The Irish Department of Finance recently published regulations that prescribe the British Virgin Islands and the Cayman Islands as jurisdictions from which a migrating fund can apply to the Central Bank to be registered as an ICAV by way of continuation (the migrating fund must be a body corporate). Registration as an ICAV pursuant to this procedure will not create a new legal entity nor should it prejudice or affect the identity of the corporate entity. Accordingly, the migrating fund’s existing performance track record can be retained while avoiding potential adverse tax consequences and costs that are often encountered when merging an offshore fund with a new onshore fund.

Contributed by Niall Crowley.