Interest in re-domiciling to Bermuda has risen since the UK announced a new tax on ex-pats according to Finance Minister Paula Cox.

Ms Cox, speaking from the Bermuda International Business Association's (BIBA) Annual London Roundtable conference yesterday, said there had been considerable interest in moving to Bermuda from people whose fortunes would be impacted by the new law.

More than 150 leading lawyers, accountants, risk experts and representatives of the financial services industry from London and other parts of Europe attended the event - a large increase in participants compared to previous years.

In March, Chancellor of the Exchequer Alistair Darling announced foreigners who have lived in Britain for more than seven years and who want to retain their right as non-domiciled residents, which means their overseas earnings are not subject to British tax, will have to pay an annual £30,000 fee if they wish retain non-domicile status.

Minister Cox said: " Without sounding crass, the new law has created a lot of interest in Bermuda. We met with more than 150 people interested in learning more about the positives of moving their companies to Bermuda.

"I believe our reputation is strong and they were impressed to see members of Government presenting alongside the private sector, they could see it is a partnership.

"We had a lot of thoughtful questions for people and I feel it was beneficial for everyone involved.

The day-long event saw Ms Cox deliver the keynote address and provided prospective companies an overview of the benefits of Bermuda.

The session included a breakfast keynote speech by Matthew Elderfield, CEO of the Bermuda Monetary Authority, closing remarks made by Cheryl Packwood, CEO of BIBA, and a cocktail reception.

Ms Packwood said: "This is an incredible opportunity to take Bermuda's international business expertise into the London market, highlighting our leadership and creating further opportunities for BIBA members and others to expand and grow their businesses in the UK and Europe.

"While I do think the non-dom issue raised some people's interest, I think we at BIBA have worked hard to increase Bermuda's presence around the world.

"We have spent the last year writing articles about the Island and cultivating relationships. I think today has definitely been a success.

"This event would not be possible without the support of Bermuda's Government and BIBA's members. To have the active participation of Minister Cox in this event is further proof of the strong relationship between Bermuda's Government and its business community."

"Her participation demonstrates the focus our government is bringing to maintaining and growing Bermuda's economy."