Fri, Mar 23, 2018
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Cayman to tax, regulate hedge funds

Monday, June 13, 2011

McKeeva Bush
Precy Dumlao, Opalesque Asia:

The government of the Cayman Islands on Friday announced a new taxation system for certain "master fund" hedge funds that are registered in the country, and at the same time, vowed to regulate the sector through the Cayman Islands Monetary Authority.

In his long awaited budget speech, Prime Minister McKeeva Bush told members of Cayman's Legislative Assembly that his government would introduce only one revenue measure for this fiscal year, "which will be on the hedge fund industry - and no external borrowing."

Bush declared, "The government will introduce a single revenue measure during the course of the 2011/12 fiscal year: the hedge funds sector, certain 'master funds' will be regulated by the Cayman Islands Monetary Authority - just as they are regulated in other jurisdictions - and those funds will be required to pay a very modest fee of one thousand five hundred dollars ( CI$1,500 ) per year."

At present, the hedge fund industry in Cayman enjoy an unregulated regime and does not pay any taxes or fees.

The Premier expressed confidence this new measure will not have an adverse effect on Cayman's hedge fund industry. He projected the new tax measure will generate some CI$4.5m (USD4.5m) in its first year of implementation.

The fund will be converted into a subsidy to Caribbean Utilities Company customers t......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. John Paulson, once the industry's largest hedge fund, to return some investors' money[more]

    Komfie Manalo, Opalesque Asia: John Paulson is reported to be retuning some of his investors' money as a number of his hedge funds continue to suffer setbacks, reports

  2. Institutional Investors - Overdrawn pension fund scores gains[more]

    From Investments in big banks, pawn shops and rolling papers helped boost public safety workers' underfunded pensions this past calendar years, according to newly released figures. After recording middling returns in recent years, the Police & Fire Pension Fund (P&F) notched

  3. Activist Investors - The seven most undervalued stocks in Larry Robbins' portfolio, Stamford hedge fund still seeking shakeup of Taubman board[more]

    The seven most undervalued stocks in Larry Robbins' portfolio From ...On February 14th, Larry Robbins' firm Glenview Capital Management filed its quarterly Form 13F regulatory filing. The firm's stock portfolio totals $18.5 billion with 58 positions according to the latest

  4. Hot hedge fund loses 21% after bet on volatility goes wrong[more]

    From In December, Shahraab Ahmad shared with his hedge fund clients the principle that helped him trounce peers for two turbulent decades: steer clear of the crowd. He'd turned $50 million into an operation with more than $700 million over three years and delivered market-beating retu

  5. Opalesque Exclusive: Northern Trust builds on blockchain-backed private equity solution[more]

    Bailey McCann, Opalesque New York: Private equity clients at Northern Trust can now carry out audits of private equity lifecycle events directly from the blockchain. Northern Trust, working with PwC and other audit firms in Guernsey, has added this feature to its existing solution set for private