special edition, is suggesting the Island's base lands could be converted to a tax free zone/export processing zone.

Mr. Anthony Ginsberg suggested in an interview earlier this week that Bermuda could converting part or all of the Bases into holding areas for goods destined for further afield.

Tax-free zones enable exporters to ship large amounts fo good to one point where they can be split up and shiped to a large number of small destinations.

"This is also a legislative way to get the local work force into the offshore world,'' he said. "It's worth exploring.'' Finance Minister the Hon. David Saul has said Government must consider options for the Base lands which generate as much revenue as the US Navy contributed to the economy.

Mr. Ginsburg also said Bermuda has accomplished a lot as an offshore jurisdiction but it must stay aware of the activities of other jurisdictions.

"The private sector has a lot of input into the legislative structure which is extremely good and Bermuda's infrastructure is second to none,'' he said.

"That's why I chose Bermuda as the first country to do the special edition on.'' A positive move by Bermuda has been its response to asset protection trusts which provide security against creditors. The Cook Islands only have a two-year statue of limitations while he said Bermuda's is eight in total.

"I salute Bermuda for their conservative approach to asset protection trusts, the jury is still out on asset protection trusts,'' he commented.

"There are pessimists who think that offshore will be cut off but it continues to grow because mutual funds prefer offshore jurisdictions.'' Still another advantage is the Island's ability to attract the big property catastrophe insurance companies.

"Bermuda has quite a bit of competition, a lot of business has come to Bermuda but a lot of business has left,'' he commented.

He said Bermuda could be gaining in mutual fund assets under management but money is going elsewhere because entities other than the banks, like trust companies, are not permitted to manage the funds.

Dublin is a significant competitor for Bermuda in this area, he continued.

Dublin is doing well in captive insurance it has taken business away from the United States and Bermuda. In four years it has doubled its mutual fund funds under management to about $20 billion -- twice the funds under management on the Island, he added.

Other jurisdictions have dropped also fee rates while Bermuda has not, he noted.

The Bermuda trust law of 1991 was a good move but this country remains one of the few in the world which is strict on admission of foreign banks.

"Every offshore centre that has been a success has opened doors to banks,'' he continued. "Cayman has 560 banks while the Channel Islands have about 75 -- there are ways of opening up the door slightly...Cayman has $50 billion in foreign deposits above what is in Switzerland,'' he commented.

Mr. Ginsburg, who began his career as an accountant, started Offshore Outlook and a brother consulting company because he felt there was "a lack of information on offshore corporation business''.

First published four years ago, the publication has a circulation of about 12,000 and is available by subscription.

According to Ms Wendy Davis Johnson, marketing manager of the Bermuda International Business Association, Mr. Ginsberg was in Bermuda in September to research the special edition. He spoke in Bermuda on Monday at an International Fiscal Association meeting.

The November 18-page special edition will reach customers in 65 countries. It covers insurance reform trust law, a Q&A with Finance Minister the Hon. David Saul, exempted limited partnerships, aircraft and shipping, exempted company increases and mutual funds.