AIF Set up Criteria

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AIF types & Set Up Criteria

AIF

AIFLNP

RAIF
AUTHORISATION Required Required Not required.
Must be registered to the RAIF register.
Legal Form
  • VCIC
  • FCIC
  • Limited partnership
  • Common Fund
    Can be an umbrella fund with various compartments
  • VCIC
  • FCIC
  • Limited partnership
  • Can be an umbrella fund with various compartments
  • VCIC
  • FCIC
  • Limited partnership
  • Common Fund
    Can be an umbrella fund with various compartments
Fund Manager
  • AIFM (CY & EU)
  • UCITS Manager (CY & EU)
  • MiFID Investment Firm
  • Sub- Threshold Manager (CY & EU)
  • Self-Managed (VCIC, FCIC, LLP with separate legal personality
  • UCITS Manager (CY & EU)
  • UCITS Manager
  • MiFID Investment Firm
  • Sub- Threshold Manager (CY & EU)
  • Self-Managed (VCIC, FCIC, LLP with separate legal personality
 AIFM (CY & EU)
If Limited Partnership closed ended investing in illiquid assets then UCITs Manager (CY & EU), MiFID Investment Firm, Sub-threshold Manager (CY & EU)
Depositary Requirements
  • IF managed by an AIFM, must appoint local depositary
  • If not manged by an AIFM, depositary can be from CY, EU or Third Country
  • Can be from CY, EU, Third Country.
  • Exemption from obligation to appoint depositary if:
    - AuM <€5m,
    - Up to 5 Investors,
    - No more than 10% of total assets subject to custody and with up to 25 investors with minimum investments per investor €500k.
  • Obligation to appoint a CY depositary if managed by an AIFM
  • If not manged by an AIFM, depositary can be from CY, EU or Third Country
Investment Strategy Restriction apply for liquidity and risk diversification No restrictions Some restrictions (cannot pursue a Money Market Policy, act as a Loan Originator Fund or a Fund of Funds)
Eligible Investors
  • Retail
  • Professional
  • Well informed investors
  • Professional
  • Well informed investors
  • Professional
  • Well informed investors
Limitation on Number of Investors Unlimited Up to 50 Unlimited
Initial Capital Requirements
  • If externally managed: No Capital requirements
  • If self manged fund: €125k or €300k
  • If externally managed: No Capital requirements
  • If self manged fund: €50k
  • If must be externally managed:
    No Capital requirements
Value of AUM Minimum AuM Within 12 months €500k Minimum AuM Within 12 months €250k Minimum AuM Within 12 months €500k
Taxation
  • Profit from disposal of titles is exempt
  • Dividend income is exempt
  • Can claim NID on capital injected
  • Interest income is exempt from SDCT
  • Corporation tax rate of 12.5% on taxable profits
  • No withholding taxes on dividend payment or redemptions
  • No tax based on AuM.
  • Profit from disposal of titles is exempt
  • Dividend income is exempt
  • Can claim NID on capital injected
  • Interest income is exempt from SDCT
  • Corporation tax rate of 12.5% on taxable profits
  • No withholding taxes on dividend payment or redemptions
  • No tax based on AuM.
  • Profit from disposal of titles is exempt
  • Dividend income is exempt
  • Can claim NID on capital injected
  • Interest income is exempt from SDCT
  • Corporation tax rate of 12.5% on taxable profits
  • No withholding taxes on dividend payment or redemptions
  • No tax based on AuM.
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