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Gibraltar's Minister for Financial Services, Gilbert Licudi is confident that Gibraltar has now firmly positioned itself as a strong European Union (EU) alternative to Dublin and Luxembourg for the establishment and management of hedge funds in its preparations for the EU's Alternative Investment Fund Managers Directive.
Licudi made the statement at the Brazil Hedge Fund Forum, which was attended by 300 delegates from Brazil's fund management industry. Licudi said that changes to the territory's funds legislation last year, in anticipation of the EU Directive, had enhanced Gibraltar's attractiveness as a domicile for large funds or those seeking to relocate to Europe to comply with the new EU fund sector rules. The Alternative Investment Fund Managers Directive will come into effect in July, and Gibraltar is confident that it has made the neccesary changes to its regime to enable the territory to act as a springboard for funds looking to target investors in Europe.
Licudi told the forum that Gibraltar is now specifically targeting New York and Latin American funds and fund managers with its promotional efforts, outlined the benefits of domiciling funds in Gibraltar, and underscored the Government's commitment to fostering the territory's success as a leading funds management jurisdiction in Europe.
Gibraltar is a relative newcomer to the funds industry, but has quickly developed a robust regulatory environment complemented by a benign tax regime under which Gibraltar funds are not subject to taxation, and payments to non-Gibraltar residents are free from withholding taxes.
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