Sat, Oct 10, 2015
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. U.S. hedge funds prepare for worst finish this year since 2008[more]

    Komfie Manalo, Opalesque Asia: U.S.-focused hedge funds are preparing for their worst year since the 2008 global financial crisis, following a series of letdown including the market sell-off in August and the sell-off in healthcare and biotechnology sectors last month, reported

  2. Investing - AQR Capital and Renaissance Technologies raise stakes in Southwest Airlines[more]

    From In the previous part of this series, we saw how institutional investors played Southwest Airlines (LUV) in 2Q15. Now let’s move on to the trades executed by key hedge funds in Southwest Airlines over the same period. … Most of the hedge funds that had significant exposu

  3. Manager Profile - Pimco alternative funds flourish as 30-year bond rally fades[more]

    From Inside Pacific Investment Management Co., the bond behemoth that lost two chief investment officers last year and saw almost $500 billion of client money leave, a hidden profit engine is easing some of the pain. For more than a decade, Newport Beach, California-based Pimco has qu

  4. Niche Investing - Art investment funds: Attracting institutional and other new investors[more]

    From The Deloitte/ArtTactic Art and Finance Report 2014 (the "Art and Finance Report") noted that the "global art investment fund market was estimated to be worth at least $1.26 billion in the first half of 2014." This seems almost inconsequential when juxtaposed with the $54 billion of

  5. DoubleLine’s Jeffrey Gundlach warns of another round of market shakedown[more]

    Komfie Manalo, Opalesque Asia: DoubleLine Capital co-founder Jeffrey Gundlach is painting a bleak future as he warned that the U.S. equity market and other risk markets, such as high-yield "junk" bonds, are facing another round of selling pressure. Gundlach said in an interview with