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| Bermuda Lays Down Welcome Mat For Investors |
by Amanda Banks, Tax-News.com, London
Monday, December 12, 2011
Bermuda's Premier, Paula Cox, has outlined details of the government's Incentive for Job Makers Act 2011, which will ease work permit and residency restrictions for senior management and wealthy investors, a move which is expected to boost Bermuda's
appeal as an international financial centre.
Underscoring the importance of Bermuda's international business sector,
which accounts for a quarter of the territory's economy, Cox told parliament that it was
vital to continue to increase the island's attractiveness to international investors.
Against this background, Cox said the Incentive for Job Makers Act 2011 would
make it easier for investors to establish operations in the jurisdiction and would boost employment opportunities for Bermudians.
As well as providing concessions for businesses deemed "critical to the economic
success of Bermuda", the Act legislates for exemptions from work permit
requirements for senior executives of eligible companies.
Under the Act, companies will be granted exemptions for up to five personnel
at any one time to cut bureaucracy and boost flexibility for companies. A new
body, the Cabinet Committee, will oversee the provision of work permit exemptions.
The Bill creates a fee of BMD20,000 (USD20,000) for an application for an exemption
from needing a work permit. This fee is consistent with the fee charged for
a ten-year work permit.
The Bill also provides for the issue of a permanent resident’s certificate
[PRC] to persons that have been exempted from needing a work permit for ten
years, and have been ordinarily resident in Bermuda for a period of at least
ten years. For investors with existing operations in Bermuda, the 10-year period will be backdated to January
1, 2005, a concession of two years on that previously proposed. This would mean that permanent residency certificates would be available for long-term investors from January 1, 2015, at the earliest. The fee for a PRC has been set at BMD120,000.
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