Caribbean News, Latin America News:
News Americas, Hamilton, BERMUDA, Tues. Feb. 23, 2021: A UK territory is set to launch a new investment residency option this March.
The Bermuda government is offering foreigners the chance to become long-term residents if they invest a minimum of US$2.5 million in the island. Labour Minister Jason Hayward said the new economic investment certificate policy will become a reality from March 1.
The investment can include real estate, Bermuda government bonds, a contribution to the island’s sinking fund for debt reduction or the Bermuda Trust Fund, as well as charity.
The new measure is being implemented due to the fallout from the coronavirus pandemic that has pushed Bermuda’s national debt close to $3 billion.
Hayward said investors could also contribute to an existing business, launch new businesses, or “invest in such other social or useful ventures that benefits Bermuda, Bermudians and things Bermudian as may be determined by the minister”.
He told legislators that investors would be able to apply for a residential certificate, which would give additional rights, after five years.
Hayward said a US$2,625 fee would be charged for the certificate. Holders will not be able to vote in Bermuda general elections.