Bermuda Economic Investment Residential Certificate FAQ’s
- Legislative Updates
1. What is the Economic Investment Residential Certificate?
The Economic Investment Residential Certificate (EIRC) enables individuals — plus their spouse and minor dependents — who invest $2.5 million in certain Bermuda industries, sectors, charities, or government programs to receive residency rights. If the spouse or dependent of a Residential Certificate Holder desires to work in Bermuda, they will be subject to the Bermuda Work Permit Policy. Learn more about the EIRC here.
2. How do I apply?
To begin the application process, please contact the Bermuda Business Development Association (BDA) stating your interest in the EIRC. (The contact form is available here.) After you submit the form, a BDA representative will contact you to begin the application process. This representative will also serve as a guide and resource throughout the application process.
3. What investment options are eligible for the EIRC?
Prospective EIRC recipients who meet the eligibility criteria can invest via several different ways, including: buying real estate (residential or commercial); purchasing Bermuda government bonds (minimum of five years); contributing to Bermuda’s Sinking Fund or the Bermuda Trust Fund; donating to a Bermuda registered charity; making an equity investment in an existing Bermuda-based business, excluding exempted undertakings; launching a new Bermuda-based business; or investing in a social or other venture benefiting Bermuda, as approved by the Minister responsible for Economy and Labour.
4. What information is needed to apply?
Each submission shall contain the following elements, based upon the investment category type and the mix of investments:
- A letter of application should be attached
Personal Data Sheet
Basic personal information is required in order for the certificate to be issued. The following is required:
- Data completed in its entirety
- Evidence of enhanced due diligence/security vetting by the law firm, financial adviser, or other third parties
- Two personal references
- Two business references
- Verified copy of a valid passport, and dependent passports (if applicable), birth certificate
- Marriage certificate (if investing jointly with a spouse)
The following information should be included, based upon the investment made, and as applicable.
Purchase of real estate (residential or commercial)
- Evidence of sale (an executed purchase-sale agreement, documentation from Land Registry), proof of letter of intent or evidence of investment
- Signed land license
Purchase Bermuda government bonds (min. of 5 years)
- Government bond offerings are issued from time to time, via private placement, based upon the financing needs of the government. Please contact your investment banker or financial adviser to find out more regarding the next Government of Bermuda debt issuance.
Contribute to Bermuda’s Sinking Fund to reduce the debt
Donate to a Bermuda Registered Charity
- Proof of registered charity (list of registered charities, letter from the Charities Commission
- Evidence that donation has been made
- Business plan/operating plan for the charity (if it is a new charity)
- Audited annual report
- Charity funding proposal/donor pitch — details of how the funds are to be used
Equity investment in an existing Bermuda-based business, excluding exempted undertakings
- All equity investments are subject to the regime in place under the Companies Act 1981. Any exemptions, modifications, or relaxations to the current restrictions around Bermudian/Non-Bermudian ownership proportions must be addressed.
- Evidence that equity investment was made (investment agreement, shareholder’s agreement, partnership agreement, certificate of shareholding, etc.)
- Company letter of good standing with office of the Tax Commissioner, social insurance, compliance with health insurance requirements
Launch a new Bermuda-based business
The government seeks assurance and understanding that:
- The company has been created
- It will be a viable business that is likely to succeed over the long term
- It will likely result in job creation in Bermuda
- Good governance and management will be in place at the company
- Registration of incorporation details from the Registrar of Companies
- Evidence the investment has been made (confirmation of company bank balance)
- Copy of share register with share value
- Evidence of payroll tax identification number
- Summarized (abstract) executive summary of business plan and pro-forma financial projections
- List of directors and their qualifications and evidence of fit and proper standing
Invest in a social or other venture benefiting Bermuda, as approved by the Minister
- This provides for a bespoke investment type and the documentation requirements will be determined in collaboration with the concierge service.
5. How much does the application cost?
The application fee is $2,625.
6. Does the EIRC expire?
No, the EIRC does not expire.
7. Can I complete the process entirely online?
The initial expression of interest can be completed online. After that a dedicated concierge team member will work with you throughout the application process.
8. What will I receive to signify that I have been approved?
Approved applicants will receive an acknowledgement that their EIRC has been approved via email.
9. Why was this programme created?
This programme was created to stimulate economic growth in Bermuda and to attract business leaders from around the world to live and work in Bermuda.
10. Why is Bermuda only targeting high net worth individuals?
The EIRC is available for HNWs however Bermuda has other residency and work permit programmes available as well, including the Work from Bermuda programme, which offers applicants the opportunity to work remotely in the country for a year.
11. Do family members have to apply separately?
No, applications should include spouses and dependents whom the applicant wishes to include in the certificate.
12. Are certificate holders’ children allowed to attend local schools?
Yes, children may attend public or private schools.
13. Can I bring my pet? Do they have to quarantine?
You can find information about bringing a pet into Bermuda here.
14. Once an application is approved, when do I attain residency status?
Resident status begins the date the EIRC is issued.
15. How many applications does the government expect to approve? Is there a maximum?
There is not a maximum number of certificates being issued.
16. What is the difference between EIRC, the Economic Investment Certificate and a Residential Certificate?
EIRC replaces the previous Economic Investment Certificate and Residential Certificate policies. Holders of a Residential Certificate are eligible to reside in Bermuda with their families indefinitely. Holders of the certificates can work in the company in which they have invested, if applicable, subject to the Work Permit Policy.
17. Is it possible for qualifying investments already made to be “grandfathered” in and considered for the certificate?
The EIRC Policy is designed to be flexible to allow for a variety of different circumstances. There is provision within the policy (in Section 8, page 4) to allow for approval of investments made in the past. Individuals who previously made substantial economic investments in Bermuda will likely contribute more to Bermuda if they have additional security of tenure. Applications under this section will be considered on a case-by-case basis, and decisions will be based on the merits. However, the $2.5 million investment requirement still needs to be met and the same criteria as described in the policy would apply. In the end, the Minister will consider EIRC applications with these principles in mind.