Bermuda To Explore Impact Of Foreign Ownership
by Amanda Banks, Tax-News.com, London
14 November 2003

According to a report in the Royal Gazette, the Bermudian government is planning to question how its economic priority of expanding the jurisdiction’s financial sector conflicts with the attitudes of islanders to foreign ownership.

Speaking at ACE’s second annual Insurance Symposium earlier this week, Attorney General and Education Minister Paula Cox asked: "To what extent are Bermudians prepared to see foreign investors "own" the country's resources – including its major enterprises? To what degree is the population prepared to accommodate additional foreign workers, many in high salaried occupations? What additional burdens on infrastructure are tolerable?"

The issue is particularly topical after the recent takeover of the Bank of Bermuda by the world’s second largest bank, HSBC, a move that was approved by the government as it tallied with its policy of promoting foreign investment, government advisor Dr Andrew Brimmer told the Gazette.

As a result, the government has decided to establish a committee to explore the issue of sustainable development.

"The defining aspects of any credible policy on sustainable development has to include, among other things, consideration of whether additional growth is compatible with national goals for economic development (e.g. training, and development opportunities for Bermudians), infrastructure issues, environmental considerations and proper economic analysis," noted Mrs Cox.

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