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ARTICLE · 23 SEPTEMBER 2013

Bermuda Government Tables Changes Which, If Passed, Will Make It Easier For Bermuda Based Companies To Attract And Retain Top Executives

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The Government has tabled amendments to the 'Incentives for Job Makers Act' which, if passed, will make it simpler and more affordable for non-Bermudian senior executives to be granted permanent residency and be exempt from requiring work permits.

BermudaWealth Management
Timothy Faries
Timothy Faries
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The Government has tabled amendments to the 'Incentives for Job Makers Act' which, if passed, will make it simpler and more affordable for non-Bermudian senior executives to be granted permanent residency and be exempt from requiring work permits.

The proposed key amendments:

  • Reduces from 25 to 10 the number of Bermudian employees required in order for companies to qualify for the programme
  • Reduces the fee for Permanent Residence Certificate applications - from $120,000 to $25,000
  • Eliminates the delay until 2015 in which applications can be made - applications can be made immediately on meeting the criteria
  • Eliminates the cap of only 5 applicants for exemption per company

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