Hayward: Long term residents to be required to invest in Bermuda
Plans to offer long term residency for investors in Bermuda will not equate to cash for citizenship, Jason Hayward, the labour minister, said this afternoon.
Mr Hayward was speaking on the Government’s plans to revise the long-term residential certificate policy, announced in the Throne Speech on Friday.
He said the existing policy “does not service in the best interests of the Bermudian people”.
Mr Hayward said the plan, promised for this parliamentary year, would require people who were granted the right to live in Bermuda to make economic investments in the island, or to invest in the planned Bermuda Trust Fund.
He added: “Right now, if one wants to obtain residency, they must demonstrate that they have substantive means – but the holder of an account overseas never invests in the Bermuda economy.
“What we are saying is the economic investment should be placed in the Bermuda economy, for the person to reside in Bermuda on an ongoing basis.”
The Progressive Labour Party called offering citizenship to foreigners “a red line” when the party was in Opposition, during debates criticising more liberal immigration policies proposed by the One Bermuda Alliance government.
Mr Hayward said the present Throne Speech proposals would come with public consultation.
He added: “We do not see where it would be controversial.”