Govt: $425.5M Investment From EIRC Policy

June 29, 2023 | 13 Comments

“I am proud to advise that the Economic Investment and Residential Certificate [EIRC] Policy continues to benefit Bermuda’s Economy by helping to support continued economic activity,” said the Minister of Economy and Labour, Jason Hayward, regarding the latest updates on the policy’s success to date.

“The objective of the EIRC is to fully harness Immigration as one of many tools for creating economic growth for Bermuda. So said, so done, as thus far, the EIRC program has brought about significant economic activity and helped market Bermuda as a place to reside and do business.”

A Government spokesperson said, “The Ministry can advise that as of 20 June, the EIRC policy has resulted in total associated investments of $425.5 million, which include $164.8 million in real estate investment.”

EIRC Policy Investements June 2023

The Minister explained, “While EIRC recipients are only required to invest a minimum of $2.5 million into the Bermudian economy, we find they generally invest much more.

“Bermuda continues to appeal to affluent individuals worldwide. Affluent individuals often seek safety, stability, and sophisticated, connected areas with a temperate climate and a well-regulated business environment. Most importantly, the continued investment speaks to global confidence in our island home and this Government’s ability to lead.”

The spokesperson said, “For complete information on the Economic Investment and Residential Certificate Policy, visit here.”

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Comments (13)

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  1. Thanks says:

    You mean commercial immigration?

  2. Joe Bloggs says:

    How much of Bermuda have we sold for “$425.5 million, which include $164.8 million in real estate investment”?

  3. LOL - the real one says:

    $425.5 million looks great. But I do not actually see a detailed list of where the money went. Looks like a lot of money from a few people.

    One can purchase foreign citizenship with a passport in many countries for far less.

  4. Double s says:

    They allowed $162m of property to be purchased by foreigners. Interesting change of stance by the PLP regarding this matter.

    PLP = OBA.


    • Joe Bloggs says:

      Toll roads to status?

    • LOL - the real one says:

      Not at all. Who do you think owned the properties that were sold? Why do you think none of the properties are named in the release? Same with the businesses. No doubt the investors were given lists of what was available and what they could purchase.

      Hint: By checking public records, an inquisitive investigative reporter could do a story on this.

    • iyiyi says:

      Hahaha … you forgot


  5. Ringmaster says:

    Likely a lot of wealthy Bermudians selling up and getting out. So much for Burch’s attempts way back to keep Bermuda’s limited land mass for Bermudians. Now it’s sell off as much as possible.

  6. Observer says:

    OK folks don’t be fooled by the real estate number. The $164.8 million is actually the purchase of real estate within areas available to non-Bermudians and those areas have been available for the past 50 years. This includes for example Tucker’s Town and the likes. The money used to purchase actually goes out of Bermuda after contract completion and the government gets the stamp duty.

    • Joe Bloggs says:

      Where is the PLP Government announcement confirming that please?

      • iyiyi says:

        Please Joe be real .
        Why in the heck would this government give accurate details for anything .
        They have always twisted stats and figures to fool their followers .
        Observer is probably 90% to 100% right in their statement .

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