Leading farming company Bung Limited moves its headquarters from Bermuda to the tax haven of Switzerland, joining a group of commodity traders. Bung, the world’s largest oilseed crusher, and other crop traders are earning huge profits as a result of supply problems due to the war in Ukraine. Switzerland is a well-known tax haven for corporations as it has lower tax rates for individuals and companies. Louis-Dreyfus, Risen, Archer Daniels, Midland, Chiquita, and now Bong have offices or representations there.
Bung officials said they “made the change after an extensive review of their business operations and emerging trends in the global tax environment.” The company added that its shares will continue to be listed exclusively in New York and St. Louis will remain the operating headquarters.
Recently, the company left Russia and bought more fracking capabilities in Europe and South America as ways to strengthen its supply chain. The decision to change residence also comes after Continental’s Paul Friborg left his seat on Bunge’s board.