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April 1, 2024
4 min

Economic Investment Certificate (EIC): How to Obtain Bermuda Golden Visa

Brittany Collins

Known officially as the Economic Investment Certificate (EIC) program, Bermuda’s investor visa programme is an attractive opportunity for wealthy individuals seeking residency in a British Overseas Territory.

The main requirement to participate is to invest at least $2,500,000 in Bermuda’s economy.

In this article, we delve into qualifying criteria such as minimum investment requirements and approved investment areas.

Economic Investment Certificate (EIC): How to Obtain Bermuda Golden Visa

Economic Investment Certificate (EIC): How to Obtain Bermuda Golden Visa

Bermuda’s Economic Investment Certificate (EIC) Program

The EIC program is a Golden Visa residency initiative launched by Bermuda’s government to attract foreign investors. It aims to boost the economy, diversify income streams, and create jobs for locals in the country.

Bermuda, located in a favorable spot, is politically secure and has an efficient legal system — making it appealing to those seeking to invest. With an Economic Investment Certificate, successful applicants and their families can reside in Bermuda indefinitely, enjoying all the amenities this paradise island offers.

5 Advantages of Getting a Golden Visa

The Bermuda Economic Investment Certificate (EIC) program has many benefits for its holders. These advantages go beyond residency and potential citizenship in one of the world’s most beautiful islands.

  1. Tax benefits. Bermuda is famous for its competitive tax system. The territory does not impose income, capital gains, or wealth taxes on individuals — a significant advantage for high-net-worth investors looking to optimize their global tax position.

    In addition, companies registered in Bermuda enjoy tax exemptions on corporate income, withholding taxes and capital gains. They also benefit from no exchange control regulations, allowing free movement of funds into and out of the country.

  2. Employment opportunities with minimal restrictions. Aside from fiscal benefits, obtaining a Golden Visa through Bermuda’s EIC program opens up local employment opportunities with minimal restrictions. Unlike many countries that limit work options for foreign residents or require them to secure job offers before granting visas, Bermuda allows EIC holders full access to the local job market without prior approval.

  3. Family inclusion. You are also able to bring your spouse or dependents to Bermuda.

  4. Access to international markets. Bermuda is well-positioned between North America and Europe, offering access to these significant markets.

  5. Healthcare access. As part of the EIC requirements, you must have health insurance coverage, ensuring access to Bermuda’s healthcare services.

Investment Requirements under the Bermuda Golden Visa Program

The investor must have enough money to contribute it right away. The sources of them must be legal.

Minimum investment. The minimum sum required to qualify for the EIC program is $2,500,000.

Approved areas of investment. Not all investments are equal in terms of their ability to contribute to job creation and economic growth, which is why Bermuda has identified specific areas for investment:

  • residential or commercial real estate;

  • government bonds — they must be held for at least five years;

  • the Bermuda Sinking Fund or the Bermuda Trust Fund;

  • a Bermuda-registered charity — allowed fields: sports development, youth, seniors, or health;

  • a business registered in Bermuda — both new and existing.

It is also possible to invest in other useful ventures if they are determined as such by the Minister of Immigration.

Besides investment, the applicant must also pay a fee of $2,625 for issuing an Economic Investment Certificate.

Qualifying for the Golden Visa Residency Program

To qualify for the Economic Investment Certificate, the investor must:

  • be over 18;

  • have no criminal record;

  • have legal sources of income and be able to prove it.

Children aged 18 to 25 can be included in the application if enrolled in a higher education institution.

Process for Obtaining Bermuda Golden Visa

1

1 week

Preparation of required documents

The list often includes:

  • a completed application form; passport copies;

  • health insurance coverage;

  • a police clearance certificate;

  • and other personal identification or financial records.

2

1 day

Submission

Submit the application and required documents to Bermuda’s Department of Immigration. An application fee of $2,625 will also be due upon submission.

3

2 weeks

Review and approval

After submission, the application will go through a review process. It may include further verification of the information provided, possible interviews or additional queries, and a final decision process.

4

1 week

Investment and certification

Upon approval, you will be required to make your investment as proposed in the application. Proof of this investment must be provided. Afterwards, the Economic Investment Certificate is granted.

5

After 5 years

Acquiring permanent residence

You can apply for permanent residency five years after being a temporary resident in Bermuda.

How to Get Permanent Residency and Citizenship

Hold onto your investment certificate for at least five years, maintain your investments, and follow all government requirements. Then, you can apply for a Residential Certificate to get permanent residency status.

After holding onto your Residential Certificate for another five years or more, you may be eligible to apply for Bermudian citizenship, also known as British Overseas Territories citizenship.

Bermuda Golden Visa

British Overseas Territories citizens can obtain British citizenship under the simplified procedure. The UK passport gives visa-free access to 188 countries.

Requirements for Obtaining Bermuda Citizenship by Naturalization

The eligibility criteria for Bermuda citizenship depend on the section you’re applying under.

Several sections are attributed to applicants for Bermuda passports:

  • 19 — those who possess a Qualifying Bermudian Connection (QBC);

  • 19A — a spouse, widow or widower of a Bermudian citizen;

  • 20 — a child, a step-child or an adopted child of a Bermudian citizen.

Section 19. To apply under this section, one must:

  • be 18 or older;

  • be a Bermuda resident for ten years preceding the date of the application;

  • have a qualifying connection with Bermuda;

  • be of good character.

Section 19A. If you are a spouse, a widow or a widower of a Bermudian citizen, you must:

  • be married to or be the widow or a widower of a Bermuda citizen for at least 10 years after the wedding;

  • have resided in Bermuda for seven years after the wedding, two years out of which you must live in the country continuously;

  • be living with a Bermuda spouse continuously for two years preceding the application or six months preceding the death of the Bermuda spouse;

  • be of a good character.

Section 20. The requirements are the following:

  • be over 18 and under 22 at the same time;

  • be a Bermuda resident for five years preceding the application.

List of Required Documents for Each Section

Section 19

Section 19A

Section 20

Current fee

2 passport photos

Certified copy of Long Form Birth Certificate, if applicable

Certified copy of Marriage Certificate, if applicable

Certified copy of all Divorce Decrees Absolute, if applicable

Certified copy of Passport Data Page

A letter of support and character reference from 2 sponsors

Proof of residence in Bermuda for 10 years

Proof of residence in Bermuda for 7 years

Proof of residence in Bermuda for 5 years

Police Report from your country of origin if a resident of Bermuda for less than 15 years

Local Police Report

An application form

Citizenship by Investment in the Caribbean Countries

Some Caribbean countries grant wealthy individuals citizenship by investment. These countries include Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis and St Lucia. Acquiring passports in these states usually takes up to 6 months.

Comparison of Caribbean Countries Offering Citizenship by Investment

Country

Minimum investment

Processing time

Antigua and Barbuda

$100,000

4—6 months

Dominica

$100,000

2—6 months

Grenada

$150,000

4—6 months

St Kitts and Nevis

$125,000

2—6 months

St Lucia

$100,000

3—4 months

Key Takeaways

Bermuda has a Golden Visa program known as Economic Investment Certificate (EIC). It can be obtained by investment. The minimum sum is $2,500,000.

There are 5 options: investment in residential or commercial real estate, government bonds, the Bermuda Sinking Fund or the Bermuda Trust Fund, a Bermuda-registered charity and a business registered in Bermuda.

The process of obtaining a Bermuda residence permit takes 1—2 months.

After 5 years of holding the status, you can apply for permanent residence and citizenship after 5 more years.

Benefits of Bermuda citizenship include:

  • tax benefits;

  • business opportunities;

  • access to international markets;

  • access to healthcare services;

  • family inclusion.

Other Caribbean countries grant citizenship by investment. They are Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis and St Lucia.

Frequently Asked Questions

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