The Bermuda Business Development Agency (BDA) has reached a significant milestone with its Economic Investment Residential Certificate (EIRC) initiative, surpassing $500 million in investments. This achievement not only underscores Bermuda's growing attractiveness to global investors but also the program's profound impact on the island's economy. Launched in 2021, the EIRC program has successfully attracted high-net-worth individuals from countries such as the United States, United Kingdom, Canada, and Spain, offering them permanent residency in exchange for a minimum investment of $2.5 million.
With 58 applications approved to date, the program has facilitated substantial capital inflows into Bermuda's real estate, new and existing businesses, and social causes. The BDA's comprehensive concierge services have been pivotal in ensuring a seamless application process for participants. Investments have been diversely allocated, with $212 million directed towards new businesses, $231 million into real estate, $49 million to existing local enterprises, and $6 million to social ventures, showcasing the program's wide-ranging economic benefits.
The Honourable Jason Hayward, Minister of Economy and Labour, highlighted the EIRC's role in stimulating economic development and attracting individuals who choose Bermuda as their home, thereby creating long-term opportunities. Kyle Rogers, Research and Intelligence Manager at the BDA, pointed out that reaching the $500 million mark reflects Bermuda's dual appeal as a business hub and a desirable living destination, expressing optimism for the program's future growth.
Beyond financial gains, the EIRC initiative has fostered deeper community ties, with many certificate holders having personal connections to Bermuda. Jonathan Halata, an investor and EIRC participant, shared his positive experience, emphasizing his commitment to contributing to Bermuda's development through projects like Azura and Nautilus, which have enhanced the island's tourism sector and employment opportunities. Halata also praised the BDA's efficient and personalized application process.
The EIRC program's success illustrates Bermuda's dedication to economic advancement while maintaining its status as a top choice for international investors. As it continues to draw high-net-worth individuals and their investments, the initiative is set to further influence Bermuda's economic landscape and global standing. For more details on the EIRC program, visit https://www.bda.bm.
