Gibraltar turns into a Swan © fintag

News comments:
Gibraltar, another tiny country that benefits from Europe (it gets a currency, the GIP which is a GBP, and free legislation), is doing a Malta. If you like Cornwall, then you will pleased to know that Gibbo [Editor: You made that up] is related.

Now the UK is officially becoming the place you don't want to be resident of, unless you enjoy paying the pensions of civil servants, it is time once again to look for a new home.

Malta can get you a management company up and running in 5 days. The tax is highish, about 30% but they kindly rebate you back most it to the annoyance of HMRC. You see, HMRC is in a pickle because with places like Eire, Gibbo and Malta offering 10%ish tax rates they cannot go after tax payers for tax avoidance under the FA 2010, unlike those real tax havens like Jersey, Cayman and the Isle of Depression.

Gibbo et al are looking to steal a few Hedge Fund managers from London. Not incurring CGT is hard so what they are doing is setting up new managers and slowly novating the advisory and management contracts over. Lawyers do nicely and we legitimately reduce our horrendous tax burdens.

Choice is Gibbo and Malta. A rock in the sea that irritates the Spanish or a religious island full of rude people and poor hotels? I am looking forward to the Falklands offering financial services just to spite Messi. Argentina are now my favourites to win the World Cup 2010.

[Disclaimer: Please note these opinions have not be ratified by my lawyers, any lawyers or others who know more about this sort of stuff than me. This blog is in draft mode and is subject to change without you knowing. All opinions and facts are probably wrong and you should not put all your eggs in one basket. I have not been paid by any of the companies or countries discussed and if you want further information please refer to wikipedia and your friend at Ernst & Watercooler]

Today's shorts:
Northern Rock Is To Spain ... (independent)
Fund Liquidates (finalternatives)
Hedgies Earn Less Than The Man At The Job Center (cityam)
Eurocrats Argue: Excel or Google Apps? (finfacts)
The Bank Of England Are No IMRO, FIMBRA, SFA (telegraph)

Today's longs:
Gibbo The New Black (hedgefundsreview)
Newcits Joke No Longer Funny (reuters)
Northern Rock Compensation (telegraph)
Murdoch To Charge For Breathing His Air (bbc)
Hedgies To Abandon Hats (washingtonpost)
Goldman Calls In Rentokill (postchronicle)

Gossip:
Goldmorgan Stanley to launch fund to buy distressed countries.