From my (limited) experience I gather that Bermuda only offers AOCs to companies whose main operating base is in Bermuda so that question will seldom if ever apply.
In terms of corporate (ie Private, non AOC ops) FTLs surely aren't relevant?
As far as crewing, licencing and maintenance schedules etc for private ops are concerned they simply ratify whatever recognised regime/s you propose be it CAA, FAA or whatever. Their great flexibility is that they trust you to adhere to the regime/s you specify so you can use FAA, CAA or pretty much anywhere else's licenced crews and maintainers making life away from USA and Europe much easier.
I also believe that if you try to take advantage you'll be off the register quick as blink.
Imagine - a Civil Aviation Authority that asks you what other authority's rules you wish to adhere to and just agrees to your proposal! Why can't they all do that?