Updating the public on the Government’s ‘Work From Bermuda’ (WFB) initiative, Minister of Labour, Jason Hayward said today that an estimated $23 million in revenue was generated for Bermuda’s economy.
Speaking at a news conference held today, the Minister said to date, “638 of the 937 WFB certificate holders moved to Bermuda”.
“Currently, 206 families continue to reside here, and as of October 28th 2021, 74 WFB certificate holders were approved for a further one-year extension.
“In the first year of implementation, the WFB certificate has had an estimated value-added of $23.3 million in Bermuda’s economy,” he added.
The initiative was launched 15 months ago to allow people from overseas to apply for a one-year residential certificate to work from home in Bermuda.
“Overall, the benefits of this policy include: boosting economic activity, enhancing Bermuda’s brand and reputation as an attractive travel destination and/or a place to live, boosting the local real estate market, and it presents an opportunity for a short term stay to blossom into a long-term investment.”
He also noted that “as a result of the WFB certificate, various local business opportunities have arisen, creating needed economic activity and jobs”.
“Additionally, one WFB certificate holder has been converted into an economic investment certificate holder, meaning the non-Bermudian has invested over $2.5 million into the Bermuda economy and has decided to make Bermuda their home,” said Mr Hayward.
To date, a total of 1,081 applications have been received since the programme’s launch on August 1 last year, with a total of 937 approved.
“Thus far, 638 of the 937 WFB certificate holders moved to Bermuda,” said the Minister.
“Currently, 206 families continue to reside here, and as of October 28, 74 WFB certificate holders were approved for a further one-year extension.
“I am encouraged that new applications are submitted on a weekly basis, and persons on WFB certificates continue to expand their families on the island,” he added.
It was also noted that there are currently no limits on extensions for WFB approvals.
Moving forward, the Minister said the WFB initiatives will continue.
“Non-Bermudians are invited to work or study remotely in Bermuda, where life is tranquil, the weather is perfect, and the people are super friendly,” he said.
“This certificate presents a win-win for both the visitor and Bermuda.
“Attracting people to reside in Bermuda for durations of one year assists in boosting Bermuda’s economic activity.
“Additionally, the requirement that they can only be employed by businesses outside our country ensures they do not compete with Bermudians for jobs.”
This policy targets individuals who:
• have the financial means to fully sustain themselves;
• would like to work in Bermuda in a non- Bermuda-based or a non-Bermuda registered legal entity or partnership; or
• would like to complete their post-secondary studies from Bermuda.
Individuals can apply for a WFB certificate through the Governments forms portal at forms.gov.bm. The WFB program remains open to potential residents who meet the eligibility criteria.
Permission to Reside on an Annual Basis
Non-Bermudians should also be aware the WFB certificate is not the only program that allows individuals to reside in Bermuda. Those who meet the eligibility requirements may apply for Permission to Reside on an Annual Basis. While referred to as “Permission to Reside on an Annual Basis”, permission can be obtained for periods of up to five (5) years.
This program is particularly attractive to globally retired individuals, dependents of work permit holders and owners of hotel and tourist accommodations.
Anyone interested in residing in Bermuda for a year or more should go to: www.gov.bm and complete the application For Residence Form.
The Ministry of Labour remains entrenched in establishing effective policies that will foster the expansion of jobs and economic growth. The WFB initiative is in direct alignment with Bermuda’s Economic Recovery Plan. Through our National Economic Recovery Plan, the Government will take decisive action to restore consumer and business confidence and stimulate our economy, creating a clear path to growth and employment. The policies highlighted today aid Bermuda in minimising the adverse effects of the global pandemic.