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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