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EIRC brings in $425 million since 2019 inception

Jason Hayward, the Minister of Economy and Labour (File photograph by Blaire Simmons)

More than $425 million has been invested into the island as part of the Economic Investment and Residential Certificate programme launched in 2019.

Jason Hayward, the Minister of Economy and Labour, said that $211.6 million has been invested into new businesses under the scheme, while $49.1 was invested in existing businesses and $164.8 million has been invested in Bermuda real estate.

“The objective of the EIRC is to fully harness Immigration as one of many tools for creating economic growth for Bermuda,” Mr Hayward said.

“So said, so done, as thus far, the EIRC programme has brought about significant economic activity and helped market Bermuda as a place to reside and do business.”

Figures released by the Government showed that as of June 20 there were 89 EIRC holders stemming from 37 approved EIRC applications.

The financial figures show a notable increase from February, at which time certificate holders had invested $371.6 million in Bermuda, including $113.4 million in real estate.

Mr Hayward added: “While EIRC recipients are only required to invest a minimum of $2.5 million into the Bermudian economy, we find they generally invest much more. Bermuda continues to appeal to affluent individuals worldwide.

“Affluent individuals often seek safety, stability, and sophisticated, connected areas with a temperate climate and a well-regulated business environment.

“Most importantly, the continued investment speaks to global confidence in our island home and this government's ability to lead.”

The EIRC programme grants applicants an Economic Investment and Residential Certificate for investing at least $2.5 million in Bermuda through a variety of means including investing in Bermuda companies or buying Bermuda real estate.

Qualifying investments

Investors can qualify for an EIRC by investing at least $2.5 million in one of the following areas:

1, Purchase Bermuda real estate (residential or commercial)

2, Invest in the development and launch of a new Bermuda-based business

3, Purchase Bermuda Government bonds

4, Contribute to Bermuda's Sinking Fund

5, Contribute to the Bermuda Trust Fund

6, Donate to a Bermuda-registered charity

7, Make a direct or indirect equity investment in an existing Bermuda-based business, excluding exempted undertakings

8, Invest in such other social or practical venture that benefits Bermuda, as may be determined by the minister

The programme initially offered applicants the right to live in Bermuda for five years under an Economic Investment Certificate, after which they could apply for a Residential Certificate, which would allow them to live on the island indefinitely.

However, earlier this year the Government announced it would axe the five-year waiting period, allowing EIC applicants to become eligible for the residential certificate once they make their investment.

• For complete information on the Economic Investment and Residential Certificate Policy, visit https://www.bda.bm/post/bermuda-economic-investment-residential-certificate-faqs/

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Published June 30, 2023 at 7:56 am (Updated June 30, 2023 at 8:16 am)

EIRC brings in $425 million since 2019 inception

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