Economic Investment Certificate To Be Revised
The Economic Investment Certificate [EIC] and Residential Certificate Policy has been revised to allow the Minister to grant a Residential Certificate without the need to wait five years after an EIC has been granted, Minister for Economy and Labour Jason Hayward said,
Speaking in the House of Assembly on Monday [Feb 27] the Minister noted that the “objective of the EIC is to fully harness immigration as one of many tools for creating economic growth for Bermuda” and since its inception “there has been a total associated investment of $371.6 million. This investment includes $113.4 million in real estate investment.”
The Minister said, “The 2021 Economic Investment Certificate and Residential Certificate Policy stated that a person who satisfies the eligibility requirement of an investment of at least $2,500,000 into the Bermuda economy may be granted permission by the Minister responsible for Immigration to reside in Bermuda for a period of five years. At the end of the five years, an EIC holder would be eligible for a Residential Certificate pursuant to section 32[5] of the Act.
“It has been determined that Bermuda’s aging population will have significant implications on the Island’s economic growth if steps are not taken to reverse this demographic trend. For this reason, the 2021 Economic Investment Certificate and Residential Certificate Policy has been revised, to allow the Minister to grant a Residential Certificate, pursuant to subsection 32[5] of the Bermuda Immigration and Protection Act, without the need to wait five years after an Economic Investment Certificate has been granted.
“The primary intention of this policy change is to increase and sustain economic activity and to create jobs in Bermuda,” Minister Hayward said. “This revised policy will be made effective 31 March 2023 by order of the Minister.”
The Minister’s full statement follows below:
Good morning, Mr. Speaker. I am elated to rise today to present to this Honorable House an update on investment in the Economic Investment Certificate and Residential Certificate Policy and to advise of revisions that the Government is making to enhance the policy and generate greater levels of economic activity in Bermuda.
Mr. Speaker, the objective of the EIC is to fully harness Immigration as one of many tools for creating economic growth for Bermuda. The EIC program thus far has created significant economic activity and helped market Bermuda as a place to reside and do business. Bermuda is attractive to affluent individuals because it provides safety and stability. It is a sophisticated, connected area with a temperate climate and a well-regulated business environment.
Since the inception of the Economic Investment Certificate and Residential Certificate Policy, there has been a total associated investment of $371.6 million. This investment includes $113.4 million in real estate investment.
Mr. Speaker, the data supports that while EIC recipients are only required to invest a minimum of $2.5 million into the Bermudian economy, we find they generally invest much more. Under the revised policy, qualifying investments are possible in Bermuda in any one or more of the following areas [not exclusive]:
- Purchase Bermuda real estate [residential or commercial]
- Invest in the development and launch of a new Bermuda-based business;
- Purchase Bermuda Government bonds;
- Contribute to Bermuda’s Sinking Fund;
- Contribute to the newly established Bermuda Trust Fund;
- Donate to a Bermuda Registered charity;
- Make a direct or indirect equity investment in an existing Bermuda-based business, excluding exempted undertakings; or
- Invest in such other social or practical venture that benefits Bermuda, as may be determined by the Minister
Mr. Speaker, the 2021 Economic Investment Certificate and Residential Certificate Policy stated that a person who satisfies the eligibility requirement of an investment of at least $2,500,000 into the Bermuda economy may be granted permission by the Minister responsible for Immigration to reside in Bermuda for a period of five years. At the end of the five years, an EIC holder would be eligible for a Residential Certificate pursuant to section 32[5] of the Act.
It has been determined that Bermuda’s aging population will have significant implications on the Island’s economic growth if steps are not taken to reverse this demographic trend. For this reason, the 2021 Economic Investment Certificate and Residential Certificate Policy has been revised, to allow the Minister to grant a Residential Certificate, pursuant to subsection 32[5] of the Bermuda Immigration and Protection Act, without the need to wait five years after an Economic Investment Certificate has been granted.
The primary intention of this policy change is to increase and sustain economic activity and to create jobs in Bermuda.
Mr. Speaker, the revision of the 2021 Economic Investment Certificate and Residential Certificate policy will be referred to as the Economic Investment Residential Certificate policy with all verification requirements continuing as was done under the former 2021 Policy.
In addition, the rights and restrictions applicable to a Residential Certificate under this policy shall not apply to the holder of a Residential Certificate granted prior to this policy coming into effect under the 2015 or 2003 Residential Certificate policies. However, they do apply to the holder of an Economic Investment Certificate or a Residential Certificate granted under the 2021 policy.
Mr. Speaker, this revised policy will be made effective 31 March 2023 by order of the Minister.
Complete information about the Economic Investment Residential Certificate policy, including the Policy, Frequently Asked Questions, and the Expression of Interest Form is available on the Bermuda Business Development Agency website: https://www.bda.bm/economic-investment-certificate/
Thank you, Mr. Speaker.
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Basically the PLP is encouraging rich foreigners here that will likely drive up costs and price out locals, meaning more locals will leave. Not so long ago it was “Bermuda for Bermudians” with demonstrations at the front of which was this Minister, protesting this very idea of immigration. It is defeating the prospect of keeping young Bermudians here, or getting them to return. What irony, and where are the protesters now that they are really needed?
“objective of the EIC is to fully harness immigration as one of many tools for creating economic growth for Bermuda” and since its inception “there has been a total associated investment of $371.6 million. This investment includes $113.4 million in real estate investment.”
The PLP Government is enabling the sale of Bermuda to foreigners, something they claim to have been against for decades.
“Minister for Economy and Labour Jason Hayward said,”
I cringe every time I read “Jason Hayward” and “Minister for Economy” in the same sentence.
ROTFL!
From blocking parliament to opening pretty much the very same flood gates.
The noise the PLP made as opposition is next to unbelievable. Do their supporters see the irony? Even worse is the person delivering the message.
Being used is an understatement.