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This is the fifth of a six-article series authored by Rolf Majcen, managing director FTC Capital GmbH, Vienna, Austria (www.ftc.at).

“We never had to deal with any bureaucratic delays in Gibraltar and the relocation from the Bahamas to Gibraltar was both simple and cost effective in the execution”

In 2005, we had 3 Managed Futures Funds (two global diversified futures funds and a specialized commodity futures fund), with one based in Luxembourg and 2 domiciled in the Bahamas. I now would like to describe the reasons why we decided to move the funds from the Bahamas to Gibraltar.

In the summer of 2005, at a time when the European Savings Directive became effective and, independently thereof, when Austrian legislation abolished the unequal fiscal treatment of domestic and foreign funds, we found that the administrator of our Bahamas Funds could not live up to our obligations. The administrator could not promptly deliver fund data which was urgently needed by us to avoid the fiscal disadvantage of our funds under Austrian law. FTC Capital was not happy with that predicament, which had forced us to look for a new administrator who could meet our requirements.

We evaluated a good number of administrators, but finally it was Capita from Gibraltar with whom we entered into a business relationship. Capita offered the most comprehensive package and a modern technical environment for our special business ......................

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