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8/13/2019 EXPERTA Presentation - Portugal(1)
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Luxembourg Investment and Fund RaisingVehicles
11 October 2012
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Agenda
Why Luxembourg
Luxembourg Investment Vehicles
Features of the Investment Vehicles
Fund Raising Vehicles
SIF and SICAR - comparison
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Why Luxembourg
A historic role in Europe
A safe and financially healthy country
A top level financial cluster
A competitive business center
Luxembourg has a proven expertise in :
Wealth management
Attractive approach in taxation
Geographical location in the heart of the biggest art market in the world
3
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Why Luxembourg
2005
Venture
Capital
Microfinance
Securitisation
vehicles
intellectual
property
SIF
Covered
bonds
SPF
2012
Pension funds
Philantropy
Pension pooling
vehicles
Fund
administration
Coveredbonds
Covered
bonds
Ongoing diversification
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Why Luxembourg Choosing the right investment vehicle
Type
ofinvestor
Private
Corporate
Size of the Portfolio
SICAR SICAV/FCP
LargeSmall
SPF SIF
SOPARFI
Choosing the right investment vehicle
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Luxembourg Investment Vehicles
Fully regulated
vehicles
Non-regulated
vehicles
Partially regulated
vehicles
FCP
SICAF/SICAV
SOPARFI
SPF
SIF
SICAR
SV
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Features of the Investment Vehicles
Regulated
FCP Based on contract, fiscally transparent
SICAF Investment company with fixed capital
SICAV Investment company with variable capital
Partially regulated SIF Investment company for qualified or institutional investors
SICAR Investment company for venture capital
SV Securitization company
Unregulated
SOPARFI Holding company for participations
SPF Holding company for share and participations
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Fund raising vehicles
SICAR (Societe dInvestissementen Capital a Risque)
vehicle designed for private equity and venture capital
SIF (Specialized Investment Funds)
flexible and lightly regulated UCI
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SIF and SICAR comparison
Key topics SIF SICAR
Why? Pooling of qualified investors
requiring a lightly regulated fund
Pooling of qualified investors
requiring a lightly regulated fund
(and intermediate holding
company)
Investment objective
Legal form
Any asset/risk spreading Corporation (SICAV/SICAF) or
mutual fund (FCP)/
compartments
Investment(s) at risk/ nodiversification required
Corporationor partnership
Minimum share capital or net
assets
1.25m 1m
Regulatory supervision
Lightly regulated
Lightly regulatedInvestors profile Institutional or Professional or
Well-informed Investors
Institutional or Professional or
Well-informed Investors
Net worth tax No No
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SIF and SICAR comparison (continued)
Key topics SIF SICAR
Subscription tax 0.01% p.a. on net assets No
Corporate income tax
(world-wide base, unless DTT
applies)
No Yes if corporate SICAR
28.80 % (if taxable corporate
entity) Tax exempt income
from transferable securities(equity and debt)
No if tax transparent SICAR
WHT on dividends No No
WHT on interest and royalties No(a) No(a)
Note: (a) With exceptions for interest (EUSD and withholding tax for Luxembourg resident individual recipient)
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SIF and SICAR comparison (continued)
Key topics SIF SICAR
WHT on liquidation proceeds No No
Benefit from the EC Parent-
Subsidiary Directive
No Yes if corporate SICAR
No if tax transparent SICAR
Benefit from the EC Interestand Royalty Directive
No
Yes
if corporate SICAR No if tax transparent SICAR
Double tax treaty protection Possible if SICAV/SICAF
(under certain DTTs) Yes if corporate SICAR
No if tax transparent SICAR
VAT Exempt management activities Exempt management activities
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Contact us
Your Experta Luxembourg Advisors:
Giuliano Bidoli
Head of Tax
Member of the Executive Board
Tel: +352 269 255 5171
Mobile: +352 621 349 475
Fax: +352 269 255 3641
giuliano.bidoli@experta.lu
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