PLP stands firm on commercial immigration ‘red line’
Commercial Immigration is a “red line” which should not be crossed, according to the Progressive Labour Party.
In the wake of Government announcing a public meeting on the controversial topic to be held next week, Walter Roban, the Shadow Minister of Home Affairs, said that while the Opposition support efforts to increase revenue, they do not and will not support the OBA’s commercial immigration scheme.
“The Progressive Labour Party today reaffirms our position that giving away Bermudian citizenship and the right to vote to hundreds of non-Bermudians is a red line we will not allow to be crossed,” he said.
“The PLP is committed to defeating any effort to relegate Bermudians to second class citizenship status to anyone sneaked in under a cash for passports scheme. The recent amendments to the Incentive For Jobmakers Act has already opened a doorway for a select few at the expense of Bermudian workers.
“The PLP will not be supporting any legislation or policies that continue this trend of disenfranchising Bermudians. We encourage Bermudians to contact the OBA MPs and let them know that like us, you won’t stand for any effort to push Bermudians to the back of the line for jobs and opportunities in our own country.”
Government announced in November’s Throne Speech that it would investigate the possibility of a commercial immigration programme on the Island, which could allow foreigners Bermudian residence or citizenship in exchange for financial investment in the Island.
Similar initiatives have been put in place in almost 20 countries, including Antigua and Barbuda, St Kitts, Malta, the US and Canada [See sidebar].
In a press release issued on Wednesday, Government said such programmes could be used to encourage international business and foreign investment in the tourism sector, and create jobs for Bermudians as a result.
“Measures to refresh the Island’s attractiveness to international business and tourism investment are a critical part of the Government’s economic turnaround plan,” Michael Fahy, Minister for Home Affairs, said in the statement.
“Growing the economy and getting more people and investment capital to our shores, is the most direct way to generate the jobs and opportunities that Bermudians need.”
The Ministry will be hosting a public meeting regarding commercial immigration on January 14 at the Cathedral Hall on Church Street between 6pm and 7.30pm. During the meeting, Sen Fahy said the advantages and disadvantages of such a scheme will be discussed, as well as ideas about what foreign investors might be able to receive for investments.
“It’s my hope that we can have a robust, yet constructive discussion around this topic and we look forward to the public’s participation, input and ideas to assist the government in making informed decisions on immigration policies and direct inward investment opportunities,” Sen Fahy added.
Several countries around the world have established various “economic immigration” policies which offer foreigners residency or citizenship in exchange for investment.
A few examples include:
Antigua and Barbuda — A foreigner can qualify for Antiguan citizenship with a $250,000 donation or with a real estate investment of $400,000 through a programme launched last year. A business investment of $1.5 million can also qualify.
St Kitts and Nevis — Similar to Antigua, a foreigner can qualify for citizenship in St Kitts with a $250,000 donation to a fund for retired sugar workers or with a minimum real estate investment of $400,000.
Dominican Republic — Foreigners can earn Dominican passports through a minimum donation of $100,000.
Malta — The Mediterranean island’s parliament voted late last year to sell citizenship to non-Europeans for a price of 650,000 euros.
United States — The US EB5 investor programme allows visas for a $1 million investment in a US business employing at least ten people or $500,000 in designated economically depressed areas. The investor can apply for permanent residence in two years, and seek citizenship after five more.
Canada — The Immigrant Investment Programme (IIP) allows Canadian citizenship for those with a minimum net worth of C$1,600,000, alone or with accompanying spouse, and make an investment of C$800,000, among other requirements (C$1 is equal to $0.93 US).
