Friday, 22 August 2014
Last updated 7 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 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note