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Ireland Alternate Investment Fund (AIF) Fund

Ireland Alternate Investment Fund (AIF) has its origins in European Union (EU) legislation. It is regulated by rules established by the Central Bank, which is the regulatory authority responsible for the authorization and supervision of all collective investment schemes established in Ireland.

About Ireland Alternate Investment Fund (AIF) Fund

Irish AIFs are established either as Retail Investors Alternate Investment Funds (RIAIF) or as Qualifying Investors Alternate Investment Funds (QIAIF), depending on whether the relevant AIF is targeted at retail or institutional investors. While both types of AIFs have a wider choice of eligible assets and are subject to fewer investment restrictions than a Undertaking of Collective Investment Transferable Schemes (UCITS), the requirements applicable to RIAIFs are more restrictive than those applicable to QIAIFs.

RIAIFs do not have the automatic right to market across the EU under the AIFMD marketing passport. Access to individual markets is usually granted on a case-by-case basis.

QIAIFs are not subject to many investment or borrowing restrictions. QIAIFs may be marketed freely to professional investors across the EU and the EEA by an authorised AIFM using the AIFMD marketing passport.

Ireland Alternate Investment Fund (AIF) Fund Legal Requirements

Requirements Description
  1. Applicable legislation

UCITS Directive 2014/91

  1. Supervising Authority

Central Bank of Ireland.

  1. Corporate vehicle permitted

EU recognised;

Unit Trust


Common Contractual Fund (CCF)

Variable or Fixed Capital Companies

  1. Share capital or equivalent
    • Minimum subscription

EUR 300,000

    • Minimum investors


  1. Directors / Partners / Trustees
    • Minimum number


    • Corporate Directors / Partners / Trustees allowed


    • Local Directors / Partners / Trustees required


  1. Fund functionaries required
    • Custodian
      • Custodian required
      • Local custodian required


      • Eligible custodian

A licensed institution or another institution acceptable by the Central Bank of Ireland

    • Fund manager / Investment manager
      • Fund manager required
      • Local fund manager required


      • Fund manager requires to be licensed


      • Eligible fund manager

An AIF investment company may opt to be “self-managed” or alternatively can appoint an external management company.

The fund manager must be EU recognised

    • Fund administrator
      • Fund administrator required
      • Local fund administrator required


      • Eligible fund administrator

Ireland licensed company offering fund administrator services as approved by the Central Bank of Ireland.

    • External auditor
      • External auditor required
      • Local external auditor required


      • Eligible external auditor

Qualified local auditor approved by the Central Bank of Ireland

  1. Asset Requirements
    • Restriction on type of asset class invested


    • Asset diversification requirements


    • Limitation on size of the fund or total assets under management


  1. Local physical office required


  1. Prospectus / Offering Memorandum required to be filed


  1. Eligible for listing


  1. Estimated license processing duration

3 months

Ongoing Obligations

Requirements Description
Monthly obligations
Office Required
Quarterly obligations
Annual obligations
Submit half-yearly financial and annual audited accounts of the AIF management company to the Central Bank. The half-yearly accounts shall be submitted within two months of the half-year end and the annual accounts within four months of the year end. The report shall be accompanied by the minimum capital requirement report.
Other obligations

An AIF company should hold its minimum capital requirement in the form of eligible assets
Always be in a position to demonstrate, to the Central Bank, its compliance with the minimum capital requirement

Tax Obligations and Other Exemptions
Requirements Description
Business Tax
AIFs formed under the law of an EU Member State, other than Ireland, will not be liable to tax in Ireland.
Withholding Tax
No withholding tax is payable on dividends and/or interest payable.
Value Added Tax (VAT)
VAT is not applicable to mutual funds in its entirety.
Stamp duty Act
Trades Tax Act
Immigration Decree
Exchange Control Act
There are no foreign exchange control restrictions.
Foreign Earnings Act
The Foreign Earnings Act is not applicable.

Benefits of a Ireland Alternate Investment Fund (AIF) Fund:

  • Ease and speed of establishment
  • Flexible structuring of the entity
  • Favourable compliance restrictions
  • Friendly regulatory environment
  • Is not subject to Central Bank investment restrictions
  • Is not subject to risk diversification requirements