Economic investment certificate brings $30m in investment – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Economic investment certificate brings $30m in investment

The Economic Investment Certificate has brought $30 million in investment to Bermuda, mainly through real estate purchases

The Economic Investment Certificate scheme has sparked more than $30 million of investment into the island since its inception.

The programme, which opened on March 1, allows foreign nationals to reside in Bermuda for five years provided that they invest a minimum of $2.5 million into Bermuda.

After five years, EIC holders can apply for a residential certificate.

Jason Hayward, the Minister of Labour, said that so far six people had been approved for EICs.

He added that because of the high cost of the scheme, the initiative has resulted in more than $30 million of investment in the island.

Mr Hayward said: “We are continuously have people declaring their interest and are working through the process.

“At the price point of $2.5 million, it was designed to ensure that we don’t have open borders.”

The move, announced by the Government earlier this year, is intended to spark investment in Bermuda and bolster the economy.

Investments under the scheme can include the purchase or real estate or Government bonds, contributions to the Bermuda Sinking Fund or a Bermuda registered charity, investments into existing Bermuda business, launching a new Bermuda business or investment in an approved social venture.

Mr Hayward that in most cases, the investment came in the form of the purchase of residential properties.

You must be Registered or to post comment or to vote.

Published July 13, 2021 at 8:22 am (Updated July 13, 2021 at 8:22 am)

Economic investment certificate brings $30m in investment

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon