Chance for tourists to gain residency rights

FRIDAY, NOV. 2: Foreigners who invest in island property will get residency rights in Bermuda, it was announced today.

The move is aimed at boosting the property market among overseas buyers — and giving a shot in the arm to the economy by encouraging more people to stay longer-term on the island.

The move was signalled in the Throne Speech, delivered in the grounds of Cabinet Office by Governor George Fergusson.

Mr Fergusson said: “To further stimulate investment in this area and to also encourage less seasonality of our visitors, the Government will provide a form of residency to those tourists who invest in Bermuda through the purchase of tourism zoned units connected to their ownership of new and existing product constructed to aid in our tourism recovery.

“The ultimate goal is to have more tourists spend more money year round. That means more stable, good-paying jobs in the tourism industry for Bermudians.”

The move brings Bermuda into line with the Bahamas, Cayman Islands and Turks & Caicos, all of whom offer similar schemes.

Mr Fergusson added that it was hoped to attract more than 340,000 cruise ship passengers next year, who are expected to pump around $80 million into the local economy.

Tourism Minister Wayne Furbert said later that arrivals in August were up nine points and projections pointed to double-digit increases.