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Bermuda Government 2024 Position on Retaining the Local Workforce

Key Features and Deloitte Perspectives

The Ministry of Economy and Labour of the Bermuda Government in March of 2024 issued a position paper entitled “Consultation on Retaining the Local Workforce Position Paper 2024” (the “Position Paper” or “Paper”). The Position Paper follows the Government’s broad-based Economic Development Strategy (“EDS”), released in 2023, which identified a number of key priorities intended to boost Bermuda’s economic prospects. Among its multiple initiatives, the EDS cited the importance of retaining and expanding the resident and working populations of Bermuda, and identified immigration policy as a lever that could facilitate the achievement of that objective. The EDS specifically referred to action steps around immigration reform, improvements in immigration processes, and reduced eligibility criteria for obtaining a Permanent Resident Certificate (“PRC”) in Bermuda.

In our synopsis of the EDS from June of 2023, we cited immigration reform as a foundational success factor that would impact the success of most of the initiatives within the EDS. We outline below the key features of the recent Position Paper and offer our perspectives on how its recommendations might impact the achievement of economic growth in Bermuda.

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