By Uglobal Staff
The government of Bermuda has announced a new pathway to permanent residency for high-net-worth individuals that will start next week.
The initiative, called the Economic Investment Certificate and Residential Certificate Policy, will override all previous residency policies on March 1.
It is essentially a two-step process to gain permanent residency in the British Overseas Territory that consists of over 180 islands. First, the applicant will be granted the Economic Investment Certificate for a period of five years following a minimum investment of 2.5 million Bermudian dollars.
The government has identified sectors where the multi-million dollar investment can be made: commercial or residential real-estate; government bonds; “sinking funds”, which are basically contributions to reduce the Bermuda government’s financial debt; registered funds; a government-approved charity that can be linked to sports or health sector etc.; direct or indirect equity in existing businesses in the island territory; new businesses; as well as “social or useful venture that benefits Bermuda, Bermudians and things Bermudian as may be determined by the minister.”
During this five-year period, the applicant would have full employment rights. The main applicant’s dependents, including spouse and children can reside on the islands as well; however, additional fees would apply per applicant.
The second step comes after five years when the investor becomes eligible to apply for the Residential Certificate that allows indefinite stay in the island nation, the population of which is estimated at less than 70,000.
The fees for both certificates come with a hefty price tag; the permanent resident’s certificate fee can go as high as $50,000 while the subsequent residential certificate can cost $2,625 per applicant and each dependent; plus other administrative costs that have not been included.
The new policy is aimed at individuals with significant means and "will facilitate economic growth for Bermuda, as it will enable business development, supporting job growth and increase social finance which will aid local charities," said Jason Hayward, Bermudian Labor Minister and Member of Parliament, on his social media channel.
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