A plan to promote domestic investment was announced in the 2022-2023 Budget Statement.

Under a section titled Bermuda’s Demographic and Population Problem, David Burt, the Premier, claimed the plan would boost employment while increasing the island’s population.

He said: “Just as we have opened up avenues for additional foreign investment, we must make it easier for Bermudians to pool their resources and invest in their island.

“These changes will be implemented this year to increase domestic investment that will create jobs, and in turn, stabilise and eventually increase Bermuda’s population.

“Changing these demographic trends will not happen overnight, it will take time. And while there will be an economic boost this year with increased business from tourism, this government recognises the challenges being faced by residents who need additional support and relief from Bermuda’s high cost of living now.”

Mr Burt said it is imperative that the population and workforce in Bermuda increase through the creation of jobs via domestic and foreign investment. However, he said that the growth need not necessarily come from “imported” labour.

He added: “If we do our job to make Bermuda a fairer place to live and work, there are Bermudians who will return.

“However, it is vital that we shift from the false choice of ‘is population growth good or bad” to a mindset of ‘growth is essential – how do we ensure that it benefits Bermudians who live in Bermuda’?

“ This government knows and understands what is required to build the economy but we also know that economic growth cannot leave Bermudians as spectators to success; jobs can be created through local investment as well.”