Bermuda has netted US$23 million during the first 12 months from its work from home in Bermuda (WFB) certificate programme.

The initiative is aimed at people who can financially sustain themselves and was also offered to students. Labour Minister Jason Hayward, in making the announcement, disclosed that 638 people took up the scheme and 206 families still lived on the island as a result.

The WFB initiative is in direct alignment with Bermuda’s economic recovery plan. The initiative, which was launched on August 1, 2020, allowed people from overseas to apply for a one-year residential certificate to work from home in Bermuda. 

To date, 1,081 applications have been received with 937 being approved. At least one recipient has invested over US$2.5 million in Bermuda thereby being converted into an economic investment certificate holder.

In addition to minimum expenditure for one to actually live in Bermuda, other benefits of the programme included the enhancement of the island’s “brand” as an attractive travel destination or place to live.

WEB helped boost Bermuda’s real estate market

The minister added that the scheme has helped to boost the real estate market and presented “an opportunity for a short term stay to blossom into a long-term investment”.

Hayward reported, “as a result of the WFB certificate, various local business opportunities have arisen, creating needed economic activity and jobs.”

Additionally, one WFB certificate holder has been converted into an economic investment certificate holder, meaning the non-Bermudian has invested over US$2.5 million into the Bermuda economy and has decided to make Bermuda their home.

It has been reported that Afiniti, a data and software company that brought people to the island on the scheme, was relocating about 60 workers to Turkey. Afiniti, it is understood still has plans to have a physical presence on the island, which is positive.”

Separate programme launched in Bermuda

The Labour Minister explained that a separate programme – permission to reside on an annual basis – was “particularly attractive to globally retired individuals, dependents of work permit holders and owners of hotel and tourist accommodations”. He explained that approvals for the scheme can be granted for periods of up to five years.

According to Hayward, the Ministry of Labour remains entrenched in establishing effective policies that will foster the expansion of jobs and economic growth. 

“Through our national economic recovery plan, the Government will take decisive action to restore consumer and business confidence and stimulate our economy, creating a clear path to growth and employment, Howard said in concluding,” he remarked.