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Brian Dillon, partner with Dillon Eustace

Offshore fund relocates to Ireland


Irish law firm Dillon Eustace is relocating the first unit trust investment fund from the Cayman Islands to Ireland.

The move, which was completed on behalf of a major international financial institution and its underlying investor, follows the Irish Central Bank’s agreement to facilitate the general relocation of unit trusts.

Legislation was also recently commenced to streamline the process of re-domiciliation of corporate funds to Ireland.
 
In this instance, the re-domiciliation has involved a Cayman Islands registered unit trust relocating as an Irish Qualifying Investor Fund. More fund relocations are expected shortly.
 
Brian Dillon, partner with Dillon Eustace, says: “As investors demand increased regulation of their investment products, Ireland will increasingly become a centre for fund relocation. We believe there is now an emerging trend and argument for investment funds to be re-domiciled to Ireland from offshore fund jurisdictions such as British Virgin Islands, Cayman Islands and Bermuda.
 
“There is no doubt that there is a growing appetite for regulated products from institutional investors worldwide. As a result, fund managers are looking at Ireland as a domicile for their internationally distributed funds because of the robust yet efficient regulation in place.”

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