Those who wish to stay in continental Europe are likely to consider Switzerland which combines not only physical proximity to the EU but also stability, favourable tax conditions and an established financial services sector. Whilst there are a number of options, including going fully “offshore” and setting up in the Channel Islands or the Caribbean, most managers are looking at moving to onshore jurisdictions where they will be subject to a degree of regulation and tax but also benefit from the infrastructure and facilities of an onshore jurisdiction. A potent combination of high marginal income tax rates, an increasingly hostile approach to non-domiciled individuals and the proposed Directive on Alternative Investment Fund Managers (the AIFMD) is causing a number of managers based in London to consider relocating to a non-EU jurisdiction.
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January 2023
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