The EIC is Bermuda's codified UHNW residency programme, introduced in March 2021 under amendments to the Economic Development Act 1968 and the Economic Investment Certificate and Residential Certificate Policy. It replaces earlier discretionary Minister-of-Home-Affairs routes. The EIC grants the holder and their immediate family a five-year right to reside in Bermuda against a minimum US$2.5 million qualifying investment plus a US$125,000 non-refundable Government application fee.

Five approved investment classes, singly or in combination. (1) Bermuda residential real estate licensed for non-Bermudian ownership. (2) Bermuda Government bonds purchased directly through the Bermuda Government Debt Office. (3) Equity or debt investment into a Bermuda-incorporated business (new or existing) approved by the Minister. (4) A contribution to an approved Bermuda Government-designated infrastructure or development project. (5) A charitable donation to a Bermuda-registered charity approved under the EIC framework. The total must reach US$2.5M and be documented to Cabinet standard.

Correct. Bermuda levies no personal income tax, no capital-gains tax, no inheritance or estate tax, no wealth tax, no gift tax, and no withholding tax on dividends or interest paid to residents. Government revenue is funded through payroll tax (on Bermuda-source employment only — irrelevant for passive EIC holders), customs duties on imports, and stamp duties on real-estate transfers. Bermuda has never levied a personal income tax in its modern history.

The EIC itself is valid for five years from issuance. At the five-year mark the holder may apply to the Minister of Home Affairs for a Residential Certificate (RC), which grants the right to reside in Bermuda indefinitely, subject to continued good character and ongoing qualification. The RC is lifetime residency — it is not Bermudian status, and it does not grant voting rights or the right to work locally, but it is permanent residence under Bermuda law.

Passive investment activity tied to your qualifying EIC investment is fine. Active local employment requires a separate work permit tied to a Bermuda employer. Running your own Bermuda-based business is possible with a work-permit variation or via a Bermuda exempted company, but Bermuda tightly protects the local labour market under the 60/40 rule and the Work Permit Policy. Most EIC holders run their income from foreign-source businesses and treat Bermuda as a passive residency.

There is no statutory minimum day count for the EIC itself. However, for the Residential Certificate renewal and for the downstream BOTC path, the Bermuda Government looks for genuine ties to Bermuda — property maintained, local banking activity, family-office engagement, social roots, and some meaningful presence. In practice, we advise EIC clients to plan for thirty to ninety days per year in Bermuda to keep the file clean for Residential Certificate and BOTC progression.

Bermuda is a British Overseas Territory. Under section 3 of the British Overseas Territories Act 2002, any person who holds British Overseas Territories Citizenship (BOTC) automatically also holds British Citizenship and can obtain a UK passport. BOTC is granted by Bermuda Cabinet to long-term Residential Certificate holders of good character, with demonstrable ties to Bermuda, typically after ten-plus years of lawful residence on the island. The threshold is genuine settled-in-Bermuda commitment, not a mechanical clock.

Bermuda is one of the most expensive residency jurisdictions in the world. Median residential rents run US$8,000-15,000 per month for a two-bedroom unit in Hamilton or Tucker's Point. Qualifying EIC real estate typically starts around US$4-5 million. Grocery costs are two to three times US levels because of import reliance. Private international schooling (Saltus, BHS) runs US$25,000-35,000 per year per child. A comfortable family-of-four lifestyle runs US$12,000-20,000 per month above housing. Bermuda rewards UHNW clients only.

Yes. Bermuda has been a participating CRS jurisdiction since 2017 and is an active exchange partner. CRS is not a general broadcast of your banking information. Under CRS, a Bermuda bank reports account holders to the tax authority of the country where the account holder is tax-resident. If your declared tax residency is Bermuda (established via EIC, genuine presence, and a Bermuda Tax Residency declaration) and Bermuda does not levy personal income tax, your Bermuda account is retained within Bermuda only — there is no onward exchange because Bermuda has no domestic reason to escalate the data. CRS only sends data abroad when the account holder's tax residency is elsewhere. Becoming a genuine Bermuda tax resident is how you exit the CRS feed to your former home.

Foreign buyers of Bermuda residential real estate require a Minister-granted Licence to Purchase and pay a government licence fee of 8% of the purchase price (12.5% for condominium units). Stamp duty on transfer runs on a progressive scale up to 7% on amounts above US$1 million. So total one-off transaction costs for a qualifying EIC real-estate investment commonly run 15-20% of purchase price above the purchase itself. Annual Land Tax is then charged on the Annual Rental Value of the property at progressive rates.

Yes. Spouse and dependent children under 18 (or full-time students up to 26) are included on the same EIC Cabinet decision and share the principal's five-year right to reside, the downstream Residential Certificate, and the BOTC path. Each family member needs their own police certificate, medical, and supporting documents. No uplift on the US$2.5M qualifying-investment threshold for family members. Common-law partners are assessed case by case by Cabinet.

Three reasons. First, the BOTC-to-UK passport pathway: Bermuda and Cayman both offer BOTC, but Bermuda's Residential Certificate gives a permanent lifetime residence that supports a smoother BOTC application than Cayman's 25-year renewable Residency Certificate. Second, the reinsurance and ILS capital-markets depth: for clients active in reinsurance, ILS, or captives, Bermuda's market is strategic in a way no other Caribbean jurisdiction is. Third, the proximity to the US East Coast: two hours to New York versus four to Cayman. Cayman is cheaper (CI$1M vs US$2.5M) and deeper on hedge funds. Bahamas is cheaper still (US$750k real estate). Bermuda is the UHNW-priced option with the strongest pathway to a UK passport.