an advertisement aimed at Bermudian investors with Independence jitters.

"We're pleasantly surprised by the response,'' Rainbow Realty sales manager Mr. Billy Culbert said yesterday. "It seems that a lot of them are inquiries on business letterhead. It would appear they are people of significance.'' The advertisement, which appeared in The Royal Gazette again yesterday, is headed: "Invest in the Cayman Islands -- a British Crown Colony.'' The ad describes the Caymans as "a modern, safe jurisdiction with tax-free status and an infrastructure to meet the needs of sophisticated offshore residents.'' It urges Bermudians to "call or write us for real estate and investment information and how you can become a resident of the Cayman Islands.'' Mr. Culbert said his real estate company began running the ad about two months ago after learning about Bermuda's Independence debate.

"We felt the vibrations,'' he said. "We thought it might be a good idea to give people an alternative.'' He estimated he has received about 30 replies from Bermuda, which he called a "substantial response'' from "significant people.'' "At this point in time, I guess we can't say that we have actually dealt with someone who's made the change,'' but people seemed to be exploring what option they could take if Bermuda did opt for Independence, Mr. Culbert said.

Based on news he had received recently, he felt it was now unlikely Bermuda would opt to break its 386-year colonial ties with the United Kingdom.

Mr. Culbert described Independence as "a silly thing''.

Much of the lure of tax havens was based on British laws, which "you can't guarantee the way you can now,'' after Independence, he said.

"I don't think the Cayman Islands people have any intention of going Independent,'' he said, though "other people tell me different''.

In a recent editorial, the Cayman Islands newspaper the Caymanian Compass said one only had to look to Bermuda to confirm "the veracity of the assumption that the financial industry is extremely volatile and requires an atmosphere of political stability to thrive''.

With the August 15 Independence referendum looming in Bermuda, the Island's "financial industry is having severe jitters'', the leader read.

"It is rumoured that fear of Independence has caused the flight of business representing huge sums of money, some of which is said to have moved to the Cayman Islands. There is no confirmation of these rumours.

"It is apparent, though, that Cayman has seen more inquiries than usual about Cayman's business environment and about possible relocating of business from Bermuda to Cayman.''