SIF Table
| SIF | |
|---|---|
| Applicable legislation | Law of 13 February 2007 (“SIF Law”) |
| Authorisation and supervision by the CSSF | Yes |
| Qualification as an AIF | Yes, unless exempt. It is exempt if it does not raise capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors. |
| Exemption from AIFMD full regime under lighter regime (AIFMD registration regime) | Possible. |
| Eligible investors | Well-informed investors |
| Eligible assets | Unrestricted. |
| Risk diversification requirements | Risk diversification requirements are defined by CSSF Circular n° 07/309. Such requirements are less stringent than the ones applicable to UCITS and UCI. In particular, a SIF is not allowed to invest more than 30% of its net assets in securities of the same type issued by the same issuer. |
| 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 | EUR 1,250,000 to be reached no later than 12 months following the authorisation by the CSSF. |
| 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 | No unless it falls under the scope of the full AIFMD regime |
| 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. |
| Subscription tax | - Rate: 0.01% of the NAV annually. - Tax exemptions: certain money market and pension funds or SIFs investing in other funds which are already subject to subscription tax. |
| Wealth tax | No wealth tax. |
| Withholding tax on dividends / interests and capital gains | Not subject to withholding tax. |
| Benefit from double tax treaty network | - 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. |
| 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. |
