The Tribune

By RASHAD ROLLE

Tribune News Editor

rrolle@tribunemedia.net

THE cost of economic permanent residence will change from at least $750,000 in real estate investments to $1m in real estate investments or the purchase of zero coupon bonds from the Central Bank.

“In both cases, the asset must held for a minimum of ten years,” Prime Minister Philip “Brave” Davis announced yesterday during his budget communication in the House of Assembly.

He said the Immigration Act would be amended to clarify that foreigners cannot use a Deed of Gift to apply or qualify for permanent residence.

Mr Davis also said provisions would be made to deliver passports to residences abroad so residents would no longer have to travel to embassies for the documents. He noted that some travel long distances just to get their passport.

Starting July 1, the cost of an expedited work permit will be 10 per cent of the permit cost.

A visitor stay extension application will be introduced for $200, which would cover a visitor’s card.

Mr Davis also said a Trusted Traveller programme will begin in the new fiscal year for frequent visitors to the country. He said the programme would speed up immigration processing at the border and a fee of $200 would be imposed.