Bermuda launches residence permit by investment programme
The minimum investment amount for the programme will be $2.5 million. Applications from investors will be accepted from 1 March 2021. We tell you what investment options the country has to offer and whether it is worth getting a residence permit there.
Author •Elena Ruda
Chief Development Officer at Immigrant Invest
Bermuda launches residence permit by investment programme
The Government of Bermuda offers investors five investment options to choose from. Namely:
the purchase of real estate — residential or commercial;
purchase of government bonds;
a contribution to a government fund;
Transferring money to a local charity;
investing in an existing business or starting a new company.
Bermuda is located in the Atlantic Ocean, off the coast of the USA and the Caribbean
Opportunities with a Bermuda residence permit
If the investor’s application is approved, they will receive a certificate confirming their investment in Bermuda’s economy — the Economic Investment Certificate. The certificate is valid for 5 years. The certificate costs $2,625.
The certificate holder may live, work and do business on the islands. After five years, it is allowed to apply for permanent residence. There are no other benefits.
The investor meets two conditions in order to keep his certificate and residency status in Bermuda. The investor must:
own the object of investment for a minimum of 5 years, such as real estate;
Spend at least 90 days a year in Bermuda.
A participant in the programme may include family members: a spouse and children up to 25 years old. Adult children must be studying at a university at the time of application.
The full terms and conditions of the new programme are set out in official regulations from the Bermuda government.
The new residence permit investment programme will replace the old programme for wealthy retirees. The Bermudian government believes that more investment opportunities will attract cosmopolitans. And the investment will help the country make up for losses due to the pandemic: by February 2021, Bermuda’s public debt had risen to three billion dollars.
Vladlena Baranova,
Head of Legal & AML Compliance Department, CAMS, IMCM
The residence permit programme is unlikely to meet the hopes of the Bermuda government. It cannot compete with those offered by neighbours in the region, the Caribbean.
Caribbean countries allow citizenship for as little as $100,000. At the same time, they have no mandatory residency requirement. The only exception is Antigua and Barbuda, where one must spend 5 days in the first five years.
The Caribbean passport provides freedom of travel around the world without visas. It is useful for travel to Schengen, the United Kingdom, and Singapore. With the Bermuda residence permit, an investor can only live on the islands themselves.
Caribbean citizenship — an alternative to a residence permit in Bermuda
Citizenship by investment programmes are available in five Caribbean countries. All are members of the Commonwealth of Nations and have visa-free entry agreements with more than 140 countries, including popular destinations in Europe, Asia and Latin America. And to enter the US, Caribbean citizens receive a 10-year visa through a simplified procedure.
The Caribbean passport allows cosmopolitans to travel even during a pandemic. But you need a good reason: to study, work, reunite with family or do business.
Caribbean citizenship programmes by investment
Country
Investment options
⏳ Time of processing
Relatives who can obtain citizenship with an investor
from $250,000 — contribution to a government fund;
from $400,000 — purchase of real estate
From 6 months
spouse;
children under 30 years old;
parents over 65 years old;
from $ 150,000 — contribution to the state fund;
from $ 220,000 — purchase of real estate
From 4 to 6 months
spouse;
children under 30 years old;
parents and grandparents;
siblings
from $100,000 — contribution to a government fund;
from $150,000 — contribution to the University of the West Indies Foundation;
from $200,000 — purchase of real estate;
from $1.5 million — contribution to a business
From 3 to 6 months
spouse;
children under 30 years old;
parents and grandparents aged 55 and over;
siblings
from $100,000 — contribution to a government fund;
from $200,000 — purchase of real estate
From 2 to 6 months
spouse;
children under 30 years old;
parents and grandparents;
Siblings up to 25 years old
from $100,000 — contribution to a government fund;
from $300,000 — purchase of real estate;
from $250,000 — purchase of government bonds
3—4 months
spouse;
children under 30 years old;
parents from 65 years old;
Siblings up to the age of 18
Immigrant Invest is a licensed agent of Caribbean citizenship programmes by investment. If you want a second passport, seek advice from experts in investment programmes.