The Economic Investment Certificate scheme has sparked more than $30 million of investment into the island since its inception.

The programme, which opened on March 1, allows foreign nationals to reside in Bermuda for five years provided that they invest a minimum of $2.5 million into Bermuda.

After five years, EIC holders can apply for a residential certificate.

Jason Hayward, the Minister of Labour, said that so far six people had been approved for EICs.

He added that because of the high cost of the scheme, the initiative has resulted in more than $30 million of investment in the island.

Mr Hayward said: “We are continuously have people declaring their interest and are working through the process.

“At the price point of $2.5 million, it was designed to ensure that we don’t have open borders.”

The move, announced by the Government earlier this year, is intended to spark investment in Bermuda and bolster the economy.

Investments under the scheme can include the purchase or real estate or Government bonds, contributions to the Bermuda Sinking Fund or a Bermuda registered charity, investments into existing Bermuda business, launching a new Bermuda business or investment in an approved social venture.

Mr Hayward that in most cases, the investment came in the form of the purchase of residential properties.