Bermuda Economic Investment Residential Certificate | An Incomplete Guide

Overview:

The Bermuda residency by investment program underwent its final reform in 2023 and was officially named the Economic Investment Residential Certificate (EIRC) Program. This program allows foreign investors who invest $2.5 million in Bermuda to obtain permanent residency in Bermuda and the opportunity to apply for a British Overseas Territories Citizenship (BOTC) passport.

This is one of the most popular investment residency programs in the Caribbean region. According to official data, from 2021 to May 2024, in just three years, the EIRC and its predecessor, the EIC program, attracted approximately $464 million in foreign direct investment to Bermuda.

Regarding the EIRC program, the Bermuda Immigration Department offers a wide range of investment options: you can invest in local real estate; government bonds; trust funds; sports, youth development, adult education, health, and other related charitable funds registered in Bermuda; Bermuda companies; and any other investments recognized by the Immigration Department as beneficial to Bermuda society. However, regardless of the investment option, the investment must be maintained for at least five years.

The most common EIRC option is to set up the headquarters of a company with the required assets in Bermuda. This way, the actual controller of the company can not only obtain residency status in Bermuda but also enjoy various tax exemptions in this tax haven.

In addition to the economic requirements, applicants for the EIRC program must also meet other basic requirements such as being at least 18 years old, being in good health, and having no criminal record.

Application Process:

To apply for Bermuda EIRC investment permanent residency, you need to first fill out an online form and contact the Bermuda Business Development Association (BDA). A local staff member will get in touch with you to verify your basic background and provide one-on-one guidance to help you complete the investment.

After completing the investment locally and preparing all the required documents, you can submit your formal EIRC application to the Bermuda Department of Home Affairs and wait to obtain permanent residency.

Required documents for this program include:

• Applicant identity information documents: including passports and passport-sized photos of all primary and secondary applicants; and relationship proof documents such as birth certificates, marriage certificates, etc.

• Completed application form

• Proof of completed investment

• Medical examination certificate

• Criminal record certificate: all adult primary and secondary applicants must provide a criminal record certificate issued by their place of residence.

All documents outside of Bermuda must be notarized, and non-English documents must be translated into English.

The entire Bermuda EIRC program visa fee is $2,755.

Dependents:

For the Bermuda EIRC program, the primary applicant’s spouse, children under 18, and children aged 18 to 25 who are still studying can jointly obtain the visa as secondary applicants.

Visa Validity:

The Bermuda EIRC program grants investors permanent residency in Bermuda. However, to maintain permanent residency, you must sustain the investment for at least five years and reside in Bermuda for a minimum of 90 days each year.

Foreigners who have legally resided in Bermuda for over five years, with a total absence of no more than 450 days during that period, and who have continuously lived in Bermuda for the 12 months prior to submitting their application, are eligible to apply for a British Overseas Territories Citizenship (BOTC) passport.

Tax Implication:

Bermuda is one of the world’s most renowned tax havens: there is no income tax, asset tax, inheritance tax, or most other types of taxes. The only tax that tax residents need to pay is a comprehensive payroll tax at a rate of 6% of personal annual income.

Useful Links:

Bermuda EIRC Program：https://www.gov.bm/economic-investment-certificate-and-residential-certificate

Bermuda EIRC Government PDF：https://www.gov.bm/sites/default/files/210219-Economic-Investment-and-New-Residential-Certificate-Policy-Minister-v16-published_1.pdf