New information for non-Bermudians purchasing property in Bermuda.
Effective March 1st, 2021, a new policy was brought in by the Bermuda government introducing the Economic Investment Certificate or EIC. Please see the guidelines below. Anyone applying for this new certificate should discuss with a local Bermuda lawyer to understand the policy clearly.
Leasehold condominiums are not available to overseas purchasers unless the buyer already has a Residential Certificate or the condominium is located in a designated resort development, approved by government.
Economic Investment Certificate holders who seek to reside in Bermuda indefinitely may apply for the Residential Certificate after five years. It is important to highlight those applying for a Residential Certificate must possess an Economic Investment Certificate to be eligible for a Residential Certificate.
If a Residential Certificate is granted, the holder, their spouse, and dependents have the right to reside in Bermuda for an indefinite period. The holder is also granted approval, upon application, to work in the business in which they have invested if that is the basis of the EIC application. If the spouse or dependent of a Residential Certificate holder desire to work in Bermuda, they will be subject to the Bermuda Work Permit Policy.
Qualifying Investments of $2.5 million or more are possible in Bermuda in any one or more of the following ways (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 useful venture that benefits Bermuda, as may be determined by the Minister.
Full information about the Economic Investment Certificate, including the Policy, Frequently Asked Questions, and the Expression of Interest Form may be found on the Bermuda Business Development Agency website: https://www.bda.bm/economic-investment-certificate.
Permission to Reside on an Annual Basis
Non-Bermudians should also note that the EIC 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 perfect for globally retired individuals, dependents of work permit holders, and hotel and tourist accommodations owners.
Anyone interested in residing in Bermuda for a year or more should complete the application For Residence Form on the Bermuda Government’s webpage.