The fund invests primarily in loans to green projects that are recognised as such by the Dutch government. the AIFM manages directly – or through an undertaking with which it is linked through common management, common control or a qualified holding – portfolios of AIFs whose assets under management (AuM) in total do not exceed (the AuM Thresholds): EUR500 million if all the AIFs managed by the AIFM are unleveraged and there are no redemption or repayment rights exercisable with respect to interests in the AIFs for a period of five years following the date of the acquisition of the interests in the respective AIFs; and. Every seven years the European Commission makes money available for the member states' economies. In principle, the authorised AIFM with a retail top-up will have to meet all requirements that apply for authorised AIFMs under the fully licensed regime, please see 2.3.7 Investor Protection Rules. In contrast to the contractual set up of the FGR, the NV is subject to Dutch corporate law, and is incorporated by the execution of a notarial deed of incorporation (including the articles of association of the NV) to that effect. The EEA ManCo will need to obtain separate approval from the AFM for the management of a Dutch UCITS fund in the Netherlands (pursuant to the Dutch implementation of Article 5(3) of the UCITS Directive). For instance, if an AIFM holds a licence for managing AIFs investing in financial instruments and intends to manage an AIF that invests in real estate, the AIFM will have to apply for an extension of the scope of its licence. Volta Ventures This includes hedge funds, funds of hedge funds… There is an exception from the above-mentioned licence obligation for Dutch AIFMs who can make use of the so-called "small managers registration regime" (Small Managers Regime) of section 2:66a of the AFS. Aqua-Spark. Take “Spec IV”, for example, an investment fund registered in the British Virgin Islands. Powered by Golden Egg Check. Learn more . The Netherlands is a very appealing investment fund destination because both professional and non-professional investors can set up various types of funds with the help of BV and NV companies. What does the fund registration process involve, e.g., what documents are required to be filed? if made public, the annual accounts of the UCITS of the two preceding years (on the basis of article 4:50 AFS). Rental Yields Rental yields remain attractive in The Hague. low-risk/low-yield, fixed-income, high-risk, emerging markets, etc. Invest-NL will focus on the Netherlands only, with an emphasis on innovation and sustainability – particularly the transition to a gas-free economy. It could also play a role in the debate in Germany itself. A VBI may only invest in financial instruments, including transferable securities. In addition, the retail top-up regime, inter alia, requires the manager to comply with certain additional compliance, information and reporting requirements. On 9 December 2019, the EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (the Disclosure Regulation) was published in the Official Journal of the European Union (OJEU). This includes hedge … The firm has handled many notable transactions in the Netherlands, Belgium, Luxembourg, the UK, the USA, Switzerland and Asia. In the Netherlands, an investor is currently able to buy index funds in the form of exchange-traded funds (ETFs) through a bank or broker and there are some companies offering index mutual funds. Therefore, if a company gets into financial difficulties, its pension fund will not be affected. You can invest a one-off amount or regularly invest extra funds. The Disclosure Regulation aims to reduce information asymmetries in principal-agent relationships with regard to the integration of sustainability risks, the consideration of adverse sustainability impacts, the promotion of environmental or social characteristics, and sustainable investment. Amsterdam-based businessman Abraham van Ketwich (also known as Adriaan van Ketwich) is often credited as the originator of … On the basis of their home country rules implementing the AIFMD, authorised AIFMs from other EEA Member States may also be required to provide a prospectus when marketing to Dutch investors, pursuant to article 32 AIFMD. The legal framework applicable to the Dutch investment funds is comprised of different legal acts, depending on the types of vehicles they regulate. If the AIF has no legal personality, the legal ownership of the assets under management have to be held by a separate legal entity whose sole object stated in the articles of association is holding the legal ownership of the assets of investment funds. Why is Holland an Attractive Country for Investors? AIFs that currently produce a UCITS-like KID under the national retail top-up regime can benefit from an exemption to the PRIIPS KID requirements under the PRIIPS Regulation until 31 December 2021. Organizations in this hub have their headquarters located in The Netherlands, Europe; notable events and people located in The Netherlands are also included. A Coop that is used as principal fund vehicle by fund managers that are (substantially) based in the Netherlands may, however, be eligible for an exemption. Please see 2.3.2 Requirements for Non-local Service Providers. (wettelijke aansprakelijkheid – unlimited liability), B.A. In principle, there are no investment limitations, other than those included in the authorisation (licence or registration). We invite you to address to our team for any matter related to the incorporation of an investment fund. The licence for these authorised AIFMs should specifically include the retail top-up. Nevertheless, as a general rule, fund managers typically start discussing the structure and terms and conditions of the investment fund with their professional advisers. Under the new FII regime in the Netherlands, investment funds can be set up as limited liability companies or as joint stock companies which can be listed on the capital markets in order to benefit from the new tax advantages. Additional investors may be admitted at subsequent closings. The team advises both managers and investors worldwide on the relevant tax and law aspects of fund formation. Hereto, the regulation requires financial market participants (such as AIMFs) and financial advisers (including AIMFs with a MiFID top-up) to make pre-contractual and ongoing disclosures to end investors when they act as agents of those end investors (principals). Netherlands: Public Investment Funds Laws and Regulations 2020. Investors in the Netherlands can open several types of funds or use the available types of legal entities in order to form their investment portfolio. Start a Dutch LLC or a Sole Proprietorship? Pension funds can be set up for an industry sector or occupational group, or specifically for a large company. in certain exceptional circumstances only, a limited partner is identified with a general partner. Also, the legal ownership of the assets under management of the UCITS has to be held by a separate legal entity whose sole object as stated in the articles of association is holding the legal ownership of the assets of investment funds. Among the conditions available for Dutch investment funds under the FII regime are equal distribution of profits among shareholders and several limitations on the classes of shares the fund … 35 approved projects financed by the European Investment Bank (EIB) with EFSI backing If the marketing is not limited to professional investors, the marketing materials and offering documentation must contain an exemption statement in the manner as provided for by the AFM, and AIFMs registered under the Small Managers Regime and authorised AIFMs under the fully licensed regime have to prepare a PRIIPS Key Information Document (KID). Typically, financing granted to a Dutch fund would be secured by providing security in the form of a right of pledge over the receivables or contractual rights that the investors owe to the fund arising out of the fund agreement, such as the right to make drawdowns from the capital commitments. Roeskestraat 1001076 ED AmsterdamNederland. If a Dutch AIFM holds a licence pursuant to the Alternative Investment Fund Managers Directive (Directive 2011/61/EC – AIFMD), it is in principle only authorised to offer the interests in the AIF it manages to professional investors within the meaning of the AFS. However, although the FGR is not a legal entity (rechtspersoon) or a partnership (personenvennootschap), but a contractual arrangement sui generis, the possibility of a FGR being requalified as a partnership (maatschap/vennootschap onder firma) or a limited partnership (commanditaire vennootschap) among the manager, the title holder and the investors (ie, the participants) or among the participants cannot be ruled out if, as a factual matter, it meets the constitutive requirements of such a partnership. • Pension Funds Netherlands. Jeroen Smits and Rogier Raas provide answers to these and other questions about public investment funds, including registration, regulatory framework, marketing of public funds and tax treatment in the Netherlands. A mutual fund in the Netherlands represents a type a vehicle with a long tradition on the local market. Substantially all terms and conditions of an AIF can be laid down in the limited partnership agreement of the CV. However, Dutch law allows the liability of the members to be limited or excluded in the articles of association. We also invite you to watch our video on the main. However, the Netherlands is also frequently used as a fund structuring jurisdiction by managers who have their head office outside of the Netherlands, in which case they typically have some form of presence in the Netherlands, often for operational and tax substance purposes. With respect to the regulatory approval process, please see 2.1.2 Common Process for Setting up Investment Funds. Aglaia Oncology Funds. However, a limited partner may be held liable for obligations of the CV if: If the articles of association do not provide otherwise, members and former members of a Coop are liable for deficits upon liquidation or bankruptcy. After review and acceptance of the registration form, the AIFM and the AIFs managed by it will be included in the public register of the AFM kept on its website. A shareholder of an NV is, in principle, not personally liable for acts performed in the name of the company and does not have to contribute to the losses of the company in excess of the amount to be paid up on his shares. Private pension funds in the Netherlands are non-profit organizations and operate as foundations, and are considered independent legal entities not forming a part of any company under Dutch law. All these forms provide for the limited liability of investors. Videos from Northern Trust, a leading provider of investment management, asset and fund administration, fiduciary and banking solutions for corporations, institutions and affluent individuals worldwide. The AFM will grant a licence upon application, if the ManCo meets the licence requirements under Dutch law. a notification form containing information on the depositary. - the regular regime which implies the levy of the corporate tax and withholding dividend tax; - the Fiscal Investment Institution (FII) regime; - the Exempt Investment Institution (EII) regime. However, unlike the VBI, the FBI may also invest in real estate. BFly Ventures. For Dutch authorised AIFMs, the operational requirements pursuant to the AIFMD apply, with respect to conflicts of interest, valuation, risk management, liquidity management, delegation, appointing a depositary, and transparency, such as disclosure requirements (annual report and disclosure to investors). Get in touch! A regulation regarding sustainable benchmarks (Regulation (EU) 2019/2089)) was also published in the OJEU on 9 December 2019, and on 18 December 2019 a political agreement between the European Parliament and the European Council on the development of an EU-classification system for environmentally sustainable economic activities was reached (the so-called Taxonomy Regulation). Hedge funds and retail funds in the Netherlands are regulated through a special set of laws. Arches Capital. In order to be able to make use of this exemption, each of the following conditions have to be met by the AIFM: The AFM clarified that the following conditions should be met, in order to make use of this Placement Restriction,: It is possible to meet more than one Placement Restriction, but it is not possible to combine Placement Restrictions. There is a variety of different compulsory and voluntary pension funds in the Netherlands. If a non-Dutch UCITS fund is marketed in the Netherlands, the UCITS KID will have to be provided in the Dutch language. Dutch AIFMs registered under the Small Managers Regime are, in principle, not subject to any specific operational requirements. Netherlands: Public Investment Funds Laws and Regulations 2020. Set up in 2007 with $200 billion in capital and a mandate to … If the investment fund is structured in the form of a "closed limited partnership under Dutch law" (ie, a tax-transparent entity for Dutch tax purposes) or a Coop, the fund documentation will most likely contain provisions pursuant to which the unanimous prior consent of the investors is required for certain transfers and/or admissions. One of the most remarkable amendments would be that a partnership would obtain legal personality. Non-local service providers located outside the EEA cannot apply for such a licence, so are prohibited from offering trust services in the Netherlands. In addition, the fund documentation generally provides that this consent shall be deemed to have been given if an investor has not declined its approval within four weeks of the date on which the request for approval was sent. Netherlands – Withholding Tax on Dividends – Investment Fund – Free Movement of Capital – Fidelity Funds On January 30, 2020, the Court of Justice of the European Union (CJEU) rendered its opinion in the Köln-Aktienfonds Deka case (C-156/17) concerning the compatibility with EU law of the Dutch withholding tax on dividends distributed to non-resident investment funds. With respect to an AIF whose units are not transferable or in case an exemption applies as a result of which there is no prospectus requirement, a prospectus including the information required pursuant to article 23 AIFMD should be made available and published on the AIFM’s website, to be supplemented with particular information deemed important for retail investors as set out in the retail top-up regime (such as, inter alia, certain (specific) information about the fund, the (co-) policy makers, changes in conditions, the provision of information, the fund activities and investment strategy, costs and remuneration, participation rights, risk profile of the fund, valuation of assets, etc). I was wondering how do you guys invest your hard earned money. I'm new to the Netherlands. Depending on the regulatory regime of the investment fund (please see below), (regulatory) approvals and/or registrations will first need to be obtained and/or made before the fund manager may approach potential investors. Whether you are launching, operating, lending to or investing in a fund or an alternative indirect investment vehicle, you need to overcome legal hurdles which may be from a domestic and/or cross-border perspective. Rotterdam Port Fund. For example, closed-ended funds in the Netherlands are regulated by the Prospectus Directive, implemented following the legislation applicable in … As the authorisation pursuant to the AIFMD is, in principle, limited to professional investors, managers who intend to offer interest in the AIF they manage to non-professional investors (retail) in the Netherlands should comply with the so-called retail top-up. The ManCo has to publish the following on its website: Furthermore, a UCITS KID should be available, in Dutch. Profit distributions made by the FBI are, in principle, subject to 15% Dutch dividend withholding tax. 7 Investment in the Netherlands / Business environment . The usual savings account interests seems to low. OostNL Capital. Non-EEA AIFMs making use of the National Private Placement Regime may only be offered to “qualified investors” within the meaning of the AFS. Security of Things Fund. A shareholder of a BV is, in principle, not personally liable for acts performed in the name of the company, and does not have to contribute to the losses of the company in excess of the amount to be paid up on his shares. Depending on the chosen structure, the registration requirements for the Dutch fund will be established. With respect to an AIF (which is closed-end) with tradable units (ie, the units are transferable), an approved prospectus should be published pursuant to the Prospectus Regulation (EU 2017/1129), unless an exemption applies. Triodos Groenfonds is the oldest green investment fund in the Netherlands and enables investors to invest in green projects. For the AIFMs (including Dutch licensed AIFMs) authorised under the fully licensed regime, the investor protection rules pursuant to the AIFMD apply. (beperkte aansprakelijkheid – limited liability), or U.A. Also, all information provided by the AIFM may not be detrimental to the information to be supplied or made available pursuant to the AFS, and it should be made clear whether or not documents are commercial. A licensed ManCo can manage a new UCITS within the investment strategy covered by its licence, and can market such UCITS to retail investors if it has submitted the notification form to the AFM at least two weeks prior to the marketing of the respective UCITS. The letters W.A. You can lose money by investing in the Funds. In principle, in the Netherlands such depositary is subject to a licence requirement (a depositary generally holds a licence as a trust office, investment firm or credit institution), unless a specific exemption to the licence requirement is available. Furthermore, AIFMs have to prepare a key investor information document similar to the UCITS KID (UCITS-like KID) (in the Dutch language) for each new AIF they are marketing and provide this to the investors prior to them investing in the AIF. Generally, the legal ownership of the FGR assets is held by a separate legal entity (ie, the titleholder). In principle, managers of AIFs that are active in the Netherlands fall within the scope of the AIFMD and the Dutch implementation thereof in the AFS and the rules and regulation promulgated thereunder. The FBI is subject to Dutch corporate income tax at a rate of 0%. Please see 2.2.3 Restrictions on Investors regarding the applicable restrictions on investors. For Dutch AIFMs that are registered under the Small Managers Regime, from a regulatory perspective, there are generally no investor protection rules that should be taken into account. On 12 July 2019, the following legislative acts were published in the Official Journal of the EU (OJ): The cross-border directive and regulation are aimed at reducing regulatory barriers to the cross-border distribution of funds in Europe, and apply to both UCITS and funds under AIFMD. These funds are generally structured as an FGR, which is not a legal entity. The underperformance of active funds is present in all markets globall… Investment funds in the Netherlands 9 2.2Noncorporate entities 2.2.1Limited partnership (CV) A ‘commanditaire vennootschap’or CV is the Dutch equivalent of a limited partnership, i.e., a contractual arrangement between one or more general partners and one or more limited partners jointly to undertake activities with a view to profit. It covers the entire chain of services and has become a leader and developed specialty know-how in the key alternative asset classes, including private equity, fund of funds, infrastructure, real estate, and private debt. The AFM charges EUR4,400 for a registration. There are also multiple Dutch family offices and multi-family offices/asset managers, high net worth individuals and regional public investment institutions that invest in funds. ICLG - Public Investment Funds Laws and Regulations - Netherlands covers common issues in public investment funds – including registration, regulatory framework, marketing of public funds and tax treatment – in 16 jurisdictions. These restrictions also apply to transfers to affiliates. Organizations in this hub have their headquarters located in The Netherlands, Europe; notable events and people located in The Netherlands are also included. Dutch AIFMs that are registered as small managers under the Small Managers Regime should include a selling legend in the PPM and other marketing materials, in which the Placement Restrictions that will be used by the AIFM (as set out under 2.3.2 Requirements for Non-local Service Providers) are explained. An FGR is considered a Closed FGR if either the participations in the FGR are not transferable other than to the FGR itself by way of redemption, or if the participations are transferable only with the consent of all other participants. Shareholders of an NV are required to hold at least one physical meeting each year. The main fund investors located in the Netherlands investing in investment funds are Dutch pension funds, commercial banks and insurance companies. Both the Open FGR and the NV BMVK are suitable for the set up for (semi) open-end and closed-end funds as well as for umbrella funds. The (managers of) retail investments funds have to be authorised on the basis of either the Dutch implementation of the AIFMD and the AIFMD retail top-up regime, or the Dutch implementation of the Directive 2009/65/EC of 13 July 2009 undertakings for collective investment in transferable securities (as amended) (UCITS). when using a passport by a licensed EU AIFM; when marketing units in an AIF in the Netherlands using the EuVECA label pursuant to the Regulation on European Venture Capital Funds (Regulation (EU) 345/2013); and. Generally, there are no restrictions on the types of activity or the types of investments for the AIF, provided that the envisaged activities/investments fall within the investment strategy covered by the AIFM’s licence. With respect to the regulatory approval process for an AIFM, please see 2.1.2 Common Process for Setting up Investment Funds. A licensed Dutch AIFM can manage a new AIF within the investment strategy covered by its licence, and can market such AIF to professional investors if it has obtained approval thereto from the AFM. The FBI can apply a rebate for the amount of directly suffered (foreign) withholding taxes against the FBI’s own obligation to remit 15% Dutch dividend tax to the Dutch tax authorities, withheld in respect of its own profit distributions. Over the past few years, the Netherlands has seen a considerable increase in fund sponsors and asset managers establishing Dutch vehicles for holding international investments. To manage these assets as responsibly as possible, it is our ambition to achieve attractive and sustainable investment returns for our customers, in a responsible way. There are generally no issues that commonly arise in relation to fund finance in the Netherlands. For instance, pursuant to the AFS and the rules and regulations promulgated thereunder, restrictions apply with respect to specified categories of financial instruments in which the assets under management will have to be invested, and specific investment limits apply in that respect. Investors participate in the CV as limited partners and receive a limited partnership interest in the fund. - the number of UCITS funds increased from 95 to 100; - the number of AIF funds decreased from 1,708 to 1,648; - during this timeframe, the largest number of UCITS of 106 was registered in the 2, - the largest number of AIFs of 1,748 was registered in the 2, There is also an advantageous taxation system for, Dutch Legislation related to Foreign Investments, Open a Recruitment Company in the Netherlands, Open a Pharmaceutical Company in the Netherlands, Creating a Publishing Business in the Netherlands, Open an IT/High-Tech Company in WestHolland, Open a Financial Company in the Netherlands, Open a Life Science Company in WestHolland, Open a Security Technology Company in WestHolland, Establish an Agricultural Business in WestHolland, Changing the Company Type in the Netherlands, Creating a Joint Venture in the Netherlands, Establish a Sole Trader in the Netherlands, Open a Trading Company in the Netherlands, Types of Investment Funds in the Netherlands, Set Up Fund for Joint Account (FGR) in the Netherlands, Open a BV or NV for an Investment Fund in the Netherlands, Set Up Cooperative (Coop) for Investments in the Netherlands, Open Limited Partnership for Investments in the Netherlands, Open a Flex BV in the Netherlands (Simplified BV Regime), Set Up a Dutch Company for Import/Export of Flowers, Open a Company in the Construction Sector in the Netherlands, Establish a Company in the FMCG Sector in the Netherlands, Set Up a Company in the Aviation Sector in the Netherlands, Open a Company in the Insurance Sector in the Netherlands, Establish Company in the Dutch Healthcare Sector, Set Up an Information Technology Company in the Netherlands, Open a Company in Agriculture in the Netherlands, Establish a Company in the Energy Sector in the Netherlands, Establish a Fintech Company in the Netherlands, Start a Cryptocurrency Business in the Netherlands, Establish a Crowd Funding Company in the Netherlands, Start a Jewelry Business in the Netherlands, Establish a Catering Company in the Netherlands, Set Up a Company in the Forestry Sector in the Netherlands, Establish a Company in the Fishing Sector in the Netherlands, Open a Company for Selling Flowers in the Netherlands, Create a Transporting and Storage Company in the Netherlands, Set up a Software Company in the Netherlands, Create a Real Estate Business in the Netherlands, Open an Advertising and Marketing Company in the Netherlands, Set up Consulting Company in the Netherlands, Set Up an E-commerce Business in the Netherlands, Set Up a HORECA Company in the Netherlands, Establish an IT Company in the Netherlands, Open Dutch Business for Repair and Maintenance of Ships, Set Up Dutch Business for Repair of Transport Equipment, Open Dutch Business on Energy and Air Conditioning Supply, Set Up a Dutch Plumbing and Ventilation Business, Open Business for Sale of Motor Vehicles in the Netherlands, Create Dutch Business for Maintenance and Repair of Vehicles, Open a Dutch Business for Selling Food,Beverages and Tobacco, Set Up a Dutch Business for Selling Coffee,Tea and Spices, Open a Business for Selling Textiles in the Netherlands, Management Board of a Company in the Netherlands, The Minimum Share Capital for Opening a Dutch Company, Set Up a Permanent Establishment in the Netherlands, Create a Dutch Company for Manufacture of Food Products, Netherlands-USA Double Taxation Avoidance Treaty, Netherlands-UK Double Taxation Avoidance Treaty, Taxation of Dutch Fiscal Investment Institutions, Double Taxation Treaties in the Netherlands, The Netherlands-Denmark Double Tax Treaty, Taxation of a Cooperative in the Netherlands, Box System for Taxation in the Netherlands, The Fiscal Partnership in the Netherlands, Apply for the General Tax Credit in the Netherlands, Dutch Scheme for Qualifying Non-Resident Taxpayer, Donations for Tax Minimization in the Netherlands, Tax Deductions for Properties in the Netherlands, How to Prepare the Tax Return in the Netherlands, The Advantages of the 30% Ruling System in the Netherlands, General Tax Credit System in the Netherlands, Tax Obligations after Setting Up an LLC in the Netherlands, Fiscal Advantages for Opening a Company in the Netherlands, Dividend Withholding Tax in the Netherlands, The Tax Declarations to Submit in the Netherlands. 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