International Business & Immigration, Tourism
From "Suggestions to stimulate economic recovery for Bermudians once Shelter in Place ends"
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The economy of Bermuda survive because of main two drivers International Business and tourism.
International Business is the only driver going to survive after Covid19, supporting IB and encouraging it to stay in Bermuda, making it attractive for more players to join. This can only be achieved by improving immigration policies in terms of processing work permits fast and issuing permanent residency certificates to those who have lived here for more than 10yrs.
Immigration - Opening up immigration policy to allow foreign investors to bring in investments with little to no tax as an incentive.
Give Permanent Residents Certificates to foreign workers who have worked and lived in Bermuda for more than 10years. Allow them to buy properties, thereby increasing people paying land tax etc. Encourage them to invest and spend their money in Bermuda. We need the numbers, we need more people to contribute into our pension, help our healthy system and take care of our seniors. The more we are the better.
Tourism- There is no hope for tourism not until after a year or so. People who normally spend traveling are losing their jobs, so even if covid dies out after summer, chances are people spending pattern has been affected. Hold on spending in tourism until covid passes.
The point is not bringing new ideas but for government to support economic growth in areas that are already successful, I.e. International business, Immigration and to promote Tourism once covid dies off.