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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