33:
322:
342:
236:
2255:
198:. Dates from 1990 and offers similar features to the ICAV (e.g. U.S. "check-the-box" functionality, no risk spreading, light governance); unlike an ICAV, it cannot be self-managed and must have an AIFM; Irish trust law has complex tax planning features (e.g. separation of legal and beneficial ownership) which are attractive to individual investors and specific jurisdictions (e.g. U.K. and Japan).
2263:
423:
1013:
700:
995:
437:
188:("VCC") (or Investment Company or PLC). An Irish company subject to Irish and EU company law; must have asset diversification; cannot "check-the-box" for U.S. investors (which makes it ineffective for U.S. investors holding Irish assets compared to an ICAV); requires substantive governance procedures and reporting requirements; required to file public
177:). Launched in 2014 for U.S. investors to avoid both U.S. tax and Irish tax on Irish investments; ICAVs became the most popular Irish structure for avoiding Irish taxes on Irish assets; ICAVs meet the U.S. “check-the-box” entity criteria (i.e. the ICAV is shielded from U.S. tax); ICAV filings are confidential to the Central Bank (e.g. no public
1356:
1756:
Across our global funds practice, we see many ICAVs being set up as parallel funds to the Cayman
Islands and British Virgin Islands structures for managers looking to offer leading offshore and onshore fund solutions to their investors. We have advised on some pairing of onshore and offshore vehicles
298:
issued new guidance in May 2018 on
Section 110 SPV taxation which would further reduce their attractiveness as a mechanism to avoid Irish taxes on Irish assets. In June 2018, the Central Bank of Ireland reported that €55 billion of U.S.-owned distressed Irish assets, equivalent to almost 25% of Irish
1488:
Vulture funds are putting in place new strategies to avoid tax and regulation, the Sunday
Business Post reports. Citing a letter from Fianna Fail TD Stephen Donnelly to the Minister for Finance, it says the funds have moved substantial sums from the controversial Section 110 companies and into other
337:
locations in Europe. Many asset managers, and particularly alternative investment managers, use Irish QIAIF wrappers in structuring funds. However, fund structuring is a competitive market and other corporate tax havens such as
Luxembourg offer equivalent products. It is asserted that many of the
116:(“AIFMD”) which lays out detailed rules on the process of constructing (e.g. diversification, leverage), managing (e.g. AIFM approved managers), and marketing (e.g. qualifying investors) of QIAIFs in Europe. However, the following are considered the most important features specific to Irish QIAIFs:
181:
filings; ICAV governance rules are the weakest of all wrappers and having their own legal identity exempts them from some aspects Irish and EU company law; ICAVs are shown to be superior tax avoidance wrappers to the Cayman Island SPCs, and there are provisions to migrate from Cayman/BVI wrappers;
165:
Each of the five QIAIF legal wrappers have attributes designed for different uses. However, outside of entities that need the specific attributes of a trust law (and will use the Unit Trust QIAIF), or can only use a full company structure (and will use a VCC QIAIF), the ICAV is expected to be the
567:
As discussed earlier in relation to Irish
Section 110 SPVs, at the time Irish Section 110 SPVs were being used to avoid Irish taxation on Irish loan investments, however Section 110 SPVs had to file Irish public accounts, which led to a public scandal in 2016 when the level of Irish taxes being
381:
The ability of foreign institutions to use QIAIFs and the ICAV wrapper, to avoid Irish taxes on Irish assets, has been linked to the bubble in Dublin commercial property, and by implication, the Dublin housing crisis. Despite Dublin's housing crisis, and issues of housing affordability, foreign
1562:
QIAIFs are not permitted to carry on a trading business, with the exception of private equity and venture capital funds, but can establish a property fund structure. This structure consists of a
Property Holding Company ("PropCo") which is established as a subsidiary of the QIAIF. An Operating
275:
In late 2016, the
Central Bank of Ireland began a consultation process to upgrade the little-used L–QIAIF regime. In February 2018, the Central Bank of Ireland changed its AIF "Rulebook" to allow L–QIAIFs to hold the same assets that Section 110 SPVs could own. However, the upgraded L-QIAIFs
156:
As at 2016, €435 billion in alternative assets were held in Irish QIAIFs. Ireland is the fourth-largest domicile for
Alternative Investment Funds ("AIF") in the EU with 9.9% of the €4.4 trillion EU AIF market, behind Germany (31.7%), France (21.3%) and Luxembourg (13%). It is asserted that a
306:
Ireland has Irish Real Estate Funds (IREFs) for holding direct Irish property which are not tax-free, their holdings relate to Irish quoted REITs (e.g. Green REIT plc), and insurance assets. The investments by US distressed debt funds in Irish property are via loan acquisitions and thus use
349:
Irish QIAIFs have been used in tax avoidance on Irish assets. It transpired that the regulator of Irish QIAIFs, the
Central Bank of Ireland, was paying rent to a U.S. entity using an Irish QIAIF ICAV to avoid Irish taxes on the rent. Irish QIAIFs have been used to circumvent international
369:
QIAIFs link
Ireland's strength as a corporate-focused tax haven, with the world's largest corporate BEPS tools, to more traditional tax haven type activities (why Cayman SPCs are re-domiciling as Irish ICAVs). The launch of the Irish ICAV was widely covered, and praised, by the leading
206:("CCF"). Established in 2003 for pensions funds to comingle, or pool, assets but maintain full legal segregation of the assets; it is an unincorporated body with no legal identity whose existence is the contract between its investors and the manager; the Irish equivalent of the
220:–type structures with a General Partner ("GP")/Limited Partner ("LP") system; dates from the 1994 Investment Limited Partnerships Act; like a unit trust or CCF, the ILP is a contract and not a separate legal identity; the ICAV is more popular for private equity funds in Ireland.
1824:
ESRB: Nonetheless, if not subject to adequate macro and micro–prudential regulation, this activity could grow rapidly and introduce new sources of financial stability risk. It could also raise the financial system's vulnerability to runs, contagion, excessive credit growth and
281:
Tax secrecy. Unlike the Section 110 SPV, the L–QIAIFs are not required to file public accounts (this was how the Section 110 tax abuses were uncovered), but file confidential accounts with the Central Bank of Ireland, that are protected under the 1942 Central Bank Secrecy
268:. However, Irish public tax scandals in 2016 concerning the use of this BEPS tool – involving artificial Irish children's charities – by U.S. distressed funds, assisted by the leading Irish tax-law firms, to avoid billions in Irish taxes damaged its reputation (see
1517:
However, the new rules combined with the strong legal and regulatory environment in Ireland, the settled and transparent requirements applicable to L-QIAIFs and the fast track authorisation process have already attracted increasing interest in L-QIAIFs among asset
382:
landlords (also called "cuckoo funds") operate in Ireland on a tax-free basis. It is asserted that property development, and over-inflation of property prices via tax incentives, are favoured historical economic strategies of the two main Irish political parties,
1160:
The Irish Collective Asset-management Vehicle was a nifty little tax structure introduced last year. Designed to primarily facilitate the transfer of U.S. funds into Dublin, it allows foreign investors to channel their investments through Ireland while paying no
502:
in Ireland in 2016 when it was discovered that U.S. distressed debt funds have used Section 110 SPVs to shield over €80 billion in distressed Irish loan balances from Irish taxation; the scandal was uncovered because Section 110 SPVs have to file Irish public
1319:
They'll do this by making commercial property investment, mainly by large foreign landlords, entirely tax-free. This will drive up commercial rents, suppress residential development, put Irish banks at risk, and deprive the State of much-needed
515:
As of March 2019, a large proportion of Irish assets and real estate assets are still held via loan securities as a result of the sale of over EUR100 billion in Irish loan balances (sold for cash proceeds of EUR35 billion) by the Irish
1602:
Icavs were introduced last year following lobbying by the funds industry, to tempt certain types of offshore fund business to Ireland. It has since emerged, however, that the structures have been widely utilised to avoid tax on Irish
1064:
The International Monetary Fund (IMF) has raised concerns about instances where individual bankers and lawyers were appointed to hundreds of boards of unregulated special-purpose vehicles in Dublin's International Financial Services
1042:
The same source in comparing different investment vehicles states that :- Another positive of the Section 110 Company is that there are no regulatory restrictions regarding lending as is the case with a QIF (Qualifying Investor
2242:
32:
404:, formally wrote to the Irish Government on behalf of the UN, regarding its concerns regarding "preferential tax laws" for foreign investment funds on Irish assets which were compromising the human rights of tenants in Ireland.
1221:
ANDREA KELLY (PwC Ireland): "We expect most Irish QIAIFs to be structured as ICAVs from now on and given that ICAVs are superior tax management vehicles to Cayman Island SPCs, Ireland should attract substantial re-domiciling
773:
A UN SPECIAL Rapporteur on housing has sent a letter to the Irish government noting that they have facilitated housing financing through "preferential tax laws and weak tenant protections among other measures".
898:
Since then we have retained our position as the leading Irish counsel on ICAVs and to date have advised on 30% of all ICAV subfunds authorised by the Central Bank, which is nearly twice as many as our nearest
554:, the high levels of BEPS tools in Ireland's economy means that its GDP is artificially inflated (e.g. in 2018, Irish GDP was 163% of Irish GNI*); academics have noted that the Irish State has traditionally
289:("PPN"). Another weakness of Section 110 SPVs was their reliance on artificial PPNs to execute the BEPS movement. L–QIAIFs do not require PPNs, and are thus more robust from an OECD compliance perspective.
1089:
Concerns have been raised that ICAVs, which are fully exempt from tax on income and profits, are being used by foreign and domestic investors to avoid paying tax on rental income in this country.
303:, moved out of Section 110 SPVs. The L-QIAIF, and the ICAV wrapper, in particular, is expected to become an important structure for managing Irish tax on Irish assets in a confidential manner.
307:
L-QIAIFs. In addition, foreign investors in Irish property can still use the L-QIAIF by holding via structured loans domiciled abroad, thus also avoiding Irish taxes in a confidential manner.
1563:
Company ("OpCo") is also often established and a declaration of trust over the shares in favour of the QIAIF is common. As a result, the OpCo gets the benefit of a tax exemption for QIAIFs.
791:
47:, also regulated by the CBI, emerged in 2016–2017, the CBI upgraded the little-used LQIAIF, to give the same benefits as Section 110 SPVs, but with full confidentiality and tax secrecy.
244:
uncovered abuses of Section 110 SPVs in 2016, and warned that making commercial property tax-free to foreign investors, via QIAIFs, would cause an office bubble and a housing crisis.
1140:
Internal Department of Finance briefing documents reveal that officials believe there has been "extremely significant" tax leakage due to investors using special purpose vehicles.
541:
study, show that Luxembourg is by far the most popular destination for capital leaving Ireland; The IMF estimates that over half of the capital leaving Ireland goes to Luxembourg.
148:
Fast authorisation: The Central Bank runs a "fast track" 24–hour approval process where it doesn't review documents but relies on confirmations from directors and Irish advisors;
89:. It is asserted that many assets in QIAIFs and LQIAIFs are Irish assets being shielded from Irish taxation. Irish QIAIFs and LQIAIFs can be integrated with Irish corporate
113:
586:
1656:
Ireland is a wonderful, special country in many ways. But when it comes to providing foreigners with lax financial regulation or tax trickery, it is a goddamned rogue state
1116:
Certain funds in operation here are seeing foreign property investors paying no tax on income. The value of property owned in these QIAIFs is in the region of €300 billion.
1575:
192:
accounts (and can be scrutinised by the Irish financial media); the VCC is less popular since the introduction of ICAVs in 2014 and is rarely used for new Irish QIAIFs.
1022:
Irish politicians are "mindlessly in favour" of growing the International Financial Services Centre (IFSC), according to a former deputy governor of the Central Bank
1882:
499:
330:
286:
269:
265:
230:
86:
44:
40:
916:
397:("ESRB") after initial, and unsuccessful, lobbying by IFSC tax-law firms to expand the L–QIAIF regime, so as to remove Irish taxation from Irish loan investments.
1080:
321:
1713:
1629:
1470:
1414:
1055:
2305:
1949:
958:
104:
In March 2019, the UN identified Ireland's "preferential tax regimes" for foreign funds on Irish assets as affecting the human rights of tenants in Ireland.
1747:
1727:
1310:
937:
2310:
1387:
1248:
843:
631:"Tax-free funds once favoured by 'vultures' fall €55bn: Regulator attributes decline to the decision of funds to exit their so-called 'section 110 status'"
1838:
1234:
450:
355:
94:
1668:
151:
Light-touch regulation: Irish advisory firms openly market the QIAIF regulatory regime as "light-touch", which has been confirmed from other sources.
1155:
996:"A third of Ireland's shadow banking subject to little or no oversight: A report published on Wednesday by the Swiss-based Financial Stability Board"
411:
launched a Facebook campaign to highlight abuses of QIAIFs and L-QIAIFs, stating: "The L-QIAIF runs the risk of being a weapon of mass destruction".
338:
assets in Irish QIAIFs are Irish assets, and particularly from the sale of over €100 billion in distressed assets by the Irish State from 2012–2017.
2258:
1448:
124:
Tax–free: QIAIFs are exempt from all Irish taxation, including VAT and duties, and can make distributions to non–Irish residents free of any Irish
608:
189:
178:
132:
1698:
The massive profitability levels of European banks in Ireland suggests that large profits may be reported in Ireland as a tax-avoidance strategy,
1677:
The massive profitability levels of European banks in Ireland suggests that large profits may be reported in Ireland as a tax-avoidance strategy,
1593:
1505:
558:
the gap to the distorted Irish GDP, by increasing the level of credit in the economy, and may have used property debt as the main tool for this.
145:
Closed and open-ended options: Irish QIAIFs can be open-ended (e.g. must meet daily liquidity requirements) or closed-ended (e.g. the L–QIAIF);
1647:
528:. The Irish Real Estate Funds (IREF), which are not tax-free, are largely confined to owners of Irish property via Irish quoted REIT assets.
630:
121:
Irish domiciled: All of the legal wrappers in the QIAIF regime are Irish domiciled structures and subject to Irish law and Irish tax codes;
1875:
821:
581:
666:
70:
is the most popular of the five Irish QIAIF structures, it is the main tax-free structure for foreign investors holding Irish assets.
1198:
2315:
517:
257:
90:
1689:
1335:
1286:
889:
1432:"Central Bank of Ireland publishes notice of intention to amend the requirements for Loan Origination Qualifying Investor AIF"
2320:
2266:
2086:
2016:
1868:
1131:
551:
525:
300:
81:
regime which enables the five tax-free structures to be used for closed-end debt instruments. The L–QIAIF is Ireland's main
1594:"Clerys owner exploits tax avoidance loophole: Majority of shuttered Dublin store owned by collective asset vehicle (ICAV)"
1974:
325:
Comparison of the sales price as multiple of the cost of build, for a prime office in Dublin, with EU–28 countries (2016).
975:
730:
2232:
1995:
394:
1489:
entities called L-QIAIFs (loan-originating qualifying alternative investment funds). These do not file public accounts.
17:
2167:
734:
682:
Fianna Fáil claims that funds have discovered a "new nirvana". Documents also reveal new strategy to avoid regulation.
341:
1819:
62:
regulatory classification established in 2013 for Ireland's five tax-free legal structures for holding assets. The
2006:
2290:
2285:
1954:
1923:
334:
253:
207:
1531:
276:
offered two specific improvements over the Section 110 SPV which make L–QIAIFs a superior Debt–based BEPS tool:
2162:
2076:
1798:
867:
489:
The QIAIF is not itself a fund, but a legal and regulatory structure that contains many different type of funds
1805:
350:
regulations, on avoiding tax laws in the EU and the U.S. Irish QIAIFs can be combined with Irish corporate
2295:
2237:
2222:
2196:
2191:
2041:
1969:
1911:
1431:
1034:
202:
135:
public accounts, and the reports they file with the Central Bank of Ireland cannot be shared with the Irish
59:
36:
755:
2300:
2217:
2131:
1557:
470:
316:
2031:
1891:
1455:
1269:
1105:
538:
465:
371:
363:
295:
136:
98:
2021:
1917:
670:
157:
material amount of QIAIF assets (or AIF assets) are Irish assets being shielded from Irish taxation.
1984:
1799:"CRISIS RECOVERY IN A COUNTRY WITH A HIGH PRESENCE OF FOREIGN-OWNED COMPANIES: The Case of Ireland"
1365:
New Gabriel Zucman study claims State shelters more multinational profits than the entire Caribbean
1293:
1255:
850:
612:
455:
1770:
1186:
The ICAV is now the most popular QIAIF in Ireland and set up take over from the Investment Company
648:
Regulator attributes decline to the decision of funds to exit their so-called 'section 110 status'
2186:
2096:
2061:
1249:"Pension Pooling and Asset Pooling in Ireland: Establishing a Common Contractual Fund in Ireland"
920:
2057:
1751:
1615:
1106:"There are yet more Irish laws that allow foreign property investors to operate here tax-free"
893:
796:
460:
375:
1178:
739:
Figure 3. Foreign Direct Investment - Over half of Irish outbound FDI is routed to Luxembourg
2105:
2071:
1939:
1843:
1339:
756:"UN says Ireland applies 'preferential tax laws' to vultures funds and it 'cannot continue'"
520:(NAMA), as well as tens of billions in additional loan balances by other Irish banks, to US
442:
240:
1735:
Irish withholding tax on transfers to Luxembourg can be avoided if structured as a Eurobond
2146:
2136:
2126:
2121:
2101:
1899:
1775:
1392:
521:
261:
125:
82:
1690:"Irish 'tax haven' benefits from offshore asset shifts, reports New York Federal Reserve"
1205:
1014:"Former Irish Central Bank Deputy Governor says Irish politicians mindless of IFSC risks"
2180:
2091:
2081:
809:
The funds pay no corporation tax, no income tax and no capital gains tax in most cases.
428:
408:
393:
This risk of QIAIFs was highlighted in 2014 when Central Bank of Ireland consulted the
383:
217:
235:
142:
No restriction on assets: There are no restrictions on the assets the QIAIF can hold;
2279:
2176:
2141:
2026:
2001:
1964:
1929:
1110:
760:
401:
2227:
2172:
1979:
345:
Comparison of the sales price of Dublin prime office with EU–28 countries (2016).
2201:
1959:
1475:
705:
635:
294:
Three months after the Irish Central Bank updated its AIF "Rulebook", the Irish
1630:"Central Bank landlord a vulture fund paying no Irish tax using a QIF, says SF"
1576:"Kennedy Wilson firm pays no tax on its €1bn Irish property assets with QIAIFs"
1471:"Seen & heard: Tax avoiding Vulture funds and TransferMate's deal with ING"
1035:"TRINITY COLLEGE DUBLIN: 'Section 110' Companies. A Success story for Ireland?"
2066:
2036:
1944:
1934:
418:
359:
354:
tools (e.g. the Orphaned Super–QIF), to create confidential routes out of the
1839:"Paddy Cosgrave, a weird press conference and €1,000 cash in brown envelopes"
938:"Powerful Central Bank secrecy laws limit public disclosure of key documents"
976:"TRINITY COLLEGE DUBLIN: Ireland, Global Finance and the Russian Connection"
701:"How big landlords in Ireland minimise their tax bills on rental properties"
387:
249:
1081:"ICAV structure rivals Section 110s in popularity, say Central Bank stats"
422:
1860:
1714:"Ireland as a location for Distressed Debt: Orphaned Super QIF Example"
609:"CENTRAL BANK OF IRELAND: Enhancements to the L-QIAIF regime announced"
1415:"Update on Changes to Loan Originating Qualifying Investor AIF Regime"
1357:"Ireland is the world's biggest corporate 'tax haven', say academics"
981:. Professor Jim Stewart Cillian Doyle. 27 February 2018. p. 21.
792:"Threat to tax 'cuckoo funds' as FG feels the heat on housing crisis"
1388:"Ireland is a tax haven — and that's becoming controversial at home"
1336:"Finance Bill Could Turn Commercial Property Bubble into next Crash"
1204:. Irish Funds Association. November 2015. p. 16. Archived from
1040:. Professor Jim Stewart Cillian Doyle. 12 January 2017. p. 20.
667:"Vulture funds in new move to slash tax bills and escape regulation"
983:
Regulation has been described as light touch regulation/unregulated
85:
as it overcomes the lack of confidentiality and tax secrecy of the
2011:
1748:"Irish Collective Asset-management Vehicle (ICAV) and Cayman SPCs"
1669:"'Strong evidence' Ireland aiding EU banks' tax-avoidance schemes"
320:
234:
93:("BEPS") tax tools to create confidential routes out of the Irish
1156:"How foreign firms are making a killing in buying Irish property"
917:"New Irish Fund Vehicle to Facilitate U.S. Investment – the ICAV"
1056:"IMF queries lawyers and bankers on hundreds of IFSC SPV boards"
351:
131:
Tax secrecy: Four of the five QIAIF wrappers do not file Irish
1864:
1506:"New loan origination QIAIF regime - finally a viable option?"
248:
Ireland is considered by some academic studies to be a major
231:
Irish Section 110 Special Purpose Vehicle (SPV) § Abuses
1199:"IRISH FUNDS ASSOCIATION: ICAV Breakfast Seminar New York"
959:"Irish Loan Originating Funds (L–QIAIFs): An Introduction"
1648:"Tax 'trickery' in Ireland: A safe haven you can bank on"
1532:"Alternative Investment Funds 2018: Chapter 21 IRELAND"
868:"QIAIFs – Ireland's Regulated Alternative Fund Product"
18:
Qualifying investor alternative investment fund (QIAIF)
1311:"Tax breaks for commercial property will fuel bubble"
1235:"Conversion of a BVI or Cayman Fund to an Irish ICAV"
1179:"The ICAV: Irish Collective Asset-management Vehicle"
1132:"Fears over tax leakage via investors' ICAV vehicles"
400:
In March 2019, the UN Special Rapporter on housing,
378:, claimed to have been one of its chief architects.
2210:
2155:
2114:
2050:
1898:
844:"Establishing a Qualifying Investor AIF in Ireland"
114:
Alternative Investment Fund Managers Directive 2011
73:In 2018, the Central Bank of Ireland expanded the
1820:"Loan Origination QIAIFs – Central Bank Consults"
1381:
1379:
1377:
1375:
1373:
694:
692:
690:
587:Central Bank of Ireland: AIF Rulebook March 2018
1990:Qualifying investor alternative investment fund
1287:"Establishing a Private Equity Fund in Ireland"
329:The QIAIF regime has contributed to making the
52:Qualifying Investor Alternative Investment Fund
1556:Kathleen Garrett; Sarah Cunniff; Ruth Lillis.
790:Kevin Doyle; Donal O'Donovan (19 April 2019).
333:(IFSC) one of the largest fund domiciling and
182:most new Irish QIAIFs are structured as ICAVs.
1876:
890:"The ICAV – Maples and Calder Checks the Box"
407:In April 2019, Irish technology entrepreneur
8:
1950:Labour-sponsored venture capital corporation
524:funds from 2013 to 2019; by reference, 2017
1708:
1706:
1504:Gayle Bowen; Aongus McCarthy (9 May 2018).
1150:
1148:
1075:
1073:
660:
658:
656:
2262:
1883:
1869:
1861:
1771:"How bankers brought Ireland to its knees"
1099:
1097:
911:
909:
907:
884:
882:
880:
451:Corporation tax in the Republic of Ireland
1822:. Dillon Eustace Law Firm. 14 July 2014.
1437:. Dillon Eustace Law Firm. February 2018.
1184:. A&L Goodbody Law Firm. March 2014.
1126:
1124:
785:
783:
781:
175:Irish Collective Asset-management Vehicle
64:Irish Collective Asset-management Vehicle
340:
31:
1449:"Section 110: entitlement to treatment"
1330:
1328:
1305:
1303:
1237:. William Fry Law Firm. 1 October 2015.
862:
860:
838:
836:
834:
597:
482:
331:International Financial Services Centre
1804:. IMK Macroeconomic Policy Institute,
1499:
1497:
1351:
1349:
964:. William Fry Law Firm. February 2018.
932:
930:
725:
723:
624:
622:
603:
601:
582:QIAIF Guidance Central Bank of Ireland
39:("CBI") regulates QIAIFs. When Irish
1733:. Grant Thornton. 30 September 2015.
1420:. Author Cox Law Firm. December 2016.
1173:
1171:
1169:
953:
951:
822:"A guide to Qualifying Investor AIFs"
749:
747:
511:
509:
7:
1530:Brian Kelliher; Sean Murray (2018).
1104:Cianan Brennan (10 September 2016).
2306:Taxation in the Republic of Ireland
112:Irish QIAIFs are subject to the EU
2311:Economy of the Republic of Ireland
1558:"Lending to Irish Regulated Funds"
1158:. Irish examiner. 22 August 2016.
665:Jack Horgan-Jones (29 July 2018).
568:avoided by U.S. funds was revealed
25:
374:law firms, the largest of which,
2261:
2254:
2253:
1469:Michael McAleer (29 July 2018).
1275:. Dillon Eustace Law Firm. 2010.
754:Christina Finn (27 March 2019).
518:National Asset Management Agency
435:
421:
260:("BEPS") tools. Ireland's main
258:base erosion and profit shifting
210:("FCF") structure in Luxembourg.
91:base erosion and profit shifting
1618:. Broadsheet.ie. 18 April 2016.
2087:Socially responsible investing
2017:Split capital investment trust
1797:Heike Joebges (January 2017).
873:. KPMG Ireland. November 2015.
552:Modified gross national income
214:Investment Limited Partnership
27:Irish zero-tax legal structure
1:
1975:Open-ended investment company
1769:David Gardner (15 May 2010).
1386:Aidan Regan (25 April 2019).
699:Fiona Redden (12 June 2019).
362:such as Luxembourg, the main
216:("ILP"). Primarily aimed at
2233:Returns-based style analysis
1996:Real estate investment trust
1837:Gavin Daly (21 April 2019).
526:Irish GNI was EUR181 billion
395:European Systemic Risk Board
2168:Efficient-market hypothesis
735:International Monetary Fund
2337:
2007:Short-term investment fund
1716:. Davy Stockbrokers. 2014.
629:Mark Paul (28 June 2018).
356:Irish corporate tax system
314:
287:Profit Participating Notes
228:
2251:
1955:Listed investment company
1924:Fonds commun de placement
1537:. Dillon Eustace Law Firm
737:. June 2018. p. 20.
731:"Ireland:Selected Issues"
254:offshore financial centre
208:fonds commun de placement
2163:Arbitrage pricing theory
1270:"CCFs and Asset Pooling"
186:Variable Capital Company
166:dominant QIAIF wrapper.
2316:Corporate tax avoidance
2238:Traditional investments
2223:Commodity pool operator
2197:Noisy market hypothesis
2192:Modern portfolio theory
2042:Unitised insurance fund
1970:Open-ended fund company
1912:Common contractual fund
1757:in combined structures.
827:. Dillon Eustace. 2015.
500:major tax scandal broke
203:Common Contractual Fund
60:Central Bank of Ireland
37:Central Bank of Ireland
2218:Alternative investment
2132:Institutional investor
537:Both the IMF, and the
471:Ireland as a tax haven
346:
326:
317:Ireland as a tax haven
245:
75:Loan Originating QIAIF
48:
2321:Offshore magic circle
2032:Unit investment trust
1892:Investment management
1806:Hans-Böckler-Stiftung
1616:"Nothing to see here"
1456:Revenue Commissioners
1342:T.D. 6 November 2016.
1062:. 30 September 2016.
539:Conduit and Sink OFCs
466:Offshore magic circle
372:offshore magic circle
344:
324:
296:Revenue Commissioners
238:
35:
2022:Tax transparent fund
1918:Exchange-traded fund
1728:"Irish SPV Taxation"
1138:. 26 February 2017.
671:Sunday Business Post
262:debt–based BEPS tool
83:debt–based BEPS tool
2077:Manager of managers
1985:Private-equity fund
1317:. 6 November 2016.
1294:Matheson (law firm)
1256:Matheson (law firm)
851:Matheson (law firm)
615:. 29 November 2016.
613:Matheson (law firm)
456:Matheson (law firm)
241:Stephen Donnelly TD
41:public tax scandals
2187:Martingale pricing
2097:Thematic investing
2062:passive management
1600:. 4 October 2016.
1560:. Author Cox Law.
1211:on 2 December 2017
921:Walkers (law firm)
347:
327:
270:Section 110 abuses
256:, with a range of
246:
97:to Ireland's main
49:
2273:
2272:
2051:Investment styles
1752:Maples and Calder
1694:Irish Independent
1675:. 28 March 2017.
1673:Irish Independent
1636:. 28 August 2016.
1634:Irish Independent
1580:Irish Independent
1315:Irish Independent
1085:Irish Independent
894:Maples and Calder
797:Irish Independent
461:Maples and Calder
376:Maples and Calder
16:(Redirected from
2328:
2291:Offshore finance
2286:Investment funds
2265:
2264:
2257:
2256:
2106:growth investing
2072:Impact investing
1940:Investment trust
1885:
1878:
1871:
1862:
1856:
1855:
1853:
1851:
1844:The Sunday Times
1834:
1828:
1827:
1825:pro-cyclicality.
1816:
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1590:
1584:
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1582:. 6 August 2016.
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1383:
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1363:. 13 June 2018.
1353:
1344:
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1340:Stephen Donnelly
1332:
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1307:
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1087:. 31 July 2016.
1077:
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1020:. 5 March 2018.
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550:As discussed in
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443:Companies portal
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2147:Performance fee
2137:Net asset value
2127:Fund governance
2122:Closed-end fund
2110:
2046:
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1894:
1889:
1859:
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1776:Financial Times
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1696:. 13 May 2018.
1688:
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1654:. 29 May 2013.
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1393:Washington Post
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1012:
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1007:
1000:The Irish Times
994:
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974:
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969:
961:
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949:
944:. January 2016.
936:
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905:
888:
887:
878:
870:
866:
865:
858:
853:. October 2017.
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266:Section 110 SPV
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126:withholding tax
110:
87:Section 110 SPV
45:Section 110 SPV
43:concerning the
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5:
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1002:. 10 May 2017.
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896:. March 2016.
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576:External links
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1296:. March 2017.
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1258:. March 2017.
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1111:TheJournal.ie
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761:TheJournal.ie
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403:
402:Leilani Farha
398:
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367:
366:for Ireland.
365:
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38:
34:
30:
19:
2228:Robo-advisor
2173:Fixed income
2104: /
2060: /
1989:
1980:Pension fund
1848:. Retrieved
1842:
1832:
1823:
1814:
1792:
1780:. Retrieved
1774:
1764:
1755:
1742:
1734:
1722:
1697:
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1597:
1588:
1579:
1570:
1561:
1551:
1539:. Retrieved
1525:
1516:
1509:. Retrieved
1487:
1480:. Retrieved
1474:
1464:
1443:
1426:
1409:
1397:. Retrieved
1391:
1364:
1360:
1318:
1314:
1281:
1264:
1243:
1229:
1220:
1213:. Retrieved
1206:the original
1193:
1185:
1159:
1139:
1136:Sunday Times
1135:
1115:
1109:
1088:
1084:
1063:
1059:
1050:
1041:
1029:
1021:
1017:
1008:
999:
990:
982:
970:
941:
897:
816:
808:
801:. Retrieved
795:
772:
765:. Retrieved
759:
738:
710:. Retrieved
704:
681:
674:. Retrieved
647:
640:. Retrieved
634:
563:
555:
546:
533:
494:
485:
406:
399:
392:
380:
368:
348:
328:
305:
293:
285:No need for
274:
247:
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213:
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195:
185:
174:
170:
164:
155:
111:
103:
78:
74:
72:
67:
63:
55:
51:
50:
29:
2202:Yield curve
2115:Terminology
2067:Hedge Funds
1960:Mutual fund
1900:Investment
1652:Irish Times
1598:Irish Times
1476:Irish Times
1458:. May 2018.
1361:Irish Times
942:Irish Times
706:Irish Times
636:Irish Times
384:Fianna Fáil
2280:Categories
2037:Unit trust
1945:Hedge fund
1935:Index fund
1904:structures
593:References
360:tax havens
315:See also:
229:See also:
196:Unit Trust
95:tax system
2181:Convexity
1603:property.
1518:managers.
388:Fine Gael
358:to other
250:tax haven
2259:Category
2177:Duration
1850:26 April
1782:25 April
1754:. 2016.
1541:28 April
1511:19 April
1482:19 April
1399:25 April
1222:business
803:19 April
767:29 March
676:26 April
642:26 April
503:accounts
415:See also
364:Sink OFC
264:was the
108:Features
99:Sink OFC
1992:(QIAIF)
1065:Centre.
923:. 2015.
712:12 June
556:bridged
225:L-QIAIF
137:Revenue
79:L–QIAIF
2156:Theory
2058:Active
1998:(REIT)
1320:funds.
1215:1 July
1043:Fund).
899:rival.
311:Abuses
252:, and
2243:UCITS
2102:Value
2012:SICAV
1926:(FCP)
1920:(ETF)
1914:(CCF)
1802:(PDF)
1731:(PDF)
1535:(PDF)
1452:(PDF)
1435:(PDF)
1418:(PDF)
1290:(PDF)
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