Gibraltar lures hedge fund bosses with promise of low taxes

The Guardian reports that Gibraltar is launching a campaign to persuade hedge funds to dump their plush Mayfair offices for the low taxes of "the Rock".  Fabian Picardo, chief minister of the British overseas territory, said multimillionaire hedge fund managers should quit London for Gibraltar because it's "much cheaper", while promotional material promises they are "unlikely to be liable for corporation tax".

Picardo, who has made attracting hedge funds a key aim of his administration, last week invited hedge fund managers to the peninsula where they were told income tax could be limited to £30,000 a year no matter how many millions they earned.  Gibraltar also boasts no VAT and social security payments of just £120 per family a month…..

Read all about it at http://www.guardian.co.uk/world/2013/jun/02/gibraltar-lure-hedge-funds-london