The ICIs (International Collective Investment Schemes) are created on the basis of the Cypriot International Collective Investment Schemes Law. 47(I)/1999. The sole objective of Cypriot investment funds is to invest collective funds entrusted by unit owners.
These funds shall not engage in any other commercial activity. A different investment fund, an international investment firm (offshore entity) or a non-tax resident of the Republic of Cyprus may be the holder of units in the fund.
Important elements of the ICIS Cypriot construction are the lack of a minimum amount of investment, the absence of restrictions on the minimum number of investors and virtually no investment restrictions.
The main advantages of ICIS are: diversity in the creation of investment strategies, uncomplicated regulation, low reporting requirements and rapid creation.