SIF Table
| SIF | |
|---|---|
| Practical use | - Hedge funds - Private equity and venture capital - Real estate transactions |
| Applicable legislation | Law of 13 February 2007 (“SIF Law”) |
| Eligible investors | Well-informed investors |
| Eligible assets | Unrestricted. Any kind of assets can be integrated or any type of investment strategies may be pursued. |
| 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 of issuer. |
| Legal Form | - FCP - SICAV (SA, Sàrl, SCA, SCoSA) - SICAF (SA, Sàrl, SCA, SCoSA) The entities may be open-ended or closed-ended. |
| Segregated compartments | Yes |
| Capital requirements | EUR 1,250,000 to be reached within 12 months from the approval by the Luxembourg regulator. |
| Net asset value (NAV) calculation and redemption policy | At least once a year for reporting purposes. |
| Corporate income tax | No corporate income tax |
| Subscription tax | - Rate: 0.01% of the NAV - 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 except if EU Savings Directive applies. |
| Benefit from double tax treaty network | - Limited to funds set-up in the form of a SICAV / SICAF only. - Limited to certain double tax treaties. |
| Benefit from the EU Parent Subsidiary Directive | No |
| Authorisation and supervision by the CSSF | Yes |
| Possibility of listing | Yes |
| European passport | No unless it falls under the scope of the full AIFMD regime |
| Thin capitalization rules (debt-to-equity ratio) | No debt-to-equity ratio. |
| Required Luxembourg service providers | - Management Company in case of an FCP - Depositary institution - Administrative agent - Registrar and Transfer Agent |