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Porquê o Luxemburgo Fundo de Investimento Alternativo Reservado (RAIF) seduz os investidores

by | Out 21, 2022 | Fundos de investimento

Luxembourg Reserved Alternative Investment Fund (RAIF)

Sendo o maior núcleo de fundos de investimento da Europa e o segundo maior do mundo depois dos EUA, o Luxemburgo fornece uma vasta gama de estruturas de fundos de investimento capazes de satisfazer todo o tipo de necessidades de patrocinadores de fundos e de investidores de bem.

The introduction of the reserved alternative investment fund (RAIF) by the law of 23 July 2016 pertaining to reserved alternative investment funds (the RAIF Law) is another step towards boosting the attractiveness of the Luxembourg investment fund and asset management climate. 

Visão geral do Fundo de Investimento Alternativo Reservado

The RAIF is an investment fund that can invest in all kinds of assets. It qualifies as an alternative investment fund and is not subject to CSSF product authorization. The RAIF was introduced to enable fund sponsors to structure a type of alternative investment fund that incorporates the legal and tax features of the well-known “specialized investment funds (SIF)” and SICAR regimes but one that remains unregulated. 

As RAIF estão sujeitas à Lei luxemburguesa de 23 de Julho de 2016 (a Lei RAIF).

Investidores elegíveis

Investment in a RAIF is restricted to well-informed investors that are able to sufficiently assess the risks related to an investment in such a vehicle. These are classified as:

  • investidores profissionais,
  • investidores institucionais, e
  • investidores que tenham verificado por escrito a sua adesão ao estatuto de investidor “bem informado”.

And who either invest a minimum of EUR 125,000 in the RAIF or have been evaluated by a credit institution, investment firm, or management company which authorizes the investor’s expertise, experience, and proficiency in sufficiently appraising an investment in the RAIF. 

Forma legal

A RAIF pode ser formada nas seguintes formas:

  • Um fonds commun de placement (FCP): o FCP não tem personalidade jurídica e deve ser gerido por uma empresa de gestão luxemburguesa.
  • A société d’investissement à capital variable (SICAV) ou société d’investissement à capital fixe (SICAF): a criação de uma tal entidade empresarial requer a elaboração de documentos constitutivos.

Estas formas jurídicas podem ser criadas como um fundo único ou como uma estrutura guarda-chuva com um número ilimitado de compartimentos.

Supervisão

The RAIF is itself not subject to authorization by the Commission de Surveillance du Secteur Financier (CSSF). But the RAIF must be managed by an authorized external alternative investment fund manager (AIFM), the CSSF is informed about the RAIF’s activities through its manager which is subject to formal reporting requirements. 

Capital

The net assets of a RAIF must be at least EUR 1.250.000, and this minimum must be attained within a period of twelve months following its authorization. 

Requisitos de revelação

Um RAIF deve formular um prospecto – um Documento de Informação Chave PRIIP (KID) se os investidores de retalho puderem fazer investimentos e um relatório anual. Não existe qualquer compromisso de preparar um relatório semestral.

Nomeação de um AIFM

Os RAIFs são obrigados a atribuir um AIFM externo autorizado, o que implica que não podem ser geridos internamente. O GFIA pode estar no Luxemburgo, noutro Estado-Membro da UE, ou num país terceiro. Se o RAIF for gerido por uma empresa de gestão, pode ser atribuído como AIFM.

Marketing

A RAIF can be marketed to professional and eligible investors within the EU through a regulator-to-regulator notification regime. 

Diversificação do risco

Uma RAIF está sujeita a uma repartição obrigatória dos riscos, o que significa que:

  • A RAIF may not invest more than 30% of its assets in securities of the same type administered by the same issuer. 
  • As vendas a descoberto não podem resultar numa RAIF que detenha uma posição curta em títulos do mesmo tipo emitidos pelo mesmo organismo, o que representa mais de 30% dos activos.
  • Where financial derivative instruments are invested, a RAIF must ensure a similar spread of risk by a reasonable diversification of the underlying assets. With the same purpose, the counterparty risk in an OTC (over-the-counter) transaction must be restricted depending on the quality and the qualification of the counterparty. 

The risk diversification rules do not apply to any RAIF that has opted for the SICAR tax regime and is accordingly restricted to investing in risk capital. 

Regime fiscal por defeito

The tax regime related to RAIFs mirrors the Specialized investment fund regime. This indicates that the RAIF will only be subject, at fund level, to a yearly subscription tax charged at a rate of 0.01% of its net assets. Depending on the investment assets, some privileges from subscription tax apply, in order to prevent duplication of this tax. 

Independentemente da forma jurídica atribuída para o RAIF, não está sujeito ao seguinte imposto:

  • imposto sobre o rendimento das sociedades,
  • imposto municipal sobre as empresas, e
  • imposto sobre o património líquido,

Além disso, as distribuições de lucros pelo RAIF não dão origem a uma retenção de imposto na fonte.

IVA

Os serviços de gestão prestados ao RAIF estão, por princípio, sujeitos a isenção de IVA no Luxemburgo.

To setup your Reserved Alternative Investment Fund in Luxembourg, let’s go ahead and contact your Damalion experts today. 

Damalion

Why the Luxembourg Reserved Alternative Investment Fund (RAIF) attracts investors — who can invest, core rules in 2025, legal forms, risk-spreading vs. risk-capital option, AIFM/Depositary, tax profile, and EU marketing.

For professional and well-informed investors • Clear overview of RAIF features in simple language. This content is informative only and does not replace legal or tax advice. Bank and service-provider acceptance stays at their own discretion.

Last updated:

RAIF

A RAIF is a Luxembourg alternative investment fund. The fund itself is not supervised by the CSSF. It must appoint an authorised external AIFM. With an EU AIFM, the fund can be marketed to professional investors across the EU under the AIFMD passport.

Who can invest

  • Institutional or professional investors.
  • Other “well-informed” investors who confirm that status and either invest at least EUR 100,000 or pass a suitability assessment by an eligible institution.

Key figures and timing

Topic Rule (2025)
Minimum net assets EUR 1,250,000 within 24 months after authorisation/launch; at least 5% paid in at subscription.
Eligible investors “Well-informed” investors (incl. institutional/professional); others with written confirmation and EUR 100,000 minimum or suitability assessment.
Supervision No direct CSSF product approval; indirect oversight via the authorised AIFM and its reporting duties.
Risk rules Default: risk-spreading (SIF-like). Option: invest only in risk capital (SICAR-like) with different tax profile.
Reports Offering document, annual report; PRIIPs KID if offered to retail; no semi-annual report required by law.

Legal forms and structure

  • FCP (contractual fund managed by a Luxembourg management company).
  • Corporate forms: SICAV or SICAF (open- or closed-ended). RAIF may be stand-alone or umbrella with multiple compartments and share/unit classes.

Service providers

  • AIFM: authorised (Luxembourg, other EU, or third-country if conditions met).
  • Depositary: eligible Luxembourg entity (bank or qualifying professional depositary depending on assets and investor type).
  • Central administration and registrar: Luxembourg-based providers.
  • Auditor: approved statutory auditor.

Tax overview

  • Default SIF-like regime: subscription tax 0.01% (1 bps) of net assets; generally no Luxembourg corporate income tax, municipal business tax, or net wealth tax at fund level; no withholding tax on distributions.
  • Risk-capital option (SICAR-like): different tax treatment for risk capital strategies.
  • Management services are typically VAT-exempt.
  • Real estate in Luxembourg via corporate forms may face specific taxes; seek tailored advice.

Frequently asked questions

1) What is the legal basis of the RAIF?
The RAIF is governed by the Luxembourg law of 23 July 2016 (RAIF Law), as amended, and by the law of 12 July 2013 on Alternative Investment Fund Managers (AIFM Law). EU rules under AIFMD and related regulations also apply via the AIFM.
2) Is a RAIF supervised by the CSSF?
No direct product supervision. Indirect oversight applies through the authorised AIFM’s reporting and conduct rules. The offering document must clearly state that the fund is not supervised in Luxembourg.
3) Who qualifies as a “well-informed” investor?
Institutional and professional investors, and other investors who (i) confirm in writing their well-informed status and (ii) either invest at least EUR 100,000 or are positively assessed by an eligible institution for expertise and knowledge.
4) What is the minimum capital?
The RAIF must reach EUR 1,250,000 of net assets within 24 months after launch; at least 5% of commitments/subscriptions must be paid in on subscription.
5) Which legal forms are available?
FCP (contractual) or corporate (SICAV/SICAF). The RAIF may be a stand-alone fund or an umbrella with multiple compartments and classes.
6) Is an AIFM mandatory?
Yes. The RAIF must appoint an authorised external AIFM (Luxembourg, another EU Member State, or third-country AIFM if conditions are met). A RAIF cannot be internally managed.
7) Is a depositary required?
Yes. A Luxembourg-based eligible depositary is required. Asset type and investor scope determine whether a credit institution or a professional depositary for assets other than financial instruments is acceptable.
8) What are the risk-spreading rules?
By default, RAIFs follow risk-spreading (SIF-like). Typical practice includes issuer concentration limits. If the RAIF opts for the risk-capital (SICAR-like) regime and invests exclusively in risk capital, those diversification limits do not apply.
9) Can a RAIF invest in all asset classes?
Yes, unless it opts to invest exclusively in risk capital. Eligible assets are otherwise unrestricted, subject to the strategy set out in the constitutive documents and applicable laws.
10) What disclosures are required?
An offering document (prospectus), annual report, and—if any retail offering—PRIIPs KID. The prospectus must include the AIFMD-required disclosures and the statement on non-supervision.
11) How can a RAIF be marketed in the EU?
When managed by an authorised EU AIFM, the AIFM may use the AIFMD marketing passport to market to professional investors across the EU via regulator-to-regulator notifications.
12) Are there restrictions for retail investors?
RAIFs target professional and well-informed investors. Any retail approach would trigger additional requirements (e.g., PRIIPs KID) and must comply with local marketing rules.
13) What is the default tax treatment?
Default SIF-like profile: 0.01% subscription tax on net assets; generally exempt from Luxembourg CIT, MBT, and net wealth tax at fund level; no withholding tax on profit distributions.
14) What is the risk-capital tax option?
A RAIF that invests exclusively in risk capital may elect a SICAR-like tax regime. This affects the fund-level tax profile; professional advice is recommended before electing.
15) Are management and investment services subject to VAT?
Management of investment funds is typically VAT-exempt in Luxembourg. Specific services should be reviewed on a case-by-case basis.
16) What governance and policies are expected?
Clear delegation arrangements, valuation policy, risk management, conflicts-of-interest, and AML/CTF frameworks consistent with AIFMD and Luxembourg rules. The AIFM remains responsible for oversight.
17) Can a RAIF use leverage?
Yes, within the limits and disclosures set by AIFMD. The AIFM must measure, monitor, and report leverage according to EU rules.
18) How does SFDR apply?
The AIFM must ensure pre-contractual and website disclosures under SFDR where applicable, including Article 6/8/9 positioning and periodic reporting for sustainability-related products.
19) Are there special rules for money market strategies?
Yes. RAIFs investing in short-term assets with objectives aligned to money market returns or capital preservation must comply with the EU Money Market Funds Regulation.
20) What is the typical set-up timeline?
Timing depends on service-provider onboarding and documentation readiness. Notarial steps and registrations are standard. With a ready AIFM and providers, launch can be efficient compared to fully regulated funds.

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