Thursday, 18 September 2014
Last updated 16 hours ago
Jun 14 2011 | 11:43am ET
Long known for having neither, the Cayman Islands are set to introduce both taxes and regulations for the thousands of hedge funds registered there.
Caymanian Premier McKeeva Bush last week unveiled the broad strokes of the British overseas territory's budget for the fiscal year beginning July 1. It includes an annual fee on some hedge funds domiciled in the country.
Hedge funds covered by the fee—Bush was short on details, promising to deliver the full budget to the Caymans Legislative Assembly shortly—would pay CI$1,500 (US$1,800). The C$4.5 million raised by the measure—the only revenue-raising measure in Bush's budget—would be used to pay rebates to islanders to offset their electric bills.
"This summer's just beginning and from what I can see in electrical bills, it's going to be a long, hot summer," Bush explained.
The new levy coincides with the Cayman Islands Monetary Authority's first hedge fund regulations. Bush has said that neither measure will adversely affect the Caymans' position as a financial center.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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