Slayton: Island sometimes makes intellectual capital feel unwelcome

The US Consul General yesterday warned that Bermuda can at times make the expatriates who bolster the intelllectual capital of the Island's international business sector feel unwelcome.

Speaking at the Chamber of Commerce's "Power Breakfast" yesterday, Gregory Slayton said adopting an unwelcoming tone was dangerous and short-sighted.

"I think at times companies can feel their capital is not really welcome, not their financial capital but their intellectual capital," Mr. Slayton said.

"In Bermuda there is this issue of what is the tone. You have to say is this a reality, or is it just the tone in which it is being said? Sometimes it is hard to know.

"I think personally that is a dangerous approach and it is short sighted.

"Capital can leave and intellectual capital needs to be felt welcome here. There are several jurisdictions competing with Bermuda and I think it is important to be careful that the tone used makes people feel welcome."

Mr. Slayton also said the Island had established a very strong relationship with several key members of the US Congress over the last three years and said he believed there would be no changes to the current US tax laws which help to make Bermuda attractive.

He added that the current move to stamp out money laundering on the Island was a step in the right direction as well.

"I think it is important to realise, when you talk to CEOs of big companies that they do not want to do business in a jurisdiction where there is any sort of money laundering," he said. "It isn't beneficial for them and can be a threat to their business.

"I think we need to continue to improve Bermuda's regulatory frame work, the anti money laundering legislation is something we have pushed and we were pleased when it was announced in the Throne Speech."

Courtesy of Royal Gazette reporter Ruth O'Kelly-Lynch