Govt: $28M Into Economy From WFB Initiative
Since launching the ‘Work from Bermuda’ [WFB] initiative two years ago, the Government has received 1315 WFB applications, with 1127 approved, there are currently 234 WFB certificate holders residing in Bermuda and it is estimated “that since the launch of the WFP initiative, the certificate holders have injected over $28 million into Bermuda’s economy,” the Government said today.
The policy was launched back in August 2020, and allows people who have “the means to support themselves while working remotely” to apply to live in Bermuda for one year.
A Government spokesperson said, “The Ministry of Economy and Labour is pleased to report that in the two years since launching the ‘Work from Bermuda’ [WFB] initiative on August 9th, 2020, The Government of Bermuda has received 1315 WFB applications, with 1127 approved. Currently, there are 234 WFB certificate holders residing in Bermuda.
“It is estimated that since the launch of the WFP initiative, the certificate holders have injected over $28 million into Bermuda’s economy. Overall, the benefits of this policy include: boosting economic activity and enhancing Bermuda’s brand and reputation as an attractive travel destination and/or a place to live.
“The Ministry continues to be encouraged by the number of new applications submitted weekly and the number of individuals who are choosing to renew their stay for an additional year. Through the work of the Bermuda Business Development Agency and the Bermuda Tourism Authority, the promotion of the WFB initiatives continues.
“This certificate is a win-win for both visitors and Bermuda. Attracting people to reside in Bermuda for durations of one year assists in boosting Bermuda’s economic activity. Additionally, the requirement that only businesses outside our country can employ WFB certificate holders ensures that local jobs are protected.
“This policy targets the individual who:
- 1. has the financial means to sustain themselves fully;
- 2. would like to work in Bermuda in a non- Bermuda-based or a non-Bermuda registered legal entity or partnership; or
- 3. would like to complete their post-secondary studies from Bermuda.
“Individuals can apply for a WFB certificate through the Governments forms portal at forms.gov.bm. The WFB program remains open to potential residents who meet the eligibility criteria.
“Non-Bermudians are also reminded that the WFB certificate is not the only program that allows individuals to reside in Bermuda. Those who meet the eligibility requirements may apply for Permission to Reside on an Annual Basis. While referred to as “Permission to Reside on an Annual Basis”, permission can be obtained for periods of up to five [5] years.
“This program is particularly attractive to globally retired individuals, dependents of work permit holders and owners of hotel and tourist accommodations.
“For information on residing in Bermuda for a year or more, visit www.gov.bm and complete the application For Residence Form.”
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An estimated number, brought to us by the Minister who produces a 2% inflation rate. What benefit is there to the 30% unemployed? Seems the only people to benefit are those who own property, the already well off. PLP looking after rich foreigners and rich Bermudians, and nothing to help the less well off.
That 2% to 3% inflation the PLP Government is reporting is in addition to external inflation. The current rate of price inflation in the U.S. is 9.1%, so you have to add Bermuda’s 2% to 3% inflation on top of the 9.1% to get the true rate of price inflation in Bermuda for goods imported from the U.S.
We are back to the days of double digit inflation that we saw 40 years ago.
any of them tenants in Victoria hall.
I wonder if the PLP numpties would look at the amount of money injected into the economy during the years leading up to the Americas Cup. How that money trickled down to all sectors of the economy.
Or I wonder if they’d do a comparison on how much money was lost during the first reign of terror as the Colonel chased expats away from Bermuda?
Thought not. Idiots.
OK, how about showing the fuzzy math behind the claim: “It is estimated that since the launch of the WFP initiative, the certificate holders have injected over $28 million into Bermuda’s economy.”
Post the spreadsheet, please.
WFB is in reality a tax avoidance scheme, showing the world that Bermuda is a tax haven. Odd IB hasn’t pushed back to avoid Bermuda being black listed again, but the PLP doesn’t understand or care. If only Bermuda had a Minister of Finance who is competent and qualified.