Frequently Asked Questions: Investment Funds

Everything fund managers and investors need to know about establishing and administering investment funds in Gibraltar — from structure selection through ongoing regulation, reporting, and costs.

• What types of investment fund can be established in Gibraltar?

  Private schemes under section 293(4)(b) and Schedule 24 Part 2 of the Financial Services Act 2019 and Experienced Investor Funds (EIFs) under the 2020 EIF Regulations are distinct routes. A private scheme's constitution may not authorise more than 50 participants; its private promotion to no more than 50 persons has separate conditions.

• What is an Experienced Investor Fund (EIF)?

  An EIF is a regulated Gibraltar scheme for investors qualifying under regulation 3 of the Financial Services (Experienced Investor Funds) Regulations 2020. It has an establishment-notification route, must appoint a GFSC-authorised administrator and Gibraltar registered auditor, and is subject to applicable AIFM obligations.

• What is a Gibraltar Private Fund?

  A private scheme is not GFSC-authorised as a collective investment scheme category. Its constituting instrument may not authorise more than 50 participants, and the separate private-promotion exemption has a 50-person communication limit and other conditions. AIFM classification may impose additional requirements.

• How long does it take to set up a Gibraltar fund?

  Timing depends on the vehicle, fund documents, service-provider appointments and any regulatory steps. The EIF regime has a post-launch notification mechanism where its statutory conditions are met, but that is not a guarantee of an immediate launch. Ask for a timetable tailored to the chosen structure.

• Does a Gibraltar fund need a licensed administrator?

  An EIF must appoint a qualified GFSC-authorised administrator. For private schemes the 2025 AIFM rules apply to qualifying self-managed small AIFMs, and via external AIFMs in specified circumstances, subject to GFSC exemption or licensed-company-manager alternatives. The structure must be classified first.

• What GFSC licensing does the fund manager need?

  Assess the manager under the Financial Services Act 2019 and the Financial Services (Alternative Investment Fund Managers) Regulations 2020. The position depends on internal or external management, assets under management, the fund's status, and any applicable registration, permission or exemption.

• Can Gibraltar funds invest in crypto assets?

  Yes. Gibraltar was one of the first jurisdictions to regulate distributed ledger technology (DLT) businesses and is an established hub for digital asset funds. EIFs and Private Funds can invest in cryptocurrencies, tokens, and other digital assets. The fund's offering memorandum must clearly describe the digital asset investment strategy and associated risks, and the administrator must have appropriate systems for valuing and recording digital asset holdings.

• How is NAV calculated for a Gibraltar fund?

  The fund administrator calculates net asset value (NAV) in accordance with the valuation policy set out in the fund's constitutional documents and offering memorandum. For liquid strategies, NAV is typically calculated monthly or quarterly using market prices. For illiquid assets, the valuation policy must specify the methodology (e.g. cost, third-party appraisal, director valuation). Resilience Group's fund administration team performs all NAV calculations and provides investor statements following each NAV point.

• How are investors onboarded to a Gibraltar fund?

  Investors are onboarded via a subscription agreement process. The fund administrator collects and verifies KYC documentation — certified ID, proof of address, source of funds and source of wealth evidence — for each investor before accepting their subscription. For corporate investors, beneficial ownership must be traced to natural persons.

• What AML obligations apply to a Gibraltar fund?

  Gibraltar EIFs are subject to the Proceeds of Crime Act 2015 and the associated AML/CFT regulations. The fund must appoint a regulated MLRO, which is often performed by one of the regulated EIF directors. The fund must perform a business-wide risk assessment of AML/CTF/CPF risks and risk-score all investors. Enhanced due diligence is required for PEPs, investors from high-risk jurisdictions, and complex structures.

  We assist with designing the fund's policies and procedures, conducting risk-based due diligence on all investors, screening against sanctions lists, investment-level due diligence, training and reporting.

• Do Gibraltar funds need to report under CRS and FATCA?

  Yes. Gibraltar funds that qualify as financial institutions under FATCA and CRS must register with the Gibraltar Income Tax Office and submit annual reports disclosing investor account information to the relevant tax authorities. The fund administrator manages this reporting as part of the administration service. FATCA applies to US persons, while CRS applies to investors resident in participating jurisdictions — which includes most OECD countries.

• Does a Gibraltar fund need an auditor?

  EIFs must appoint a Gibraltar registered auditor and prepare audited accounts under the EIF Regulations. Audit requirements for other fund vehicles depend on their legal form and applicable company and fund rules; do not assume an exemption applies merely because the scheme is private.

• What is a fund of funds and can it be structured in Gibraltar?

  A fund of funds (FoF) invests in other funds rather than directly in underlying assets. Gibraltar EIFs can be structured as funds of funds, investing in a portfolio of third-party or affiliated funds. The administrator must be able to obtain underlying fund NAVs to calculate the FoF's own NAV, and due diligence must be conducted on each underlying fund at both inception and on an ongoing basis.

• Can a Gibraltar fund have an umbrella structure with multiple sub-funds?

  Yes. Gibraltar's EIF framework supports umbrella fund structures with multiple sub-funds, each with its own investment strategy, investor base, and separate assets and liabilities. This is efficient for managers who wish to run multiple strategies under a single regulated vehicle, sharing the overhead of GFSC authorisation and fund infrastructure. Each sub-fund is treated separately for NAV, investor reporting, and fee purposes.

  Protected cell companies can additionally be tokenised.

• What is the Small AIFM threshold and how does it affect fund setup?

  The small-AIFM thresholds are below €100 million including leverage, or below €500 million for unleveraged, closed-ended AIFs meeting the applicable conditions. The 2025 administrator and custody provisions have specified scope and potential GFSC exemptions. Gibraltar fund marketing into the EU does not have an AIFMD passport; check each target state's rules.

• What are the typical annual costs for a Gibraltar fund?

  Annual costs depend on the fund vehicle, investment strategy, NAV frequency and the services actually required. Budget separately for administration, audit, any applicable GFSC fees, registered office, and legal advice where instructed. Ask each provider for an itemised current quote rather than relying on a universal annual-cost range.

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