Six Economic Investment Certificates Approved

July 13, 2021 | 8 Comments

The Government has approved six Economic Investment Certificates representing over “$30 million in investment,” Minister of Labour Jason Hayward said.

In announcing the programme earlier this year, the Minister had explained that an Economic Investment Certificate “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.

Speaking at yesterday’s press conference, Minister Hayward said, “We have approved, at this point, six Economic Investment Certificates.

“We’ve received over $30 million in investment from six Economic Investment Certificates, and we continuously have persons who are declaring their interest in working through the process.

“At that particular price point of $2.5 million, it was certainly designed to ensure that we just don’t have open borders,” the Minister said, and he also added that the “majority of the approvals would be residential properties.”

Extract of the Minister’s comments:

Earlier this year, the Minister said that, “An Economic Investment Certificate applicant can make a minimum investment in Bermuda in any one or more of the following ways [not exclusive]:

  • i. Purchase Bermuda situs real estate, whether residential or commercial;
  • ii. Purchase Bermuda Government bonds to be held for a minimum of five years;
  • iii. Contribute to Bermuda’s Sinking Fund for the purpose of Debt Reduction;
  • iv. Contribute to the newly established Bermuda Trust Fund;
  • v. Donate to a Bermuda Registered charity in the areas of sports development, youth, seniors and health;
  • vi. Make a direct or indirect equity investment in an existing Bermuda based business, including BSX listed entities, but excluding where the investment is limited to holding listed securities in exempted undertakings;
  • vii. Invest in the development and launch of a new Bermuda based business; or
  • viii. Invest in such other social or useful venture that benefits Bermuda, Bermudians and things Bermudian as may be determined by the Minister.”

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Comments (8)

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  1. Joe Bloggs says:

    It appears that Bermuda is now for sale to people who want to invest $2.5 million

  2. Ringmaster says:

    $30m investment or $3m? It sounds impressive but break it out properly. $30m invested in a new business employing Bermudians is far different to $30m to purchase property which would generate around $3 to $4m in tax. That’s the more accurate figure. Plus how much of that $30m was taken out of Bermuda by the sellers? PLP accounting is very suspect at the best of times.

  3. Observer says:

    6 houses or condos bought by overseas buyers should be about 30 million. So what’s new here minister, I am trying to work out what has changed?

  4. charter says:

    The fact that he doesn’t name the types of investment indicates it something they are not proud of.

  5. IHeartBDA says:

    While I think this is a good idea, $2.5 million is far too low when a year ago an international buyer purchasing a home for a minimum of $2.5 million would not get residency.

  6. Observer says:

    To be clear, the 2.5 million investment is part of the price of a real estate purchase. For as long as I remember, non-Bermudians have been able to buy certain properties in Bermuda and with that purchase was a right to come and go as necessary. What the government has obtained from the 6 investors is the licence fee to acquire and the stamp duty portion. The government have not received 30 million as some would think, but simply some new real estate owners who have probably bought from existing owners who have since departed Bermuda or new properties attached to a hotel.

  7. Joe Bloggs says:

    For the record, $2.5 million x 6 = $15 million.

    Where did the other $15 million come from please?

    • Observer says:

      It’s included in the purchase price of the real estate and it doesn’t go to the government.

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