Cyprus recently reformed its law on Investment Funds. The new law is expected to be mostly welcomed by fund managers and fund administrators as Cyprus Investments Funds are now more flexible, transparent and marketable.
The new law is expected to make Cyprus Alternative Investment Funds (AIFs) more attractive than they used to be in the past. Some of the most important new characteristics of the Cyprus Alternative Investment Funds (AIFs) incorporated in the new law are:
– All types of Alternative Investment Funds (AIFs) are now of unlimited duration
– Funds of unlimited number of unit holders – shareholders are now marketed to investors
– Fund units – shares are now freely transferable
– Funds units – shares may now be listed, marketed or traded to investors
– Minimum capital requirements are now 125.000 Euros and for self managed funds 300.000 Euros.
– Under the new legislation the establishment and the supervision passed under the Cyprus Securities and Exchange Commission (CySEC) (Previously the prior approval of the Central Bank of Cyprus, as the regulatory and supervisory authority, was required.)
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