Jason Hayward, Minister of Labour, presented a new state policy towards foreigners, which will take effect on March 1, 2021. This step had to be taken by the country since due to the pandemic, the national debt increased to almost US$3 billion.

Investments can include real estate, Bermuda government bonds, a contribution to the island’s debt relief fund or the Bermuda Trust Fund, and charity.

Investors can also contribute to an existing business, start a new business, or “invest in such other social or useful ventures that benefit Bermuda, Bermudians and things Bermudian, as may be determined by the minister”.

Investors can apply for a certificate of residence, which will give additional rights in five years.

Hayward, a former union leader, warned the island in January that major immigration changes were needed to keep the island from falling off a financial cliff, adding that Bermuda had to use immigration to drive economic growth in the face of an aging population and a shrinking workforce.

“If Bermuda is going to better her fiscal situation, we must all embrace the bold steps needed to confront the situation,” he said.

Learn more about Residency by Investment Programs

Source: jamaica-gleaner