New York (HedgeCo.Net) – Gibraltar has launched a campaign to bring London hedge funds to “the Rock,” the Guardian reports. Gibraltar Chief Minister Fabian Picardo has made attracting hedge funds one of the main goals of his administration, last week he invited a group of UK hedge fund managers to Gibraltar for a look at his sunny peninsula.
In Gibraltar the income tax is limited to 30,000 pounds ($48,000) per year. The number of funds in the peninsula of 6 square kilometers has risen from 20 in 2006 to 150 today. The hedge funds manage around 3,000 million pounds ($4.5 million) in assets.
However, Picardo denied that Gibraltar is a tax haven and said the territory complies with all tax regulations and transparency of the European Union. Corporation tax on activities on Gibraltar are 10%, versus 24% in the UK.
The promotional material given to the visiting hedge fund managers said: “Gibraltar’s tax laws are central to its position as a thriving fund domicile. The profits of any branch or permanent establishment of the investment manager are not subject to tax in Gibraltar, to the extent that those activities are undertaken outside Gibraltar.”
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