How to invest in PIFs over the Internet
PIFs are specifically designed to attract high net worth investors with limited regulation and oversight.
The underlying assets in which PIFs can invest range from transferable securities, private equity, immovable property and infrastructure, to the more complex asset classes such as derivatives. There are three types of PIFs, each with their own characteristics and obligations: 1.
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Self-managed PIFs may establish an in-house Investment Committee, which is expected to hold the majority of its meetings in Malta. The MFSA will respond with guidance and clarifications as necessary.
A draft application form together with all the required supporting evidence is submitted by the promoters. The documents will be reviewed by the MFSA and additional information may be requested. PIF promoters system trading Finalise any outstanding issues. Submit a signed final application form together with all supporting document.
Furthermore, provided that the minimum threshold is satisfied, additional investments of any size may be made. The minimum investment applies to each investor. However, in the case of an umbrella fund comprising several sub-funds, the respective thresholds are applicable on a per scheme basis rather than on a per sub-fund basis, thereby enabling the investor to spread the investment requirement across the various sub-funds.
A license will be issued once all pre-licensing issues are resolved. The MFSA may only license a PIF if it is satisfied that the PIF will comply in all respects with the relevant legislation, regulations and rules and that its directors and officers, or in the case of a unit trust or limited partnership, its trustee s or general partner s respectively, are fit and proper persons to carry out the functions required of them in connection with the scheme.
For tax purposes, a carry trade examples is made between prescribed and non-prescribed funds.
Regulatory Sandbox We have extensive experience in the Fund industry and we have licensed a number of funds, ranging from private equity funds to hedge funds and AIFs.
There is no withholding tax on investment income received by Non-prescribed funds including overseas based CISswhich are exempt from tax on income and capital gains realized on their investments and also enjoy a blanket stamp duty exemption on their transactions.
Foreign investors are not subject to Maltese tax on capital gains or income when they dispose of their investment through redemption by the Fund or disposal to a third party or when they receive dividend or other income from the Fund.
These would be entitled to benefit from the stamp duty exemption obtained from the fund in connection with the acquisition or disposal of their units in the Fund. PIFs can be self-managed without the need to appoint a third party manager. In this case, the MFSA would normally carry out an assessment on the regulatory requirements applicable to the Investment Manager.