Bermuda's Incentives for Job Makers Act 2013 is effective today, making it simpler and more affordable for non-Bermudian senior executives to be granted permanent residency and be exempt from requiring work permits.
Key highlights of the legislation include:
- Reduces the number of Bermudian employees required in order for companies to qualify for the programme from 25 to 10
- 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 five applicants for exemption per company
- Potentially enables individuals who have worked for more than one employer in Bermuda to meet the ten 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 new legislation has been immediately and positively received by organisations such as the Bermuda Business Development Agency and the Association of Bermuda International Companies. The Bermuda Government believes that these changes will stimulate the economy and increase jobs.
For a detailed review of the legislation, please access our Brief and the Guidelines for Employers, as issued by the Bermuda Government.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
