The Ministry of Economy and Labour wishes to advise the public that it is updating the list of qualifying investment options for individuals considering applying for an Economic Investment and Residential Certificate (EIRC) effective immediately.
The public will recall that the objective of the EIRC is to fully harness Immigration as one of many tools for creating economic growth for Bermuda. It is designed to bolster investments into Bermuda's economy by enabling individuals — plus their spouse and minor dependents — who invest $2.5 million in specific Bermuda industries, sectors, charities, or government programmes, to receive residency rights.
Among the investment options was purchasing Bermuda Government bonds and holding them for at least five years. However, ensuring the EIRC holder maintains their investment for the complete period requires tracking ownership of those bonds, which has proved challenging. Additionally, the economic impact of purchasing the bonds is greatest at issuance, and the Bermuda Government does not have immediate plans to issue new bonds. As a result, Bermuda Government bonds are removed from the list of qualifying investment options with immediate effect.
The Ministry can advise that the investments into Government Bonds amount to just over $2.6 million stemming from one application resulting in two EIRC holders. And so, despite this policy change, the Economic Investment and Residential Certificate (EIRC) Policy will continue to benefit Bermuda's economy by substantially increasing economic activity and marketing Bermuda as a place to reside and do business.
As of June 5, 2024, the EIRC policy has resulted in total associated investments of over $482 million, which includes $218.7 million in real estate investments.
|
Investment Type |
Investment Amount |
Number of EIRC Residential Certificate Holders |
Number of Approved EIRC Applications |
|
Existing Business |
$49,114,923.94 |
3 |
2 |
|
Government Bonds |
$2,605,000.00 |
2 |
1 |
|
New Business |
$211,611,537.48 |
8 |
4 |
|
Real Estate |
$218,729,183.16 |
115 |
45 |
|
Total |
$482,060,644.58 |
128 |
52 |
Jason Hayward, Minister of Economy and Labour, explained, "The objective of the EIRC is to generate economic growth, ultimately benefiting all who call Bermuda home—with that in mind and the interest of our people, Bermuda Government bonds had to be removed from the list of qualifying investment options.”
Despite this change, I am confident the impact will be minimal, as Bermuda Government bonds were not the primary investment vehicle used by EIRC holders. The remaining investment options will continue appealing to individuals looking to invest in Bermuda's EIRC."
"To that end, I want to thank the Bermuda Business Development Agency team for their hard work and dedication to promoting the EIRC and other initiatives that continue to support and strengthen our economy."
For complete information on the Economic Investment and Residential Certificate Policy, visit https://www.bda.bm/post/bermuda-economic-investment-residential-certificate-faqs/.