five years, certificate holders can apply for a Residential Certificate.
“Prospective EIC recipients who meet the eligibility criteria can invest via several different ways, including: buying real estate [residential or commercial]; purchasing Bermuda government bonds [minimum of five years]; contributing to Bermuda’s Sinking Fund; donating to a Bermuda registered charity; making an equity investment in an existing Bermuda-based business, excluding exempted undertakings; launching a new Bermuda-based business; or investing in a social or other venture benefiting Bermuda, as approved by the Minister.
“To ease the process for prospective EIC applicants, the Bermuda Business Development Agency [BDA] offers a dedicated and personalised business concierge to act as a single point of contact. Interested parties can schedule a confidential conversation to learn more about the certificate itself and the wider opportunities Bermuda provides.”
“This policy has been designed not only to attract new investors to the island, but to provide a clear option for those who have already made significant contributions to Bermuda. We have already started having conversations with individuals who have expressed a keen interest in applying for the programme and will now work with them, together with the Bermuda government, on the details of their application,” said Roland Andy Burrows, CEO of the Bermuda Business Development Agency.
“Choosing where to call home is a significant decision, and we look forward to building relationships based on a real understanding of individual and family needs and demonstrating how Bermuda can meet, and exceed, those needs — not only now but for the future.”
The BDA added, “In Bermuda, EIC recipients will find a welcoming and vibrant community that benefits from one of the highest standards of living in the world. The island offers a safe and sophisticated lifestyle supported by a world-class legal and regulatory environment with experienced professional advisors, access to excellent schools, and a top-tier health care system.
“As a stable, long established, and entrepreneurial destination, international investors can be confident Bermuda is the right place for them and their family to call home.
“Stunning beaches — including Horseshoe Bay, recently named one of the top 25 island beaches in the world by Condé Nast Traveler — phenomenal golf courses, yachting tournaments, restaurants, bars, museums, and festivals all add to the experience.
“And for those who need easy travel access to prominent markets and gateways, Bermuda is just 90 minutes from New York and a direct flight to Toronto and London [with British Airways operating from Heathrow Airport as of March 28].
“Significantly, throughout the Covid-19 pandemic, Bermuda has demonstrated its ability to respond swiftly and decisively to remain a safe destination. The country currently ranks fifth in the world for testing and seventh in the world for vaccinations per capita.
“To express interest or to complete an application for the Economic Investment Certificate, please visit here.”
$2.5m is a ridiculous sum.
Watch as precisely zero apply. Seriously what was the point?
I can go to other islands for a lot less. And I would not be limited to 5 years.
Do the EIC applicants get their $2.5m back at the end of the five years if not successful in obtaining their RC? It just seems like a high price tag to rent Bermuda residency status for five years without the guarantee of getting the permanent residency. Much better to sell the Bermuda passport and permanent residency with a higher price tag. E.g. sell Bermuda status / passport for an upfront investment of $10m. I feel that the suggested proposal is an awkward mismatch.
$2.5M for five years and then you can apply for a residency certificate. Golly that sounds great but what what if you get turned down for the certificate? How much does the residential certification cost? How much would it cost to get the right to vote?
Wait? When is the People’s Campaign going to protest this? When’s the protest up at the House of Assembly going to happen? I am so in for it.
Lol.