Bermuda Criticizes Proposed Tax Bills; Mounts Lobbying Effort
Bermuda Correspondent
U.S. Congressional proposals to force the repatriation of American companies that have moved overseas–notably to Bermuda–have been met with a mix of disappointment and outrage here in Bermuda.
Insurers and other business leaders, who normally remain silent on such matters, have joined a lobbying campaign against the proposals, which is being led by Bermuda Finance Minister Eugene Cox. Their argument, in a nutshell, is that companies that have abandoned their U.S. domicile have broken no laws, at home or overseas, and that the Congressional proposals are misinformed and could have a significant dampening effect on world trade.
On American television news programs and in repeated press interviews, Mr. Cox has described the proposals as "overzealous." Two bills are before the U.S. House Ways and Means Committee (H.R. 3857 and H.R. 3884), and one (S. 2119) has been introduced in the U.S. Senate. The bills seek to nullify redomestications by American companies outside the United States, and effectively force the companies to repatriate.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
