A scheme designed to encourage investment into Bermuda by offering permanent residency has passed the $500 million mark.

the Economic Investment Residential Certificate was launched in 2021. There have now been 58 approved applications.

With a minimum investment of $2.5 million, participants gain permanent residency in Bermuda and the flexibility to invest in real estate, new and existing local businesses, government bonds or social causes.

Kyle Rogers, the research and intelligence manager at the Bermuda Business Development Agency, which oversees a concierge service that supports EIRC applicants, said he was “excited about the programme’s growth and the bright future ahead”.

He added: “Reaching $500 million is a testament to Bermuda’s unique offering as both a business hub and an exceptional place to live.

“The EIRC initiative continues to generate significant value by attracting capital and new residents who are committed to the island’s long-term success.”

According to the BDA, of the $500 million invested, $212 million has been directed towards new businesses, $231 million into real estate and $49 million into existing local enterprises.

Another $2.6 million has also been invested in government bonds and $6 million into social ventures deemed beneficial to Bermuda — and subject to the minister’s approval.

Jason Hayward, the Minister of Economy and Labour, said: “The EIRC initiative has proven to be a vital tool for stimulating economic development in Bermuda.

“By attracting high-net-worth individuals who are not only investing but also establishing Bermuda as their home, we are creating long-term opportunities for the island.

“Surpassing the $500 million mark is a significant achievement, and we are confident that the BDA and EIRC programme will continue to contribute positively to Bermuda’s economic growth."

Jonathan Halata, a developer, investor and successful EIRC applicant, said his family had been connected to Bermuda since the 1970s.

He explained: “The EIRC wasn’t just about investing money; it was about building a life for my husband and daughter, and contributing to the community my family has become part of.

“My investment in Bermuda extends far beyond financial returns – it’s about contributing to the development of premier assets like hotels and tourism infrastructure.“

Mr Halata, the head of development at Island Realty Bermuda, added: “Island Realty projects like Azura and Nautilus have brought something unique to Bermuda and created dozens of jobs, which are vital for both airlift and the livelihoods of Bermudians.

“I see a direct link between the EIRC programme and Bermuda’s future growth. It’s not just about selling homes – it’s about creating lasting opportunities.

“Multiplying our experience by ten, 50, or 100 could generate significant new jobs for Bermudians.”

He said: “The EIRC certificate process was much easier than I expected, especially knowing the complexities with immigration and work permits.

“The BDA’s white-glove service, with Kyle’s personal attention to detail, made a tremendous difference.

“They delivered exactly what was promised, with a ribbon on top.”