Ireland has proven more than adept at attracting foreign direct investment, with investor-friendly policies and tax credits. Now, it appears to have set its sights on a new industry, the hedge fund industry. The Financial Times reports the Irish government has passed a law that streamlines the process by which funds in offshore locations such as the Cayman Islands can move to Dublin.

The government aims to capitalize on the trend toward more transparency and regulation. Ireland already hosts many funds, and locals see this as really just shoring up their base. The new legislation basically speeds up the process of redomiciliation "by making it possible to transfer a fund from its original domicile to Ireland just by arranging the departure and then notifying the Irish registrar. Regulatory hurdles must still be passed, but the need to set up a new company is eliminated." 

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