Sun, Feb 26, 2017
A A A
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

amb
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. Institutional investors plan to raise allocations to alternative assets in 2017[more]

    Komfie Manalo, Opalesque Asia: A survey by Context Summits Miami showed that nearly 72% of institutional investors and family offices plan to raise their allocations to alternative asset managers this year, suggesting continued strong demand for the industry. "As many large, brand name f

  2. Comment - Mortgages, mergers and hedge fund fees, Fairholme's Berkowitz responds to court ruling against hedge fund suits of Fannie Mae[more]

    Mortgages, mergers and hedge fund fees From Bloomberg.com: Yesterday the U.S. Court of Appeals for the D.C. Circuit handed down an odd decision in a lawsuit over the government's nationalization of Fannie Mae and Freddie Mac. The key issue is what's called the "Third Amendment," the 2012

  3. Investing - Hedge funds continue to chase the herd in record Momentum wager, Marshall Wace bets grocer Sainsbury may need rights offering, Hedge fund net exposure has started to retreat, David Tepper's Appaloosa fund makes a huge buy, The 10,000-mile journey to Short Australia, Skeptical hedge fund investors grill Evan Spiegel about Snap's I.P.O.[more]

    Hedge funds continue to chase the herd in record Momentum wager From Bloomberg.com: Hedge funds can't get enough of momentum - even if it means embracing an investing strategy they hate. Loosely defined as betting on shares that went up the fastest over the preceding nine-to-12 months, h

  4. Opalesque Exclusive: Swiss investors take fund seeding and acceleration into their own hands[more]

    Benedicte Gravrand, Opalesque Geneva: Banque Bonhote, a 200-year old Swiss private bank, last year launched a community of investors - heads of Swiss family and advisory offices and wealth managers - with the aim of co-investing in the kind of managers they wanted to invest in, either by way of s

  5. K2 Advisors : Why We Like Activist Hedge Fund Strategies and Some Thoughts on Alpha[more]

    Matthias Knab, Opalesque: Rob Christian, Senior Managing Director, Head of Research K2 Advisors, Franklin Templeton Solutions, writes on Harvest Exchange: When d