Benefits to local businesses show no signs of slowing down
HAMILTON, BERMUDA — Remote work in Bermuda has contributed nearly $30 million to the economy thanks to the Work From Bermuda (WFB) programme.
This is according to the Ministry of Economy and Labour, which said it intends to continue the successful initiative.
The programme was launched on August 9, 2020 — just months after the COVID-19 pandemic began dealing a tremendous blow to worldwide travel and tourism.
It allows foreign nationals to live in Bermuda for up to one year while working remotely for foreign employers, paving the way for digital nomads to enjoy island life.
Additionally, certificate holders are allowed to renew their certificates if they wish to stay for a longer period of time.
A recent statement from the government noted that in the two years since the programme’s launch, it has received 1,315 applications.
Of those, it said 1,127 were approved, with some 234 certificate holders still living in Bermuda as of August 2022.
Economic boom thanks to remote work in Bermuda
WFB has a major impact on Bermuda’s economy in several sectors, the government noted.
“It is estimated that since the launch of the WFB initiative, certificate holders have injected over $28 million into Bermuda’s economy,” its statement read.
“Overall, the benefits of this policy include: boosting economic activity and enhancing Bermuda’s brand and reputation as an attractive travel destination and/or a place to live.”
It added, “This certificate is a win-win for both visitors and Bermuda.
“Attracting people to reside in Bermuda for durations of one year assists in boosting Bermuda’s economic activity.
“Additionally, the requirement that only businesses outside our country can employ WFB certificate holders ensures that local jobs are protected.”
Last year, Bermuda Tourism Authority CEO Charles Jeffers II told Remote Worker UK, an affiliate of Caribbean Employment Services Inc., of the programme’s tremendous success.
He highlighted the economic boost to tourism as well as local businesses and the local rental accommodation market.
Further, those benefits show no sign of slowing down as the government of Bermuda said it “continues to be encouraged by the number of new applications submitted weekly and the number of individuals who are choosing to renew their stay for an additional year”.