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]:
London Docklands was once the home of the less well off. Then the developers came in and the area became so expensive only the well off can live there.
This PLP plan is likely to have the same effect. It certainly won’t help the average Bermudian. So much for affordable housing, and again the PLP are selling off more limited Bermuda real estate to non Bermudians. Why no outcry?
“The Approved Hamilton Residential Scheme will allow non-Bermudians, exempted companies, and overseas or exempted partnerships to participate in Hamilton’s residential property market”
Selling more of Bermuda to foreigners. My, how the policy of the PLP Government has changed.
Well now, what do all of you PLP supporting landlords with foreign office staff living in your apartments have to say now? Government for the people?
This is a slap in the face to the average Bermudian whether we need injection or not, which we do, but this is a JOKE. These guys have zero clue on what to do lol wow
Please PLP, OBA, Independents – STAY away from the City of Hamilton. Please do not try to do anything to improve the city. Im not saying there isnt room for , or a need for, improvement but the COH has consitently done a better job than than the governments (both present and past) andshould not take any kind of direction from government. If anything, they should be hired to provide a plan of action for the country. Clearly they do a much better job with maintence, refuse remove, road maitenance and so on. Please Mr. Hayward dont try to help them!
Sorry, Marta, but the PLP Government has already set out its stall on that issue. The City of Hamilton has hugely valuable waterfront property and the PLP Government wants to sell it. Do you not remember the models of the proposed redevelopment of the Hamilton docks revealed by the Government some years ago?
Over the years I have seen our traditional Bermuda Architecture do an about face , i will add , not for the better as the style and class of our origional traditional designs and concepts has no bearing on what we have come to see today.
I hold the Department of Planning directly responsible for those mis conseprions all over the island.
We visit St George an international herritage sight to admire our past styles which far exceeds that which we see built today as low cost pre fab housing.
Unfortunately what we see from plannings their miguided efforts, a Bermuda being over built with conjested housing which are mostly only 20 ft apart with the loss of privacy which has an obvious negative effect on social compatibility.
A visit the town of St Georges to admire the elegant proportions of those clasic buildings will justify the life long building practices of years gone by .
The are many other countries who have retained their traditional clasic looking buildings.
Does that job in planning comes with just a no care attitude , even Anchitecture in the city leave much to be desired by sporting a cottage roof on a 5 five story building appears slightly restrictive for expansion and out of place .
Restriction on building height took away a large portion land from the city .
Design cost nothing only imagination and common sense works .
What we see today apears as bread and butter architecture with no artistic excuse for their existence.
I would have thought that planning as the name implies would had implemented guide lines to see our Bermuda herratage remain alive and well.
I have a good idea what Bermuda will be and look like in say less than one hundred years.