jurisdiction
Updated on February 2024
Investment vehicle
- Specialised open-ended investment fund applying investment restrictions of closed-ended investment funds
- Alternative investment company (“ASI”)
- Closed-ended investment fund
- FIIS (Fonds d’investissement immobiliers spécialisés)
1. Form
Specialised open-ended investment fund applying investment restrictions of closed-ended investment funds
- Contractual
Alternative investment company ("ASI")
- Joint stock company / LLC / EU company / limited partnership / limited joint stock partnership
Closed-ended investment fund
- Contractual
FIIS (Fonds d’investissement immobiliers spécialisés)
- Investment undertaking with fixed capital (SICAF)
2. Tax Treatment
Specialised open-ended investment fund applying investment restrictions of closed-ended investment funds
- Opaque
- Partial exemption depending on the type of income (generally, investments into tax transparent entities are subject to CIT)
- Tax at investor level
Alternative investment company ("ASI")
- Exemption for income from exit (disposal of shares - parent-subsidiary type)
- For other types of income, general taxation applies
- Tax at investor level
Closed-ended investment fund
- Partial exemption depending on the type of income (generally, investments into tax transparent entities are subject to CIT)
- Tax at investor level
3. Transfer Tax
Specialised open-ended investment fund applying investment restrictions of closed-ended investment funds
- 1% on non-tangible assets (e.g. shares in a Polish SPV) and 2% on tangible (e.g. RE located in Poland)
Alternative investment company ("ASI")
- 1% on non-tangible assets (e.g. shares in a Polish SPV) and 2% on tangible (e.g. RE located in Poland)
Closed-ended investment fund
- 1% on non-tangible assets (e.g. shares in a Polish SPV) and 2% on tangible (e.g. RE located in Poland)
4. Listable
Specialised open-ended investment fund applying investment restrictions of closed-ended investment funds
- No
Alternative investment company ("ASI")
- Yes, to the extent that they issue shares
Closed-ended investment fund
- Yes
5. Open- or closed-ended
Specialised open-ended investment fund applying investment restrictions of closed-ended investment funds
- Open- or closed-ended
Alternative investment company ("ASI")
- Open- or closed-ended
Closed-ended investment fund
- Closed-ended
6. Regulatory Supervision
Specialised open-ended investment fund applying investment restrictions of closed-ended investment funds
- Regulated by the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego)
Alternative investment company ("ASI")
- Regulated by the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego), although, depending on the fund, the scope of supervision may be very limited
Closed-ended investment fund
- Regulated by the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego)
7. Investor Restrictions
Specialised open-ended investment fund applying investment restrictions of closed-ended investment funds
- Yes, limited to legal persons, partnerships, or individuals investing the PLN equivalent of EUR 40,000 minimum
Alternative investment company ("ASI")
- Yes, to professional investors
Closed-ended investment fund
- Yes, limited to legal persons, partnerships, or individuals investing the PLN equivalent of EUR 40,000 minimum
8. Best Feature
Specialised open-ended investment fund applying investment restrictions of closed-ended investment funds
- No income tax at the fund level unless investments are made into tax transparent structures
Alternative investment company ("ASI")
- Income tax exemption for disposal of portfolio shares
Closed-ended investment fund
- No income tax at the fund level unless investments are made into tax transparent structures
9. Worst Feature
Specialised open-ended investment fund applying investment restrictions of closed-ended investment funds
- Limitation of possible investors
Alternative investment company ("ASI")
- Limitation of possible investors
Closed-ended investment fund
- Limitation of possible investors
10. Best Used For
Specialised open-ended investment fund applying investment restrictions of closed-ended investment funds
- Specific types of investors preferring highly regulated entities
Alternative investment company ("ASI")
- All strategies
Closed-ended investment fund
- All strategies
