Minister of Labour, Jason Hayward has disclosed that the Bermuda Government has acquired more than “$30 million in investment”, through the new Economic Investment Certificate programme introduced earlier this year.

Responding to a series of questions fielded by Bermuda Real, the Minister said: “We have approved, at this point, six Economic Investment Certificates.

“We’ve received over $30 million in investment from six Economic Investment Certificates, and we continuously have persons who are declaring their interest in working through the process.

“At that particular price point of $2.5 million, it was certainly designed to ensure that we just don’t have open borders,” the Minister said, and he also added that the “majority of the approvals would be residential properties.”

In making the announcement earlier this year, the Minister said the EIC programme requires “people who are granted the right to live in Bermuda to first make an economic investment of $2.5M or more in the island”.

“This requirement will allow Bermuda to capitalize on having more people living on island while also benefitting from those who have significant financial means,” he said.

Applicants can make a minimum investment in Bermuda in any one or more of the following ways (not exclusive):

  • Purchase Bermuda situs real estate, whether residential or commercial
  • Purchase Bermuda Government bonds to be held for a minimum of five years
  • Contribute to Bermuda’s Sinking Fund for the purpose of Debt Reduction
  • Contribute to the newly established Bermuda Trust Fund
  • Donate to a Bermuda Registered charity in the areas of sports development, youth, seniors and health
  • Make a direct or indirect equity investment in an existing Bermuda based business, including BSX listed entities, but excluding where the investment is limited to holding listed securities in exempted undertakings
  • Invest in the development and launch of a new Bermuda based business; or
  • Invest in such other social or useful venture that benefits Bermuda, Bermudians and things Bermudian as may be determined by the Minister
Minister Hayward was speaking at a news conference held on Monday (July 12) to announce that Supplemental Unemployment Benefit (SUB) and allocated funds to support families and individuals will be extended to March 31, 2022.

He also noted that the benefits are for Bermudians and the Spouses of Bermudians who do not qualify for financial assistance only.

The Minister also provided a number of updates on Ministry-related issues in response to Bermuda Real. To view the full series of questions scroll forward on video above to 4:00 minutes in.

We’ll have more in subsequent reports. 

“This requirement will allow Bermuda to capitalize on having more people living on island while also benefitting from those who have significant financial means,” the Minister said.

 

Earlier this year, the Minister said that, “An Economic Investment Certificate applicant can make a minimum investment in Bermuda in any one or more of the following ways [not exclusive]:

  • i. Purchase Bermuda situs real estate, whether residential or commercial;
  • ii. Purchase Bermuda Government bonds to be held for a minimum of five years;
  • iii. Contribute to Bermuda’s Sinking Fund for the purpose of Debt Reduction;
  • iv. Contribute to the newly established Bermuda Trust Fund;
  • v. Donate to a Bermuda Registered charity in the areas of sports development, youth, seniors and health;
  • vi. Make a direct or indirect equity investment in an existing Bermuda based business, including BSX listed entities, but excluding where the investment is limited to holding listed securities in exempted undertakings;
  • vii. Invest in the development and launch of a new Bermuda based business; or
  • viii. Invest in such other social or useful venture that benefits Bermuda, Bermudians and things Bermudian as may be determined by the Minister.”