New jurisdictions for fund redomiciliations added to the ICAV Act 2015 & Companies Act 2014

The Minister for Finance recently signed regulations adding Bermuda and Guernsey to the list of “relevant jurisdictions” from which a foreign registered investment company can migrate inwards to Ireland and continue as an ICAV. These regulations also provide for reciprocal arrangements enabling Irish investment funds constituted as ICAVs to migrate outwards to Bermuda and Guernsey.

As a consequence of these amending regulations, the full list of “relevant jurisdictions” from and to which ICAV migration is now permitted includes:

• British Virgin Islands;
• Cayman Islands;
• Jersey;
• Bermuda; and
• Guernsey

The Minister for Finance also recently signed long awaited regulations that designate the jurisdictions listed above as relevant jurisdictions under corresponding provisions of the Companies Act 2014.

The Maples Group advised on the first fund redomiciled into Ireland as a QIAIF ICAV and the first fund redomiciled into Ireland as a UCITS ICAV.

Additionally, we practice the laws of the British Virgin Islands, the Cayman Islands and Jersey (i.e. 3 of the 5 migration jurisdictions) and can therefore advise on both the outward and inward sides of a corporate migration from any of those jurisdictions.

For further information, please liaise with your usual Maples Group contact.