Dan Mitchell Warns Of Hedge Fund Threat In Bermuda
Speaking to members of the Bermuda International Business Association (BIBA)
late last week, senior Heritage Foundation fellow, Dan Mitchell warned that
new US laws on hedge fund regulation could adversely affect the jurisdiction's
burgeoning hedge fund industry. According to the Bermuda Sun newspaper, Mr Mitchell, who was speaking alongside
Center for Freedom and Prosperity (CFP) president, Andrew Quinlan, cautioned
that although the furore over corporate inversions appears to be dying down
in the United States, investing in hedge funds is viewed by many anti-offshore
campaigners as merely another way to avoid taxes, and is likely to come under
fire from legislators next year. 'I don't think it is as big a threat as the Johnson/Neal legislation,' he told
BIBA members, referring to a piece of legislation put forward by Representatives
Nancy Johnson (R-CT) and Richard Neal (D-MA) last year which sought to impose
additional taxes on the U.S. subsidiaries of insurance companies based in low-tax
jurisdictions. However, he added that: 'I don't think it is something that Bermuda would welcome.' .
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