Hollywood explores Bermuda's potential as film financing centre

Thursday, January 22, 2004

HAMILTON, Bermuda: Major players in the world of Hollywood movie financing are due to gather in Bermuda at the weekend to explore how the jurisdiction can become a major conduit for film financing. 

The offshore film finance symposium is being organized by the Offshore Newswire news service, and will attract movie producers, directors and executives, in addition to representatives from the legal and accounting professions who are involved in the multi-billion dollar industry. 

Speaking to the Bermuda Sun, Mr Hoyt L. Barber, CEO of Offshore Newswire explained: "There are definite advantages for filmmakers to use offshore financial centres for rerouting, license fees, managing film production and a whole host of other reasons and that is what this symposium is about and that is what attendees are going to learn." 

Meanwhile, the organisation's vice-president Kitty Kladstrup noted an increased awareness amongst film producers with regard to the benefits of offshore financing. 

"It is also a reduction in production costs often due to tax strategies, use of trusts for loyalty protection and profit flow. That kind of structuring can often help in reducing production costs and occasionally there is the onsite scenario," she told the Bermuda Sun.  

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