‘Work From Bermuda’ initiative growing in popularity
/ Our Today
administratorNets over 900 residents and $23 million
The ‘Work from Bermuda’ policy is growing in popularity in the island and is pulling in much-needed revenue to the government coffers.
The recently released Ministry of Labour Year End Review 2021 shows that the one-year initiative has “yielded over 900 residents and generated over $23 million into the economy,” with the ‘Work from Bermuda’ programme growing in popularity.
The policy, which was launched back in August 2020, allows people who have “the means to support themselves while working remotely” to apply to live in Bermuda for one year.
$45M GENERATED THROUGH DIRECT INVESTMENT IN BERMUDA ECONOMY
In listing off policies which have “established sustainable frameworks, which promote economic growth and engagement,” the 2021 Year End report of the Labour Ministry identified work done to make the initiative successful.
These include:
1. Implemented the Economic Investment Certificate and Residential Certificate policy entitling a person to reside in Bermuda. As of the creation of this document, this has generated over $45 million through direct investment in the Bermuda economy.
2. Implemented the One-year Work from Bermuda policy which yielded over 900 residents and generated over $23m into the economy. Also referred to as “Permission to Reside on an Annual Basis”, permission can be granted for periods of up to five [5] years. As of November 2021, two hundred and six [206] Work from Bermuda Certificate holders remain on the island.
3. Increased visitor stays, permitting them to remain in Bermuda for an additional 90 days for a total of 180 days.
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