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UCITS & ICISs

The Open Ended Undertaking for Collective Investment in Transferable Securities (UCITS) Law 225(I) 2002 provides the legal framework for the registration, regulation and marketing of local and foreign funds in Cyprus. Under this law UCITS is considered to be any organization whose sole aim is to collectively invest publicly collected capital, in transferable securities via stock markets, banking deposits and any other investments and whose operation is based on the principle risk of diversification and whose units can be liquidated by the unit holder on request using the assets of the organization.

Under this law, local UCITS may take the following legal forms:

  • Mutual Funds
  • Variable Capital Investment companies

The International Collective Investment Schemes (ICISs) Law, 1999 has provided the required legal framework for the registration, regulation of operations and supervision of ICISs.

An ICIS can take the following legal forms:

  • International fixed capital company
  • International variable capital company
  • International unit trust scheme, and
  • International investment limited partnership

The sole object of an ICIS is the collective investment of funds of the unitholders. ICISs are subject to tax like any other entity. In a nutshell what is significant for ICISs is the:

  • Exemption from tax on foreign dividends
  • Exemption from tax on profit from sale of securities as defined
  • No withholding tax on income repatriation by the ICISs


Our UCITS and ICIS services include:

Fund Registration Services

  • Designing and building the scheme structure based on your specific needs
  • Drafting the Offering Memorandum in the most efficient manner, and based on your specific needs
  • Drafting the Memorandum & Articles of Association and undertaking the registration of a private company with the Company Registrar
  • Based on your needs, complete the application form(s) as well as any relevant and required checklists of the Central Bank of Cyprus and the Cyprus Securities and Exchange Commission
  • Reviewing the questionnaires and other information to be submitted
  • Locating qualified directors
  • Guiding you in providing all the necessary documentation and certificates and undertake to be responding, on your behalf, to the queries of the Central Bank of Cyprus or the Cyprus Securities and Exchange Commission, and their suggestions relating to the application
  • Assisting to open custodian accounts


Fund Administrative Services

  • Dealing with the ICIS or UCITS correspondence
  • Processing subscriptions
  • Processing Redemptions and withdrawals
  • Computing Net Asset Values
  • Maintaining books and records
  • Disbursing payments
  • Establishing and maintaining accounts of behalf of the ICIS or UCITS and any other matters usually performed for the administration of an ICIS or UCITS