A new $35,000-a-year scholarship to Scotland’s oldest university is to be offered to Bermudian students.

The scholarship was set up by Bermudian-based businessman Chris Maybury and Karim Alibhai, the founder of Gencom, the new owner of Rosewood Tucker’s Point hotel.

Mr Maybury said: “Investing in future leaders of Bermuda is a duty of non-Bermudians who are afforded the privilege of living on the most beautiful island on earth and a way to put something back into this vibrant community.”

Mr Alibhai added: “We are honoured to give back to the Bermudian community by offering deserving students a scholarship to St Andrews.

“We are confident that St Andrews’s unparalleled educational experience will not only enrich the lives of the scholarship recipients, but will also have a profound impact on the greater Bermuda community when these students return to Bermuda with new knowledge and new leadership skills.”

St Andrews, in Fife, was founded in 1413 and is the third-oldest university in the English-speaking world.

It was rated last year as Britain’s third best university, behind Oxford and Cambridge and also features in world rankings of educational institutes.

The university became famous in recent times as the spot where Prince William and the then Kate Middleton, now the Duchess of Cambridge, met while both were students there.

The scholarship, awarded for four years, covers tuition, accommodation, food, air travel and a computer.

Mr Maybury chose St Andrews because of its 900 degree courses, offered over arts, divinity, medicine and science and the Scottish tradition of broad-based education which allows for more exploration and exposure in the first year of study.

To be eligible for the first scholarship, potential students must be in financial need, be graduating or have graduated from high school, be under 25 years old on September 1 and have a good academic record.

They must also have applied to and been accepted by St Andrews before applying for the scholarship and made a “significant contribution” to community service. Successful applicants must also have attended school in Bermuda for at least five years.

Applications to St Andrews can be made at https://www.st-andrews.ac.uk/study/apply/ug/direct/. Scholarship applications should be made on Bermudascholarships.com by the deadline of April 23