Vexed Bermoothes

The Associated Press reports:

Bermuda is ramping up efforts to maintain its position as a leading offshore business center after several major companies announced plans to move to Europe, the mid-Atlantic British enclave’s finance minister said Wednesday

Finance Minister Paula Cox said the territory is redoubling corporate outreach and pursuing legislative reform to fend off rivals such as Switzerland that are bent on luring away Bermuda-based corporate offices amid the global financial crisis and fears of tighter tax rules.

“Many jurisdictions with similar qualities to Bermuda are vying for existing and new business in these uncertain times,” Cox told The Associated Press. “While there are perceptions that other jurisdictions offer preferential tax treatment, the Bermuda model is still one that continues to maintain its position in the upper echelon of the world’s top reinsurance centers.”

But she did not give specific details on possible measures to stem corporate flight from the 66,000-person territory, which relies on international business as a critical source of foreign exchange along with reinsurance and tourism.

Bermuda is hampered by the lack of a well articulated plan of what our Government will do to counter the multiple ailments of our international business sector.  We get sweeting whispers of reassurance, but little detail of what “corporate outreach” and “legislative reform” actually mean.

In yesterday’s Sun, Larry Burchall commented that he knows what the intentions of other world leaders are, but does not know what Bermuda’s leaders intend to do.  And if he doesn’t hear them, others don’t either.

It appears that the Associated Press noticed as well.