Approved Residential Schemes

The Bermuda Government seeks to stimulate growth in Bermuda’s economy, and in particular within the Island’s 4 Economic Empowerment Zones by widening the scope of potential investment through providing for the creation and support of Approved Residential Schemes (ARS).

What are ARS?

Amendments to the Bermuda Immigration and Protection Act 1956 (BIPA) remove the restrictions on purchasing residential units within any Economic Empowerment Zone.

The intent of this policy is to stimulate economic growth; and empower entrepreneurs in parts of Bermuda which historically had a limited level of investment. The intent of ARS is not to create conditions which facilitate gentrification and the displacement of the residents, businesses, and property owners.

Application Requirements

The UDA will provide information and listen to residents, businesses and property owners concerns before such ARS are being considered/approved. Some things to keep in mind during this process:

All Approved schemes will be signed by the minister.

Approved Residential Schemes approved by the Minister cannot be withdrawn.

Local Residents, International purchasers, companies (both local and exempted) will be able to hold and acquire properties within an ARS with the consent of the Minister of Finance. This increases the number of prospective purchasers.

Get Started

Learn more about the process and submit your application for consideration today.