Professional Management – Transparency & Regulation – Passporting Rights Management of Alternative Investment Funds (AIFS) is defined as comprising at least the core activities of portfolio management and risk management. If permitted by its legal structure, an AIF can be internally managed, which means that the same entity is both the AIF and the AIFM.…
Multiple Investment Compartments – Separate investment policies – Segregation of assets and liabilities – High level of flexibility to investors All types of Cyprus Alternative Investment Funds (such as AIFs, AIFLNPs, and RAIFs), can be set-up as umbrella funds under the roof of which multiple investment compartments / sub-funds are created, allowing the management of…
Alternative Investment Funds distinguish between open-ended and closed-ended type of Cyprus AIFs. The AIF Law 2018 distinguishes between open-ended and closed-ended type of Cyprus AIFs. Open-ended type: Unit-holders can redeem or repurchase their units upon request: at any time at regular intervals of less than 1 year, that are defined in the instruments of incorporation…
Flexibility – Transparency – Tax Incentives – Cost Efficient – Regulation A Cyprus Alternative Investment Fund (AIF) is cost-efficient and simple to set-up, manage and operate. It offers a modern regulatory framework that is in line with relevant EU directives and it is supervised by a competent and accessible regulatory authority. Setting up an AIF…
Common Fund – Limited Partnership – Investment Company Cyprus Investment Fund may be established with limited or unlimited duration and can take the following legal structures: (a) investment company in the legal form of a limited liability company with fixed capital (FCIC); (b) investment company in the legal form of a limited liability company with…
One protection does not fit all. Professional, Well – Informed or Retail? Based on the revised Markets in Financial Instruments Directive II and related implementing measures (together “MIFID II”), as incorporated in 144(I)/2007 Law which provides for the Provisions of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and other related…
The Alternative Investment Funds Law of 2018 provides for three types of investment funds in Cyprus. Alternative Investment Fund (AIF) An AIF is available to an unlimited number of investors, which can be promoted to any investor, encompassing retail investors. AIFs may be established as variable or fixed capital investment companies, common funds and limited…
Registered, Self-Regulated, Fast, Cost-effective. The new Alternative Investment Funds Law 2018 (“AIF Law 2018”), regulating AIFs in Cyprus, has introduced a new category of AIFs, the Registered AIFs (“RAIFs”). This has been a long-awaited development by the Cyprus Fund Industry, which significantly strengthens the country’s efforts of becoming a funds hub. A RAIF will be…
A new flexible regime to rival other onshore or offshore funds jurisdictions Cyprus is now combining its proven tax efficient regime with the required infrastructure for the fund management industry to create a new dynamic and competitive European hub for fund management and administration. With the enactment of the Alternative Investment Funds Law 124(I)/2018 (the…
A new type of a registered alternative investment fund will be introduced by CySeC in Cyprus. This new category of “registered” funds will be available for funds marketed to professional or well-informed investors. The main characteristic of registered alternative investment funds is that they will not be directly authorised or directly supervised by CySeC but…
On the 13th of September 2016 the Cyprus Government approved the new regime for granting Cypriot – European citizenship for foreign investors. The new regime is the more competitive Citizenship programme in Europe and it is expected to attract an increase of citizenship applications. The regime provides for the reduction of the required investment to…
As regional and domestic markets continue to expand and fuel economic growth, the funds industry of Cyprus is taking a frontline the global investment environment. In particular more and more investors and managers are choosing Cyprus as their preferred jurisdiction for the establishment and administration of their Alternative Investment Funds. The Benefits of an Alternative…
The investment management sector is developing rapidly on the island as it has become one of the most appealing countries to start up and manage financial services. With the entrance of Cyprus in the EU in 2004, it has opened many business doors as well as the influence of the CIFs which have successfully set…
The Alternative Investments Funds Law of 2014 was enacted by the House of Representatives on 10th July 2014 and came into force on 18th July 2014. The new law replaces the International Collective Investment Schemes Law (ICIS) of 1999. Under the applicable Cypriot legislation, namely the AIF Law, the Cyprus Securities and Exchange Commission (“CySEC”)…
Undertakings for Collective Investment in Transferable Securities (UCITS) are investment funds that have been established and authorised under a harmonised European Union (EU) legal framework under which a UCITS established and authorised in one EU Member State can be sold cross border into other EU Member States without a requirement for an additional authorisation. This…
The International Collective Investment Schemes Law (No. 47(I) of 1999) (“the Law”) came into force in May 1999. The Central Bank of Cyprus (“the Bank”) has been designated under the Law as the competent authority with the responsibility for the recognition, regulation and supervision of ICISs. The Bank is also the supervisory authority for the…
Cyprus, situated in the eastern Mediterranean, was always part of the tax planning sheets, but after accession of the island to the European Union and the adoption of the Euro, its use became more relevant as an international business centre, rather than a cheap tax shelter. The 45 double tax treaties signed with countries like…
CYLON’s Quarterly Investment Forum, held in UK, London. We expect to see you all there.!!
On 20th of October Cylon’s Quarterly Investment Forum was launched in UK, London. This event was well attended and the registration for the Platinum Club has exceeded our expectations. Platinum Club is a members networking Club and membership is by invitation only. Platinum Club Members will be entitled to receive newsletters of past and forthcoming…
In a long-awaited move, an agreement between United Kingdom and Switzerland was signed on 24th of August 2011. The agreement provides for a 19% to 34% one off deduction of all United Kingdom individual taxpayers. Such deductions will settle past tax liabilities for all accounts that are to remain undeclared. For declared accounts deposits will…
CYLON’s Quarterly Investment Forum, held in UK, London. We expect to see you all there.!!
Multi-disciplinary. Multi-jurisdictional. This is what CYLON is here to fill. The gap in professional service provision today is the limit on jurisdictions or disciplines. Regulatory silos stop us from doing our best for the client. This inefficiency of the professional service provision market is the reason we decided to engage in a much aspiring attempt…
Cyprus Banks will now have to pay a levy on all deposits they hold at the end of each financial year. The levy will be calculated on all deposits, other than interbank and deposits from financial institutions. This special bank levy will be at the rate of 0.095%. This measure is projected to raise an…
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