Re-domiciling to Ireland as an ICAV
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.
Our Asset Management and Investment Funds team look at the advantages of re-domiciliation as an ICAV, the steps involved in doing so, and draws some conclusions on the new Act.
For more information, contact Nollaig Green or Ann Shiels, Knowledge Lawyers, or any member of the Asset Management and Investment Funds team.
Date published: 13 May 2019