Funds (International Collective Investment Schemes ("ICIS")
Cyprus introduced in May 1999, a
enabling the establishment and regulation of
International Collective Investment Schemes
Under the above legislation, the Central Bank of Cyprus is the regulatory and supervisory authority for Schemes and may, upon a written application, recognise a company incorporated under the Cyprus Companies Law, a trust created under the International Trust Law or a partnership registered under the Partnership and Business Names Law, as an International Collective Investment Scheme.
Under the above legislation, therefore, a Scheme may take one of the following forms:
1. International Fixed Capital Company (IFCC)
2. International Variable Capital Company (IVCC)
3. International Unit Trust Scheme (IUTS)
4. lnternational Investment Limited Partnership (IILP)
All four legal types of Schemes, can either be
of limited or unlimited duration.
It must be noted that the Central Bank of Cyprus recognises, for the time being, only Private Schemes ie Schemes which have up to 100 investors. Such Schemes must appoint a Custodian which must be a Cyprus bank, unless specifically exempt by the Central Bank of Cyprus. It must also be noted that Private Schemes which do not have a physical presence in Cyprus, must appoint a company to carry out the administration work of the Scheme. The said company must be based in Cyprus and be approved by the Central Bank of Cyprus.
Details on the establishment and operation of International Collective Investment Schemes in Cyprus may be found in the "Guide to Prospective Applicants on Obtaining Recognition as an International Collective Investment Schemes". (It must be noted that the reference on page 20, point 18 of this Guide, on Taxation, is no longer applicable).
Schemes are also obliged to abide by the
regulations contained in the"Guidance Note for
the prevention and Suppression of Money
Cyprus company registration
Registration Cyprus Company
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