| Regulation | Authorization and constant supervision by CySEC | Authorization and constant supervision by CySEC | No authorization requirements, registration in CySEC RAIF Register |
| Number of investors | Up to 50 investors, but it can be transformed into a public joint-stock company with unlimited number of investors | Up to 50 investors | Up to 50 investors, but it can be transformed into a public joint-stock company with unlimited number of investors |
| Legal forms | - Fixed or variable capital investment company
- Limited partnership, with or without legal personality
- Common fund
| - Fixed or variable capital investment company
- Limited partnership, with or without legal personality
| - Fixed or variable capital investment company
- Limited partnership, with or without legal personality.
- Common fund
|
Sub-funds
(Umbrella structure) | Yes | Yes | Yes |
| Management | Self-managed fund or external management company (AIFM, CIF) | Self-managed fund or external management company (AIFM, CIF) | Only external management company (AIFM, CIF) |
| Depositary | Yes | Possible exclusions | Yes |
| Eligible investors | Professional, well-informed and retail investors | Professional and well-informed investors | Professional and well-informed investors |
| Minimum capital | €125,000 if self-managed
€300,000 if self-managed and over AIFMD limits
No minimum requirements if externally managed | No minimum requirements if externally managed
€50,000 if self-managed | No minimum requirements |
| Required capital raise | €500,000 within 12 months after authorization (the period can be extended up to 24 months) | €250,000 within 12 months after authorization (the period can be extended up to 24 months) | €500,000 within 12 months after authorization (the period can be extended up to 24 months) |
| Investment restrictions | No restrictions | Not for retail investors | Not eligible for the Citizenship-by-Investment Program, not for retail investors |
