In the last 35 years, the world of offshore investment funds has developed from its infancy into a multibillion-dollar industry. Offshore funds are typically organized in jurisdictions other than the major investment capital importing or exporting countries, including well-known offshore island jurisdictions such as Jersey, Bermuda, the Cayman Islands and the Bahamas. These jurisdictions are chosen in part because they do not impose significant taxes on the fund vehicle, and in part because their lightly regulated or unregulated regimes offer speed, low cost and flexibility of fund formation and operation.