Economic Investment Residential Certificate

The Economic Investment Residential Certificate (EIRC) is Bermuda's residence-by-investment programme, granting immediate and indefinite residency rights to individuals who invest a minimum of $2.5 million BMD in the Bermuda economy. Administered by the Ministry of Economy and Labour and the Department of Immigration, the programme was revised in March 2023 to replace the earlier Economic Investment Certificate (EIC), eliminating the previous five-year waiting period and granting residency from the date of issuance. As of late 2025, the programme has attracted over $600 million in investments across 79 approved applications and 188 certificate holders.

The $2.5 million qualifying investment may be spread across one or more eligible categories:

• Real estate — purchase of property in Bermuda (non-Bermudians must obtain a government land license)
• Equity in existing businesses — genuine business investment (excluding pure limited securities holdings in exempted undertakings)
• New business ventures — incorporation of a new company in Bermuda
• Charitable donations — to registered Bermudian charities

Government bonds were removed from the qualifying list in June 2024. The investment must be maintained at the $2.5 million minimum for at least 5 years, with verification required at the end of the fifth year.

• Non-Bermudian national aged 18 or older
• Good character; no criminal convictions for indictable or dishonesty offences
• Qualifying investment of at least $2.5 million BMD (or equivalent in another currency)
• Minimum 90 days of physical residence in Bermuda per calendar year during the first 5 years
• Compliance with Bermuda Department of Health requirements

• Cover letter and personal data sheet
• Due diligence and security vetting documentation (prepared by a law firm, financial adviser, or third party)
• Two professional and two personal references
• Valid passport copy
• Birth certificate
• Marriage certificate (if applicable)
• Proof of qualifying investment (category-specific — e.g., purchase agreements, shareholding certificates, incorporation documents)
• Evidence of good character

The EIRC does not expire and does not require renewal. It grants indefinite residency from the date of issuance. However, the certificate may be revoked if:

• The holder is convicted of a criminal offence
• The certificate was obtained by fraud
• The holder continuously resides outside Bermuda for 2 or more years without prior ministerial leave
• Failure to comply with notification requirements (fines of up to $25,000 may also apply)

After 5 years of legal residence (with total absences of no more than 450 days and continuous residence for the 12 months prior to application), holders may be eligible to apply for British Overseas Territories Citizenship (BOTC).

The EIRC covers the applicant's spouse or partner and dependent children aged 18 or younger (or up to 25 if enrolled full-time in a higher education institution). Dependants receive resident status from the date of issuance. They do not receive automatic work rights and must apply separately for work permits under standard Bermuda Immigration and Protection Act work permit policy. If the EIRC holder and their spouse or partner separate, the surviving or former spouse may reapply independently within 3 months.

Bermuda has no personal income tax, no capital gains tax, and no inheritance tax, making it one of the most tax-efficient jurisdictions in the world. Residents are subject to:

• Payroll tax — on remuneration for services provided in Bermuda (applies if operating a local business or drawing a salary)
• Land tax — payable on owned or rented property twice yearly based on annual rental value
• Customs duties — approximately 25% on most imported goods

1. Submit an expression of interest through the Bermuda Business Development Agency (BDA) website at bda.bm. A dedicated concierge team member is assigned to guide the applicant.
2. Complete due diligence, background vetting, and make the qualifying investment.
3. Once the investment is in place and all documents are prepared, submit the formal EIRC application to the Department of Immigration.
4. The Minister provides a decision within 5 days. Approved applicants receive acknowledgement by email.

The application fee is $2,755 BMD (covering the applicant and spouse). The process is confidential. The EIRC holder receives automatic work permit approval for their invested business and any other sector.

Note: New business investments are subject to Bermuda's 60/40 rule requiring 60% Bermudian ownership or control, though the Minister may grant discretionary exceptions.