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New Legal Framework to Boost Cypriot Funds Industry

New Legal Framework to Boost Cypriot Funds Industry

A positive vote by the House of Representatives on Tuesday 10 July, modernises and upgrades the legal and regulatory framework for collective investment funds, while safeguarding investors’ rights.

Specifically, alternative investment bills will boost the fund industry in Cyprus, as they open the way for registration and different types of funds that didn’t exist, while all available options are open in all jurisdictions for investment funds. Simultaneously, Cyprus is given the opportunity to become an investment center as there will be flexible legislations and a good status with all available options. Besides, it is well known that there is a strong interest in registering alternative investment funds in Cyprus from India, China and Israel

Changes in the legal framework

The Alternative Investment Organisation Act 2018 essentially replaces previous legislations while modernizing and upgrading the legal and regulatory framework governing investment funds with the ultimate goal of safeguarding the rights of investors.

Additionally, it also regulates the establishment and functioning of Alternative Investment Organizations (AIFs), including self-managed AIFMs and Registered Alternative Investment Organizations, taking into account the best practices of other countries with a tradition in the field of investment funds, particularly in the European area.

The new provisions of the law designed to make the institutional framework of the AIF more attractive, rigorous and safe concern:

• The establishment and operation of the AIFs, which will not be subject to authorization by the Securities and Exchange Commission, but will be supervised by their manager, who must be licensed.
• The initial capital of the AIF.
• The appointment of a depositary, depending on the form of the AIF.
• Assign the management function to the management of the AIF.
• The establishment and operation of AIF as a limited partnership with or without a separate legal personality.
• The formation of variable capital companies under the provisions of the Companies Law.

Under the previous legislation, taxpayers who were Cyprus residents and received dividends from collective investment undertakings or other collective investment funds are subject to a special contribution to the defense of 3% of the dividends. Under the amended legislation, persons who receive or are deemed to receive dividends from these bodies are subject to a special contribution at a rate of 17%. In this way, such persons will be treated in the same way as others receiving dividends from companies.

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