The Irish Collective Asset-management Vehicles Act 2015 (Act) provides for the re-domiciliation of non-Irish corporate funds into Ireland as ICAVs. The Act states that a migrating body may apply to the Central Bank of Ireland (CBI) to be registered as an ICAV by way of continuation. It is a single process to migrate to Ireland and simultaneously convert to ICAV status.
The Act’s requirements are very similar to the existing company law process for fund re-domiciliation with the main difference being that the application for conversion is made solely to the CBI and not to the Irish Registrar of Companies. Existing offshore funds seeking to re-domicile to Ireland are permitted to do so if the legislation of their original territory allows outward and inward re-domiciliation The current list of relevant eligible jurisdictions includes the Cayman Islands, the British Virgin Islands, Jersey, Bermuda and Guernsey. The fund re-registers by way of continuation such that the investment corporate continues to operate.