Bermuda's banks and residents with investments in other European countries may be the first to feel the sting of the `stick' accompanying the `carrot' of
Created: May 17, 1999 11:00 AM
Those Bermuda residents would start to lose 20 percent in withholding taxes on the income from their overseas savings if a European Union directive is implemented -- as planned -- before the end of the year. It is not immediately clear whether such taxes would be payable on money invested in Great Britain by Bermuda residents, given Bermuda's Constitutional status.
In a three-part Royal Gazette Business analysis -- starting on Page 14 -- writer Roger Crombie examines the financial implications and obligations of the UK's recent proposals to re-write the rules with her Overseas Territories.
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