Under the new Policy, which comes into effect on 1 March 2021, successful applicants will be granted an Economic Investment Certificate (“EIC”), giving them (and their spouse and any dependent children) the right to reside in Bermuda for five years. Eligibility is conditional on, amongst other things, the applicant making an investment of at least $2.5 million in one or more of the following:
- an existing Bermuda-based business;
- the development and launch of a new Bermuda-based business;
- residential or commercial real estate in Bermuda;
- Bermuda Government bonds;
- a Bermuda Registered charity in the areas of sports development, youth, seniors and health;
- the Bermuda Trust Fund or Sinking Fund; or
- such other social or useful ventures that benefit Bermuda, Bermudians and things Bermudian as may be determined by the Minister responsible for Immigration.
The EIC holder will also be given automatic approval to work for any business in which they have invested, but their family members will still require a work permit if they wish to be employed in Bermuda.
Once an EIC is granted, the holder must maintain a qualifying investment at the minimum threshold for at least five years and must also reside in Bermuda for a minimum of 90 days each year.
After five years, the EIC holder will be eligible to apply for a Residential Certificate, enabling them and their family to reside in Bermuda indefinitely.
The new Policy is designed to promote direct investment in the economy and the possibility of automatic work permit approval should make it attractive to the working population. This is in contrast to the existing Residential Certificate Policy that is being replaced, which is targeted at retirees. In addition to the other attractive features Bermuda has to offer – its optimal mid-Atlantic location, high standard of living and existing business infrastructure, amongst others – the new Policy should further incentivise affluent persons to move their families and businesses to Bermuda. Persons already residing in Bermuda who satisfy the criteria can also apply.
As a full service law firm, Appleby provides comprehensive, expert advice and services across corporate, dispute resolution, property, regulatory and private client and trusts practice areas. Through AGS (Appleby Global Services), Appleby provides a range of administration, reporting and fiduciary services focused on corporate structures. Our dedicated teams of experienced professionals work closely with our legal specialists to provide our clients with an integrated legal and corporate administration offering.
Please contact us to discuss how relocating to Bermuda could be right for you and for help with submitting an application. We look forward to welcoming you.