Cayman Islands To Levy Tax On HFs

The Cayman Islands government is set to charge yearly fees for certain master fund hedge funds.

The Cayman Islands government is set to charge yearly fees for certain master fund hedge funds, Caymanian Compass reports. According to Premier McKeeva Bush, the move will be the only new revenue tool rolled out in the upcoming budget.

Currently, Cayman Islands-registered hedge funds pay no fees and are not regulated by the Cayman Islands Monetary Authority. The new fee is likely to raise around $4.5 million over the course of the next budget year.

Click here for the story from Caymanian Compass.