Bermuda considers increasing immigration to foster economic growth

The Bermudan government is considering the best way of increasing its total population in order to stimulate the island’s economic growth.

OBA MP Sylvan Richards is urging the government to streamline its immigration laws in order to attract would-be expats to the island. The call comes after recently-released figures predicted a fall of four percent in the population total to 61,500 by 2020.

Richards considers that immigration is the key to fostering the island’s economic growth, with others suggesting the fall in population numbers over the last two years is far higher than the figures show. During the same period, thousands of jobs were lost to the workplace.

According to Richards, a commercial immigration scheme offering residency in exchange for either a contribution to the country or investment would draw overseas talent and business acumen to Bermuda. Relocation incentives for overseas companies are another way, he adds, and may encourage Bermudan migrants to return home.

He told reporters that Bermuda is a small country unable to support a huge wave of immigrants, adding that attracting high net worth individuals with extensive business experience should be the government’s aim. However, he rejected the ‘cash for residence’ schemes now being implemented in Malta and other smaller states.