A relatively new type of investment fund, the Irish Collective Asset-management Vehicle (ICAV), is tailor-made for regulating investment funds and attracting foreign investors. The ICAV may be suitable for United States-based investment advisers.
In this article published in the Journal of Taxation and Regulation of Financial Institutions, RK&O attorney Ashley Porter explains important aspects of the ICAV, details what makes it a competitive fund structure and sets out important points for United States investors (including funds of investment funds), most notably, for United States investors, the more favorable pass through tax election for ICAVs and the limited liability of umbrella and sub-funds that together create a fairly stable tax friendly investment vehicle.
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