RAIF Table
| RAIF | |
|---|---|
| Applicable legislation | Law of 23 July 2016 ("RAIF Law") |
| Authorisation and supervision by the CSSF | No |
| Qualification as an AIF | Always an AIF. |
| Exemption from AIFMD full regime under lighter regime (AIFMD registration regime) | No. |
| Eligible investors | Well-informed investors. |
| Eligible assets | Unrestricted, unless it invests in a portfolio of risk capital (such as a Sicar). |
| Risk diversification requirements | is not allowed to invest more than 30% of its net assets in securities of the same type issued by the same issuer. No risk diversification requirements. |
| Legal Form | - FCP - SICAV (SA, Sàrl, SCA, SCoSA, SCS, SCSp) - SICAF (SA, Sàrl, SCA, SCoSA, SCS, SCSp) The entities may be open-ended or closed-ended. |
| Umbrella structure | Yes. |
| Capital requirements | - FCP: EUR 1,250,000 to be reached within 12 months from the entry into force of the management regulations.SICAV: EUR 1,250,000 to be reached within 12 months from the incorporation of the SICAV. |
| Required Luxembourg service providers | Management company in case of an FCP. - Depositary bank or professional of the financial sector providing depositary services, subject to conditions. - Administrative agent. - Registrar and Transfer Agent. - Approved statutory auditor. |
| Possibility of listing | Yes |
| European passport | Yes |
| Net asset value (NAV) calculation and redemption policy | At least once a year for reporting purposes. |
| Overall income tax (corporate income tax and municipal business tax) | No income tax, unless investing only in risk capital, then SICAR tax regime applicable. |
| Subscription tax | - Rate: 0.01% of the NAV - Exemptions apply. |
| Wealth tax | No wealth tax |
| Withholding tax on dividends / interests and capital gains | Not subject to withholding tax. |
| Benefit from double tax treaty network | RAIFs investing in a portfolfio of risk capital (such as a SICAR): Access if set-up as a corporate entity (except if set-up under the form of a SCS/SCSp). RAIFs not investing in a portfolio of risk capital (such as a SICAR), but set-up as: - SICAV / - SICAF: Limited to certain double tax treaties (see circular L.G. -A n°61 of the tax administration of 8 December 2017). - FCP: see circular L.G.-A n°61 of the tax administration of 8 December 2017. |
| Benefit from the EU Parent Subsidiary Directive | No, unless RAIF that invests in a portfolio of risk capital (such as a SICAR). |
| Thin capitalization rules (debt-to-equity ratio) | No debt-to-equity ratio. |
| Practical use | Hedge funds, private equity funds, venture capital funds, real estate funds, crypto funds, infrastructure funds, distressed debt funds, Islamic finance funds, microfinance funds, socially responsible investment funds, tangible assets funds and any other type of alternative funds. |
