Minister of Labour and the Economy, Jason Hayward informed MPs that that “since the inception of the Economic Investment Certificate (EIC) and Residential Certificate Policy, there has been a total associated investment of $371.6 million”. This investment includes $113.4 million in real estate investment.

In a Ministerial update yesterday (Feb 27), he said: “This investment includes $113.4 million in real estate investment.”

But what jobs were created and how many as a result of the EIC was not stated.

He also updated his parliamentary colleagues on revisions “to enhance the policy and generate greater levels of economic activity in Bermuda”.

“The objective of the EIC is to fully harness Immigration as one of many tools for creating economic growth for Bermuda,” said Mr Hayward.

“The EIC program thus far has created significant economic activity and helped market Bermuda as a place to reside and do business.

“Bermuda is attractive to affluent individuals because it provides safety and stability. It is a sophisticated, connected area with a temperate climate and a well-regulated business environment.”

He also noted that the data supports that while EIC recipients are only required to invest a minimum of $2.5 million into the Bermudian economy”.

“We find they generally invest much more,” he added.

Under the revised policy, qualifying investments are possible in Bermuda in any one or more of the following areas (not exclusive):

  1. Purchase Bermuda real estate (residential or commercial)
  2. Invest in the development and launch of a new Bermuda-based business
  3. Purchase Bermuda Government bonds
  4. Contribute to Bermuda’s Sinking Fund
  5. Contribute to the newly established Bermuda Trust Fund
  6. Donate to a Bermuda Registered charity
  7. Make a direct or indirect equity investment in an existing Bermuda-based business, excluding exempted undertakings; or
  8. Invest in such other social or practical venture that benefits Bermuda, as may be determined by the Minister

“The 2021 Economic Investment Certificate and Residential Certificate Policy stated that a person who satisfies the eligibility requirement of an investment of at least $2,500,000 into the Bermuda economy may be granted permission by the Minister responsible for Immigration to reside in Bermuda for a period of five years. At the end of the five years, an EIC holder would be eligible for a Residential Certificate pursuant to section 32(5) of the Act.

“It has been determined that Bermuda’s aging population will have significant implications on the Island’s economic growth if steps are not taken to reverse this demographic trend.

“For this reason, the 2021 Economic Investment Certificate and Residential Certificate Policy has been revised, to allow the Minister to grant a Residential Certificate, pursuant to subsection 32(5) of the Bermuda Immigration and Protection Act, without the need to wait five years after an Economic Investment Certificate has been granted,” he said.

“The primary intention of this policy change is to increase and sustain economic activity and to create jobs in Bermuda.”

“The revision of the 2021 Economic Investment Certificate and Residential Certificate policy will be referred to as the Economic Investment Residential Certificate policy with all verification requirements continuing as was done under the former 2021 Policy,” said the Minister.

“In addition, the rights and restrictions applicable to a Residential Certificate under this policy shall not apply to the holder of a Residential Certificate granted prior to this policy coming into effect under the 2015 or 2003 Residential Certificate policies.

“However, they do apply to the holder of an Economic Investment Certificate or a Residential Certificate granted under the 2021 policy.

“This revised policy will be made effective March 31, 2023 by order of the Minister.”

Complete information about the Economic Investment Residential Certificate policy, including the Policy, Frequently Asked Questions, and the Expression of Interest Form is available on the Bermuda Business Development Agency website: