Economic Investment Certificate (EIC): How to Obtain Bermuda Golden Visa in 2024

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.

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.

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.

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.

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.

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.

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.

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.