A senior Bermuda lawyer used the occasion of an offshore investment conference to outline the myriad of benefits to establishing international business in Bermuda.

President of local firm Cedar Trust Company Ltd. Arnold Francis Q.C. was opening "Offshore Wealth Preservation and Planning Seminar'', presented by Swiss Annuity Exchange Ltd. and Cedar Trust, in conjunction with law firm Richards, Francis & Francis, of which he is senior partner.

Mr. Francis said that other than being tax advantaged, Bermuda also: has political and economic stability; has an absence of currency restrictions; has an opportunity to maintain foreign banking accounts in confidentiality; provides an ability to shift investments without being taxed; has an absence or minimum amount of governmental controls; has skilled professional and support personnel; enjoys a good geographical location, superb communications and convenient transportation facilities; maintains a governmental guarantee against the imposition of future taxation; and, a government that leads a community that honours the sanctity of a contract.

Mr. Francis said that the World Bank Atlas this year listed Bermuda's gross national product per capita at US$27,720, exceeded only by Japan ($34,630) and Luxembourg ($39,850).

Mr. Francis said, "Bermuda has flourished as a significant international centre. It is today the third largest centre for the reinsurance industry, next to London and New York. During this period, we -- all of us, both in the public and private sector -- have taken great pains to portray our Island as a financially conservative and high quality jurisdiction.''