An authorisation for the operation of an electronic money institution is only granted to a legal person who has been incorporated and has its head office in the Republic of Cyprus. In accordance with the provisions of the Electronic Money Law 2012, which was enacted for the purposes of harmonisation with the act of the…
Cyprus introduced a Yacht Leasing Scheme which, inter alia, has VAT benefits for prospective owners (or new owners) of yachts that wish to use them in European waters. The Cyprus Yacht Leasing Scheme is in many ways similar to arrangements offered by other European countries but is considered one of the most attractive Yacht Leasing…
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.…
Managing and/or marketing funds across the EU – Options for UK fund managers in view of Brexit Passporting allows UCITS and AIFs, as well as UCITS Managers and AIF Managers registered in Cyprus and licensed by CySEC, to manage and/or market funds across the EU, without having to apply for any additional authorisation. Cyprus may…
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…
The conditions and circumstances under which the disclosure of information about the Investors/Unit-holders of a Cyprus Alternative Investment Fund (AIF) is obligatory. The Cyprus Security and Exchange Commission (CySEC) is the regulatory authority responsible under the Law for the licensing and supervision of Investment Funds for both Undertakings for Collective Investment in Transferable Securities (UCITS)…
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…