On 28 July 2023 MoF issued Cabinet Decision No. 81 which states the conditions for Qualifying Investment Funds. An investment fund, excluding a Real Estate Investment Trust (REIT), shall meet all of the following conditions to apply to the FTA to be exempt from Corporate Tax as a Qualifying Investment Fund.
- The main business activities conducted by the investment fund are Investment business activities, and any other business activities conducted by the investment fund are ancillary or incidental.
- A single investor and its Related Parties do not own more than 30% of the ownership interests in the investment fund, where the investment fund has less than ten investors or more than 50% of the ownership interests in the investment fund, where the investment fund has ten or more investors.
- The investors shall not have control over the day-to-day management of the investment fund.
