investments.

The 0.25 percent tax and $25,000 personal annual limit remain, however.

The Foreign Currency Purchase Tax Amendment Act went through unopposed on Monday -- and with little comment.

The Hon. Grant Gibbons (UBP) said the legislation would benefit many people.

"Individuals will now be allowed to have a variety of investment options without paying the prohibitive ten percent tax.'' Sen. Gibbons said removing the ten percent would deprive Government of $2.5 million.

He added the move had no implications for the Bermuda dollar.

Sen. Terry Lister (PLP) voiced concern about the long-term impact on Bermuda.

"There is nothing in this amendment which encourages funds to come back into this Country.

"My concern is what will happen 12 months down the road.'' Sen. Lister was worried about how the tax's abolition would affect plans to lift exchange controls.