EIC brings in $325m in 16 months
Since the Government’s Economic Investment Certificate initiative began more than 16 months ago, 19 applications have been approved, representing investments of more than $325 million into the local economy.
The update on the EIC initiative came from Jason Hayward, the Minister of Economy and Labour, during the opening of the Transcontinental Trust Forum, as the Government promoted the island and the EIC initiative.
It came in a Bermuda Business Development Agency statement regarding the agency’s involvement in supporting local convention events.
The agency also noted that Collin Anderson, the Permanent Secretary for the Ministry of Economy and Labour will highlight Bermuda’s EIC initiative tomorrow, together with David Hart, the BDA chief executive.
The EIC allows individuals who invest at least $2.5 million in qualifying investments on the island, the right to reside in Bermuda along with a path to long-term residency after a period of five years.
Nineteen successful applicants would mean the average investment was substantially more than the minimum $2.5 million – a little more than $17.1 million per individual, since the programme began on March 1 last year.
There was no available breakdown on the $325 million investment.
The last update was in March, when the minister said 13 EICs had already been awarded and another four applications – representing $54 million in investments – were being processed.
The ministry had received 37 additional inquiries with a potential value of up to $114 million, at the time.
Meanwhile, the BDA said it has played an important role in the return of three major in-person high-net-worth services events to Bermuda.
This included last month’s Private Client Exchange Bermuda 2022 with 50 of the world’s top lawyers; the Transcontinental Trust: Bermuda 2022 with 200 delegates; and the Institution of Private Investors’ Campden Wealth summer forum, with 70 delegates this week.
Mr Hart said: “These events not only brought global trust and legal leaders to the island to discuss important hot topics and best practices but the immediate economic impact of the first two, including lodging, transportation, food and beverage, retail and recreation, was estimated at over half-million dollars, and supported around 240 jobs.
“The BDA looks forward to continuing our relationship with the Private Client Exchange and is excited to participate in the International Private Client Forum being held in Italy this November. The BDA also has a longstanding relationship with Transcontinental Trust, having been involved since the first event held in Bermuda in 2015.”
The BDA said the Government was able to use the events to promote the EIC initiative.
David Burt, the Premier, was scheduled to welcome IPI delegates to Bermuda today.
The BDA said that supporting the high-net-worth services sector was one of their key strategic priorities, so in addition to providing financial support to in-person events, they assisted the sector in other ways throughout the year.
For example, since 2021, the BDA has hosted more than a dozen webinars for the Bermuda branch of the Society of Trust and Estate Practitioners and the Bermuda Association of Licensed Trustees and organises monthly trust and private client advisory group meetings.