Bermuda's 60:40 rule: How to get around it without breaking sweat
Intro:
THE farcical nature of the Bermuda law that was supposed to restrict foreign ownership of local companies to 40 per cent was exposed in 2001 in a transaction regarding ownership of the Bermuda Commercial Bank, writes David Marchant.
Excerpt:
However, the transaction seemed to be merely the formalisation of an arrangement entered into in 1995 that apparently legally circumvented the 60:40 law.
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