The move was made possible under recently commenced legislation which enables non-Irish fund companies to redomicile to Ireland on the basis that the migrating fund company will continue its existence as a company registered under Irish law.  Currently, fund companies from the Cayman Islands, British Virgin Island, Jersey, Guernsey, Bermuda and the Isle of Man may redomicile to Ireland under this legislation. Application to redomicile is made to the Central Bank of Ireland (the “Central Bank”) and to the Companies Registration Office to obtain the necessary authorisations to permit the continuation of a fund in Ireland. The process is straightforward and compares very favourably, in terms of specific procedures and speed, with other jurisdictions which permit redomiciling of fund companies. 

It is also possible to re-domicile other fund structures to Ireland, including unit trusts, on the basis of the continuation of the existing trust.  The Central Bank will apply many of the same requirements which relate to the redomiciling of fund companies.

Moving funds to Ireland is of particular interest to promoters of alternative investment funds such as hedge funds, real estate funds and private equity funds who wish to redomicile their offshore funds to a regulated, well-serviced OECD and EU jurisdiction.  The legislation will also benefit the many hedge fund managers seeking to avail of European distribution opportunities and for those preparing for the introduction of the Alternative Investment Fund Managers Directive.