Dillon Eustace has announced what it claims to be the first ever unit trust relocation from the Cayman Islands to Ireland.
The Irish law firm says the move was completed on behalf of a major international financial institution and its underlying investor.
The re-domiciling has involved a Cayman Islands registered unit trust successfully relocating as an Irish Qualifying Investor Fund. Dillon Eustace expects more fund relocations shortly. (article continues below)
It follows the Irish Central Bank’s agreement to facilitate the general relocation of unit trusts.
Legislation was recently commenced to streamline the process of re-domiciling of corporate funds to Ireland.