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
- Enables individuals who have worked for more than one employer in Bermuda to meet the 10 year requirement
- Simplifies the process, for example, by removing the required statement which conflates the presence of the company with the applicant remaining in Bermuda
The proposed amendments have been immediately and positively received by organisations such as the Association of Bermuda International Companies and the Bermuda Government believes that these changes will stimulate the economy and increase jobs. We will keep you informed on future developments.
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