Establish a Fund in Cyprus (AIFs / RAIFs / UCITs)
Establish a fund in Cyprus (AIFs/RAIFs/UCITs)
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Investment Funds in Cyprus are authorised and supervised by the Cyprus Securities and Exchange Commission (“CySec”).
The most popular types of investment funds in Cyprus are the Alternative Investment Funds (“AIFs”) and the Undertakings for Collective Investment in Transferable Securities (“UCITS”).
The law regulating the operation and supervision of UCITS in Cyprus is the Open-Ended Undertakings for Collective Investment Law of 2012 (L.78(I)/2012, as amended.
UCITS is defined as a collective investment undertaking whose sole object is the collective investment in transferable securities and/or other liquid financial instruments of capital raised from the public; which operates on the principle of risk spreading; and which its units can be redeemed or repurchased, directly or indirectly, out of the undertaking’s assets, at the request of the investor.
Form of the Fund:
UCITS can take the form of a Common Fund, which is a pool of assets which belong jointly and severely to the unitholders, or of a Variable Capital Investment Company (“VCIC”), which has the legal form of a limited liability company with shares.
The fund may be internally or externally managed, however, to be internally managed it must take the form of a VCIC.
The law regulating the operation and supervision of AIFs in Cyprus is the Alternative Investment Funds Law 124(I)/2018, as amended.
AIFs are collective investment undertakings which raise external capital from several investors with a view to investing it in accordance with a defined investment policy for the benefit of those investors, and which have not been authorised as UCITS.
AIFs can take the form of a Common Fund, Fixed Capital Investment Company, Variable Capital Investment Company and Limited Partnership.
The fund may be internally or externally managed, however, to be internally managed it must take the form of an investment company.
Unlike UCITS, an AIF may invest in both securities and non-securities.
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