Bermuda Encouraged As Money Management Firm Moves To Island

by Amanda Banks, Tax-News.com, London

01 October 2003

In a bid to cut costs, revealed the Royal Gazette this week, money management firm West End Capital has decided to relocate its Dublin operation to Bermuda.

In a statement, the firm said the move was specifically aimed at reducing overheads and increasing profitability in relation to its position as advisor to Rathgar Capital Management (Bermuda) Limited. Naturally, the revelation has been greeted enthusiastically by representatives of the island's business community and David Ezekiel, chairman of the Association of Bermuda International Companies, commented the development was "obviously a good move" from a Bermudan perspective.

In recent months, rumours have been circulating within the jurisdiction's business community that many firms had plans to up sticks and relocate to Dublin as a result of the previous administration's inflexible attitude towards the controversial work permit term limit issue which placed a six year limit on length of time foreign nationals could work in the territory.

West End Capital's decision however reflects the new administration's more lenient approach on the issue. In August the incoming Home Affairs Minister Randolph Horton held meetings with the island's business leaders where work permits were high on the agenda, after which Charles Gosling, President of the Chamber of Commerce said the government made it "perfectly clear" that they did "not want to do anything that was going to turn away businesses from Bermuda, whether they be new or old."

Recommended