Bermuda will let foreigners work remotely on island for a year

The cost of the One Year Residential Certificate is $263

Bermuda is offering foreigners a One Year Residential Certificate, which would allow them to work remotely on the island for an entire year.

Continue Reading Below

Starting Aug. 1, travelers who are able to work remotely, including college students, are invited to stay on the island, Bermuda Minister of Labor Jason Hayward said in a statement, adding that the cost of the certificate is $263.

The Ministry will also extend the maximum period a visitor may stay in Bermuda from 90 to 180 days, he said.

BARBADOS PLANS TO OFFER 12-MONTH STAY INCENTIVE FOR REMOTE WORKERS

"These visitors can reside in Bermuda without seeking employment on the island and will promote economic activity for our country without displacing Bermudians in the workforce," Hayward said. "Remote working has been a growing trend for some time and is something the Bermuda Government has been examining as part of its technology-focused economic diversification strategy."

What's more, the trend towards remote working has only been accelerated by COVID-19 especially as cases of the virus continue to resurge.

Kings Wharf in Bermuda on May 25, 2016 (iStock)

BAHAMAS BANS US TOURISTS AS CORONAVIRUS CASES SPIKE

The efforts come amid a months-long decline in global travel due to the pandemic. Although the virus, which forced people around the world to hunker down for months at a time to stem the spread, essentially hobbled with the travel and tourism industry, islands in particular, have been hit hard since tourism is the main driver of their economy. The newest effort announced last week indicates that the government is trying to offset some of their losses.

"The COVID-19 health crisis had a significant impact on the local economy resulting in mass unemployment and decreased economic activity," Hayward said.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

In offering this One Year Residential Certificate, Hayward says the government will be able to increase the residential population and economic activity as well as provide greater job security for Bermudians. Furthermore, its also projected to "enhance the marketability of Bermuda as a place to reside, visit, or do business," he said.

Restaurants, hotels and accommodations, leisure businesses, and government departments will all benefit from the additional economic activity, Hayward added.

Earlier this month, the government of the British Commonwealth nation of Barbados announced it was working on introducing a concept known as the 12-month Barbados Welcome Stamp. The stamp would effectively allow visitors to work remotely on the island for a full year.

CLICK HERE TO READ MORE ON FOX BUSINESS