Developing a clearer pathway to permanent residency status is critical to the international business sector, a leading insurance executive has said.

Sylvia Oliveira, chief executive of Wilton Re, told The Royal Gazette that without it, many long-term residents give up and leave the island at about the 15-year mark.

“At this stage, their teenage children are unable to seek employment and their young adult children must leave their childhood homes with no path to return,” she said. “Parents frequently make the difficult decision to uproot their entire families and relocate elsewhere to create new foundations for their teenage children.”

Ms Oliveira said this is a disruption, not just for the impacted families, but to business continuity and institutional knowledge within the international business sector.

“Retaining these experienced long-term employees would ensure the continued viability and growth of the international business sector, strengthen our overall economy, and create more sustainable opportunities for everyone in our community,” Ms Oliveira said. “Clear pathways to permanent residency represent a strategic investment in Bermuda's economic future.”

She was speaking after the Budget Breakfast at the Hamilton Princess & Beach Club. The annual event organised by the Chamber of Commerce is a forum for the business community to discuss the new government Budget.

The issue of long-term residents was absent from this year’s Budget Statement given by David Burt, the Premier and Minister of Finance.

However, the Budget did include nearly $6.9 million for the immigration department, a 10 per cent increase over last year.

At the Budget Breakfast, Mr Burt said work on streamlining the immigration process continued.

“The immigration department is focusing on the input and submission of forms,” Mr Burt said.

“There is a need for more labour, unfortunately, to be imported into the country. That is a reality in Bermuda, and in many spaces and places around the world.”

Ms Oliveira said this year’s Budget struck a thoughtful balance between fiscal responsibility and necessary investment in Bermuda’s future.

“The tax relief for residents, alongside strategic infrastructure development, demonstrates forward-thinking governance that addresses both immediate needs and long-term stability,” she said.

During the Budget Breakfast, attendees were polled on how they would like to see funds from the new corporate income tax spent. The majority wanted to see the money used to pay down Bermuda’s debt.

“My opinion aligns with that,” Ms Oliveira said.