Immigration policy for economic growth updated
A programme allowing investors to reside indefinitely in Bermuda, which has taken in $622 million since its launch in 2021, has been modified so that successful candidates “make a meaningful contribution to Bermuda and not simply an initial investment”, the House of Assembly heard.
Jason Hayward, the Minister of Economy and Labour, said the island’s Economic Investment and Residential Certificate programme had drawn 109 applications, with 94 approved, five refused and ten still under consideration.
Mr Hayward told MPs on Friday that 51 per cent by value of the figure for EIRC investments, which date to late June of this year, represented investment in “new and existing businesses”.
Under terms that came into effect at the end of last month, qualifying applicants would no longer be required to donate to the Bermuda Trust Fund.
However, on top of making a qualifying investment, candidates would have to make a minimum donation of $25,000 to “a registered Bermuda charity or charities”.
A “comprehensive questionnaire” will now assess applicants based on potential money laundering and terrorist financing risks, in tandem with a strengthened risk rating.
Candidates will also pay a $10,000 fee to the Bermuda Business Development Agency, which administers the programme.
Mr Hayward said the Government had agreed “memoranda of understanding with relevant agencies, such as the Bermuda Police Service, to facilitate appropriate information sharing on anti-money laundering and antiterrorist financing matters”.
Along with residency and permission to seek work, candidates are given automatic approval of a work permit for any business they have invested in.
Dwayne Robinson, the Shadow Minister of Home and Community Affairs, praised the addition of the charitable requirement, and asked if the policy would be changed to share the donations if one charity ended up taking “the majority of the investment”.
Mr Hayward said there had been no investments so far, but the ministry would analyse the donations made. He said the non-profit sector would offer “some type of perspective so that persons know the different charities that exist and the various areas in which they can donate”.
Robert King, the independent MP, asked for details on “the number of Bermudian jobs created, the number of new businesses established, the number of existing businesses expanded and the total value of capital expenditure”.
While Mr Hayward did not have all the details at hand, he gave rough figures: $52 million for existing businesses, about $2.6 million for government bonds, $222 million for new businesses and “other ventures will be roughly around $44 million”.
• To read the minister’s statement in full, see Related Media
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