The New Economic Investment Residential Certificate
About Nathan Samuels
Nathan is a Senior Associate in the firm’s property, trusts and estates practice group and has experience in a wide range of property and private client matters.
Nathan Samuels’s full profile on mjm.bm.
In 2023, the 2021 Economic Investment Certificate and Residential Certificate policies were revised and combined to create a single policy known as the Economic Investment Residential Certificate (EIRC) Policy, which came into effective on 31 March 2023. The EIRC policy provides a pathway for non-Bermudian investors to work and reside in Bermuda indefinitely. As with its preceding policies, the EIRC policy requires a minimum qualifying investment of $2,500,000 in any one or more of the following areas:
- acquisition of Bermuda real estate;
- investment in an existing Bermuda-based business (excluding exempted undertakings) or in the development and launch of a new Bermuda-based business;
- purchase of Bermuda Government bonds;
- contribution to Bermuda’s Sinking or newly established Trust Fund;
- donation to a registered Bermuda charity in the areas of sports development, youth, seniors or health; or
- investment in such other social or useful venture that benefits Bermuda as may be determined by the Minister responsible for immigration.
With the previous 2021 policies, the applicant had to wait five years after making a qualified investment before an (indefinite) Residential Certificate could be applied for. With the new EIRC policy, the qualifying investment and the Residential Certificate go hand in hand, such that an indefinite right to reside in Bermuda is granted at the time the EIRC is issued. The five-year wait period between investment and being granted indefinite residency has been removed. Under the EIRC policy, any dependants of the EIRC holder are also granted contingent residency rights.
For the five-year period immediately following the granting of the EIRC, any qualifying investment must be maintained at the minimum threshold value of $2,500,000 and the EIRC holder must reside in Bermuda for a minimum of 90 days in each calendar year.
Once granted, an EIRC may be revoked by the Minister in accordance with the Bermuda Immigration and Protection Act 1956. Obtaining the EIRC by fraud, a criminal conviction of the EIRC holder or continuous residence outside of Bermuda for two years or more by the EIRC holder may lead to revocation of the EIRC.