A new initiative aimed at boosting urban development in the City of Hamilton through foreign investment has officially opened for applications.
The Approved Hamilton Residential Scheme, launched by the Government, allows non-Bermudians, exempted companies, and overseas or exempted partnerships to develop residential units in the city.
Minister of Economy and Labour Jason Hayward emphasized that growing Hamilton’s residential population is key to driving economic growth.
“By increasing the number of residents in Hamilton, we anticipate a significant boost in investment in complementary services such as shopping, dining, and entertainment. This, in turn, will enhance the prospects for investors to see positive returns on their city investments,” Minister Hayward said.
Outlining the application guidelines in the House of Assembly on Friday, Minister Hayward noted that an Approved Hamilton Residential Scheme approval, once granted, will remain in effect indefinitely.
“This provision protects against revocation and expropriation risks, providing long-term security for investors. Furthermore, it guarantees that the ownership of any subsequently purchased residential unit will be unaffected by the immigration status of the buyer, ensuring stability and confidence in the market.”
Minister Hayward summarized: “This initiative not only facilitates foreign direct investment but also reinforces the City as the island’s premier international business, retail, and recreational hub.”
