The Bermuda Business Development Agency said it is in discussions with several people about the recently launched Economic Investment Certificate initiative.

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.

Roland Andy Burrows, CEO of the Bermuda Business Development Agency, said: “We have already started having conversations with individuals who have expressed a keen interest in applying for the programme and will now work with them, together with the Government, on the details of their application.

“Choosing where to call home is a significant decision, and we look forward to building relationships based on a real understanding of individual and family needs and demonstrating how Bermuda can meet, and exceed, those needs – not only now but for the future.”

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

The $2.5 million investment 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.

A BDA spokeswoman said Bermuda has much to offer potential investors including a high quality of living, excellent schools and a world-class legal and regulatory environment.

The spokeswoman added: “As a stable, long established, and entrepreneurial destination, international investors can be confident Bermuda is the right place for them and their family to call home.

“Stunning beaches – including Horseshoe Bay, recently named one of the top 25 island beaches in the world by Condé Nast Traveler – phenomenal golf courses, yachting tournaments, restaurants, bars, museums and festivals all add to the experience.

“And for those who need easy travel access to prominent markets and gateways, Bermuda is just 90 minutes from New York and a direct flight to Toronto and London.”

Those interested in applying can do so online at https://www.bda.bm/economic-investment-certificate/