Approved Hamilton Residential Scheme
“The Approved Hamilton Residential Scheme will allow non-Bermudians, exempted companies, and overseas or exempted partnerships to participate in Hamilton’s residential property market by developing residential dwelling units,” Minister of Economy and Labour Jason Hayward said in the House of Assembly.
The Minister said, “I am delighted to announce that the Approved Hamilton Residential Scheme is now open for applications.
“The Bermuda Government is dedicated to stimulating economic growth, with a particular emphasis on the development of housing in the capital City of Hamilton. By focusing on residential construction, the government aims to attract more residents to the city, thereby boosting local businesses and creating a more vibrant and dynamic urban environment.
“This initiative not only facilitates foreign direct investment but also reinforces the City as the island’s premier international business, retail, and recreational hub.”
The Minister’s full statement follows below:
Mr. Speaker,
I am honoured to present to this Honourable House the Approved Hamilton Residential Scheme Guidelines. These Guidelines outline the application process for the Approved Hamilton Residential Schemes and detail the additional information and criteria that will be considered during the application review.
Furthermore, I am delighted to announce that the Approved Hamilton Residential Scheme is now open for applications.
Mr. Speaker,
The Bermuda Government is dedicated to stimulating economic growth, with a particular emphasis on the development of housing in the capital City of Hamilton. By focusing on residential construction, the government aims to attract more residents to the city, thereby boosting local businesses and creating a more vibrant and dynamic urban environment.
Mr. Speaker,
This vision for the City of Hamilton, a city that seamlessly integrates homes, employment opportunities, and recreational attractions, aligns with the Economic Development Strategy 2023 – 2027. It underscores our commitment to growing the residential population of the island’s capital, recognizing the pivotal role that residential development plays in revitalizing the City.
Mr. Speaker,
The Bermuda Government launched the Approved Hamilton Residential Scheme to encourage investment in residential properties within the City of Hamilton. By increasing the number of residents in Hamilton, we anticipate a significant boost in investment in complementary services such as shopping, dining, and entertainment. This, in turn, will enhance the prospects for investors to see positive returns on their city investments.
Mr. Speaker,
The Approved Hamilton Residential Scheme will allow non-Bermudians, exempted companies, and overseas or exempted partnerships to participate in Hamilton’s residential property market by developing residential dwelling units. This initiative not only facilitates foreign direct investment but also reinforces the City as the island’s premier international business, retail, and recreational hub.
Mr. Speaker,
Once granted, an Approved Hamilton Residential Scheme approval will remain in effect indefinitely. This provision protects against revocation and expropriation risks, providing long-term security for investors. Furthermore, it guarantees that the ownership of any subsequently purchased residential unit will be unaffected by the immigration status of the buyer, ensuring stability and confidence in the market.
Mr. Speaker,
In conclusion, the Approved Hamilton Residential Scheme represents a forward-thinking approach to urban development. By fostering a thriving residential community in Hamilton, we are laying the groundwork for sustained economic growth and a vibrant, dynamic city that benefits all Bermudians.
Thank you, Mr. Speaker.
The Approved Hamilton Residential Schemes [AHRS] follows below [PDF here]:
