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References

1. "A guide to Qualifying Investor AIFs". Dillon Eustace. 2015. http://www.dilloneustace.com/uploads/files/A20Guide20to20Qualifying20Investor20AIFs202nd20Edition.PDF. 
2. "Establishing a Qualifying Investor AIF in Ireland". Matheson (law firm). October 2017. https://www.matheson.com/images/uploads/publications/Establishing_a_Qualifying_Investor_Fund_in_Ireland_October_2017.PDF. 
3. "QIAIFs – Ireland's Regulated Alternative Fund Product". KPMG Ireland. November 2015. https://assets.kpmg.com/content/dam/kpmg/pdf/2016/05/ie-qiaif-nov-2015-2.pdf. 
4. "The ICAV – Maples and Calder Checks the Box". Maples and Calder. March 2016. https://www.maplesandcalder.com/news/article/the-icav-maples-and-calder-checks-the-box-1256/. "Since then we have retained our position as the leading Irish counsel on ICAVs and to date have advised on 30% of all ICAV subfunds authorised by the Central Bank, which is nearly twice as many as our nearest rival." 
5. "New Irish Fund Vehicle to Facilitate U.S. Investment – the ICAV". Walkers (law firm). 2015. https://www.walkersglobal.com/index.php/publications/99-advisory/209-new-irish-fund-vehicle-to-facilitate-us-investment-the-icav. 
6. "Powerful Central Bank secrecy laws limit public disclosure of key documents". Irish Times. January 2016. https://www.irishtimes.com/news/politics/central-bank-secrecy-law-will-limit-public-disclosure-of-key-documents-1.2079188. 
7. "Irish Loan Originating Funds (L–QIAIFs): An Introduction". William Fry Law Firm. February 2018. https://www.williamfry.com/docs/default-source/articles-insights-william-fry-news-pdfs/loan-originating-funds.pdf?sfvrsn=0. 
8. "TRINITY COLLEGE DUBLIN: Ireland, Global Finance and the Russian Connection". Professor Jim Stewart Cillian Doyle. 27 February 2018. p. 21. https://www.tasc.ie/download/pdf/ireland_global_finance_and_the_russian_connection.pdf. "Regulation has been described as light touch regulation/unregulated" 
9. "A third of Ireland's shadow banking subject to little or no oversight: A report published on Wednesday by the Swiss-based Financial Stability Board.". The Irish Times. 10 May 2017. https://www.irishtimes.com/business/financial-services/a-third-of-ireland-s-shadow-banking-subject-to-little-or-no-oversight-1.3077931?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Ffinancial-services%2Fa-third-of-ireland-s-shadow-banking-subject-to-little-or-no-oversight-1.3077931. 
10. "Former Irish Central Bank Deputy Governor says Irish politicians mindless of IFSC risks". The Irish Times. 5 March 2018. https://www.irishtimes.com/business/financial-services/former-regulator-says-irish-politicians-mindless-over-ifsc-russian-risks-1.3414779?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Ffinancial-services%2Fformer-regulator-says-irish-politicians-mindless-over-ifsc-russian-risks-1.3414779. "Irish politicians are “mindlessly in favour” of growing the International Financial Services Centre (IFSC), according to a former deputy governor of the Central Bank" 
11. "TRINITY COLLEGE DUBLIN: 'Section 110' Companies. A Success story for Ireland?". Professor Jim Stewart Cillian Doyle. 12 January 2017. p. 20. https://www.tasc.ie/download/pdf/seminar_on_section_110_12th_jan_2017.pdf. "The same source in comparing different investment vehicles states that :- Another positive of the Section 110 Company is that there are no regulatory restrictions regarding lending as is the case with a QIF (Qualifying Investor Fund)." 
12. "IMF queries lawyers and bankers on hundreds of IFSC SPV boards". The Irish Times. 30 September 2016. https://www.irishtimes.com/business/financial-services/imf-queries-lawyers-and-bankers-on-hundreds-of-ifsc-boards-1.2811754. "The International Monetary Fund (IMF) has raised concerns about instances where individual bankers and lawyers were appointed to hundreds of boards of unregulated special-purpose vehicles in Dublin’s International Financial Services Centre." 
13. "ICAV structure rivals Section 110s in popularity, say Central Bank stats". Irish Independent. 31 July 2016. https://www.independent.ie/business/irish/icav-structure-rivals-section-110s-in-popularity-say-central-bank-stats-34925142.html. "Concerns have been raised that ICAVs, which are fully exempt from tax on income and profits, are being used by foreign and domestic investors to avoid paying tax on rental income in this country." 
14. Cianan Brennan (10 September 2016). "There are yet more Irish laws that allow foreign property investors to operate here tax-free". TheJournal.ie. http://www.thejournal.ie/tax-laws-ireland-qiaif-icav-2971661-Sep2016/. "Certain funds in operation here are seeing foreign property investors paying no tax on income. The value of property owned in these QIAIFs is in the region of €300 billion." 
15. "Fears over tax leakage via investors' ICAV vehicles". Sunday Times. 26 February 2017. https://www.thetimes.co.uk/article/fears-over-tax-leakage-via-investors-vehicles-cpnxcl72k. "Internal Department of Finance briefing documents reveal that officials believe there has been “extremely significant” tax leakage due to investors using special purpose vehicles." 
16. "How foreign firms are making a killing in buying Irish property". Irish examiner. 22 August 2016. https://www.irishexaminer.com/business/how-foreign-firms-are-making-a-killing-in-buying-irish-property-417038.html. "The Irish Collective Asset-management Vehicle was a nifty little tax structure introduced last year. Designed to primarily facilitate the transfer of U.S. funds into Dublin, it allows foreign investors to channel their investments through Ireland while paying no tax." 
17. "The ICAV: Irish Collective Asset-management Vehicle". A&L Goodbody Law Firm. March 2014. https://www.algoodbody.com/media/ICAVWebinarMarch20141.pdf. "The ICAV is now the most popular QIAIF in Ireland and set up take over from the Investment Company" 
18. "IRISH FUNDS ASSOCIATION: ICAV Breakfast Seminar New York". Irish Funds Association. November 2015. p. 16. https://files.irishfunds.ie/1447891863-NY-Nov-2015.pdf. "ANDREA KELLY (PwC Ireland): "We expect most Irish QIAIFs to be structured as ICAVs from now on and given that ICAVs are superior tax management vehicles to the to Cayman Island SPCs, Ireland should attract substantial re-domiciling business" 
19. "Conversion of a BVI or Cayman Fund to an Irish ICAV". William Fry Law Firm. 1 October 2015. https://www.williamfry.com/newsandinsights/news-article/2015/10/01/conversion-of-a-bvi-or-cayman-fund-to-an-irish-icav. 
20. "Pension Pooling and Asset Pooling in Ireland: Establishing a Common Contractual Fund in Ireland". Matheson (law firm). March 2017. https://www.matheson.com/images/uploads/publications/Establishing_a_Common_Contractual_Fund_in_Ireland_November_2017.PDF. 
21. "CCFs and Asset Pooling". Dillon Eustace Law Firm. 2010. http://www.dilloneustace.com/uploads/files/CCFs-and-Asset-Pooling.pdf. 
22. "Establishing a Private Equity Fund in Ireland". Matheson (law firm). March 2017. https://www.matheson.com/images/uploads/brochures/AMG_Private_Equity_Fund_Guide_March_17.pdf. 
23. "Tax breaks for commercial property will fuel bubble". Irish Independent. 6 November 2016. https://www.independent.ie/business/commercial-property/tax-breaks-for-commercial-property-will-fuel-bubble-35189754.html. "They'll do this by making commercial property investment, mainly by large foreign landlords, entirely tax-free. This will drive up commercial rents, suppress residential development, put Irish banks at risk, and deprive the State of much-needed funds." 
24. "Finance Bill Could Turn Commercial Property Bubble into next Crash". Stephen Donnelly T.D.. 6 November 2016. http://stephendonnelly.ie/finance-bill-could-turn-commercial-property-bubble-into-next-crash/. 
25. "Ireland is the world's biggest corporate 'tax haven', say academics". Irish Times. 13 June 2018. https://www.irishtimes.com/business/economy/ireland-is-the-world-s-biggest-corporate-tax-haven-say-academics-1.3528401?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Feconomy%2Fireland-is-the-world-s-biggest-corporate-tax-haven-say-academics-1.3528401. "New Gabriel Zucman study claims State shelters more multinational profits than the entire Caribbean" 
26. Aidan Regan (25 April 2019). "Ireland is a tax haven — and that's becoming controversial at home". Washington Post. https://www.washingtonpost.com/politics/2019/04/25/ireland-is-tax-haven-thats-becoming-controversial-home/?noredirect=on. Retrieved 25 April 2019. 
27. "CENTRAL BANK OF IRELAND: Enhancements to the L-QIAIF regime announced". Matheson (law firm). 29 November 2016. https://www.matheson.com/news-and-insights/article/enhancements-to-irish-loan-originating-funds-regime-announced. 
28. "Update on Changes to Loan Originating Qualifying Investor AIF Regime". Author Cox Law Firm. December 2016. http://www.arthurcox.com/wp-content/uploads/2016/12/Update-on-Changes-to-Loan-Originating-Qualifying-Investor-AIF-Regime.pdf. 
29. "Central Bank of Ireland publishes notice of intention to amend the requirements for Loan Origination Qualifying Investor AIF". Dillon Eustace Law Firm. February 2018. http://www.dilloneustace.com/uploads/files/L-QIAIF20CBI20Update202018.pdf. 
30. "Section 110: entitlement to treatment". Revenue Commissioners. May 2018. https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-04/04-09-01.pdf. 
31. Mark Paul (28 June 2018). "Tax-free funds once favoured by 'vultures' fall €55bn: Regulator attributes decline to the decision of funds to exit their so-called 'section 110 status'". Irish Times. https://www.irishtimes.com/business/economy/tax-free-funds-once-favoured-by-vultures-fall-55bn-1.3546101. Retrieved 26 April 2019. "Regulator attributes decline to the decision of funds to exit their so-called ‘section 110 status’" 
32. Jack Horgan-Jones (29 July 2018). "Vulture funds in new move to slash tax bills and escape regulation". Sunday Business Post. https://www.businesspost.ie/business/vulture-funds-new-move-slash-tax-bills-escape-regulation-422098. Retrieved 26 April 2019. "Fianna Fáil claims that funds have discovered a "new nirvana". Documents also reveal new strategy to avoid regulation." 
33. Michael McAleer (29 July 2018). "Seen & heard: Tax avoiding Vulture funds and TransferMate's deal with ING". Irish Times. https://www.irishtimes.com/business/economy/seen-heard-tax-avoiding-vulture-funds-and-transfermate-s-deal-with-ing-1.3579778. Retrieved 19 April 2019. "Vulture funds are putting in place new strategies to avoid tax and regulation, the Sunday Business Post reports. Citing a letter from Fianna Fail TD Stephen Donnelly to the Minister for Finance, it says the funds have moved substantial sums from the controversial Section 110 companies and into other entities called L-QIAIFs (loan-originating qualifying alternative investment funds). These do not file public accounts." 
34. As of March 2019, a large proportion of Irish assets and real estate assets are still held via loan securities as a result of the sale of over EUR100 billion in Irish loan balances (sold for cash proceeds of EUR35 billion) by the Irish National Asset Management Agency (NAMA), as well as tens of billions in additional loan balances by other Irish banks, to US distressed debt funds from 2013 to 2019; by reference, 2017 Irish GNI was EUR181 billion. The Irish Real Estate Funds (IREF), which are not tax-free, are largely confined to owners of Irish property via Irish quoted REIT assets.[3]
35. Gayle Bowen; Aongus McCarthy (9 May 2018). "New loan origination QIAIF regime - finally a viable option?". https://www.privateequitywire.co.uk/2018/05/09/264045/new-loan-origination-qiaif-regime-finally-viable-option. Retrieved 19 April 2019. "However, the new rules combined with the strong legal and regulatory environment in Ireland, the settled and transparent requirements applicable to L-QIAIFs and the fast track authorisation process have already attracted increasing interest in L-QIAIFs among asset managers." 
36. "Alternative Investment Funds 2018: Chapter 21 IRELAND". Dillon Eustace Law Firm. 2018. https://www.dilloneustace.com/uploads/files/ICLG_AIF18_Chapter-21_Ireland.pdf. Retrieved 28 April 2019. 
37. "Lending to Irish Regulated Funds". Author Cox Law. http://www.arthurcox.com/publications/lending-to-irish-regulated-funds/. "QIAIFs are not permitted to carry on a trading business, with the exception of private equity and venture capital funds, but can establish a property fund structure. This structure consists of a Property Holding Company (“PropCo”) which is established as a subsidiary of the QIAIF. An Operating Company (“OpCo”) is also often established and a declaration of trust over the shares in favour of the QIAIF is common. As a result, the OpCo gets the benefit of a tax exemption for QIAIFs." 
38. Fiona Redden (12 June 2019). "How big landlords in Ireland minimise their tax bills on rental properties". Irish Times. https://www.irishtimes.com/business/personal-finance/how-big-landlords-in-ireland-minimise-their-tax-bills-on-rental-properties-1.3917078?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Fpersonal-finance%2Fhow-big-landlords-are-minimising-their-tax-bills-on-rental-properties-1.3917078. Retrieved 12 June 2019. 
39. "Kennedy Wilson firm pays no tax on its €1bn Irish property assets with QIAIFs". Irish Independent. 6 August 2016. https://www.independent.ie/business/commercial-property/kennedy-wilson-firm-pays-no-tax-on-its-1bn-irish-property-assets-34942829.html. 
40. "Clerys owner exploits tax avoidance loophole: Majority of shuttered Dublin store owned by collective asset vehicle (ICAV)". Irish Times. 4 October 2016. https://www.irishtimes.com/business/commercial-property/clerys-owner-exploits-tax-avoidance-loophole-1.2816212. "Icavs were introduced last year following lobbying by the funds industry, to tempt certain types of offshore fund business to Ireland. It has since emerged, however, that the structures have been widely utilised to avoid tax on Irish property." 
41. "Nothing to see here". Broadsheet.ie. 18 April 2016. http://www.broadsheet.ie/2016/04/18/nothing-to-see-here-35/. 
42. "Central Bank landlord a vulture fund paying no Irish tax using a QIF, says SF". Irish Independent. 28 August 2016. https://www.irishtimes.com/news/ireland/irish-news/central-bank-landlord-a-vulture-fund-paying-no-irish-tax-says-sf-1.2771263. 
43. "Tax 'trickery' in Ireland: A safe haven you can bank on". Irish Times. 29 May 2013. https://www.irishtimes.com/business/economy/tax-trickery-in-ireland-a-safe-haven-you-can-bank-on-1.1409039. "Ireland is a wonderful, special country in many ways. But when it comes to providing foreigners with lax financial regulation or tax trickery, it is a goddamned rogue state" 
44. "'Strong evidence' Ireland aiding EU banks' tax-avoidance schemes". Irish Independent. 28 March 2017. https://www.independent.ie/business/irish/strong-evidence-ireland-aiding-eu-banks-taxavoidance-schemes-35569517.html. ""The massive profitability levels of European banks in Ireland suggests that large profits may be reported in Ireland as a tax-avoidance strategy,"" 
45. "Irish 'tax haven' benefits from offshore asset shifts, reports New York Federal Reserve". Irish Independent. 13 May 2018. https://www.businesspost.ie/news/irish-tax-haven-benefits-offshore-asset-shifts-ny-fed-416529. ""The massive profitability levels of European banks in Ireland suggests that large profits may be reported in Ireland as a tax-avoidance strategy,"" 
46. "Ireland as a location for Distressed Debt: Orphaned Super QIF Example". Davy Stockbrokers. 2014. https://www.scribd.com/document/321040583/Ireland-as-a-Location-for-Distressed-Debt-Section-110-QIF-Super-QIF-Davy-Stockbokers. 
47. "Ireland:Selected Issues". International Monetary Fund. June 2018. p. 20. https://www.imf.org/en/Publications/CR/Issues/2018/06/28/Ireland-Selected-Issues-46027. "Figure 3. Foreign Direct Investment - Over half of Irish outbound FDI is routed to Luxembourg" 
48. "Irish SPV Taxation". Grant Thornton. 30 September 2015. https://www.grantthornton.ie/globalassets/1.-member-firms/ireland/insights/publications/grant-thornton---spv-taxation.pdf. "Irish withholding tax on transfers to Luxembourg can be avoided if structured as a Eurobond" 
49. "Mason Hayes and Curran:Silver Linings from Ireland's Financial Clouds with QIAIFs and Section 110 SPVs". Mason Hayes & Curran Law. May 2016. https://www.mhc.ie/uploads/Silver_Linings_Daragh_Bohan.pdf. 
50. "Irish Collective Asset-management Vehicle (ICAV) and Cayman SPCs". Maples and Calder. 2016. https://www.maplesandcalder.com/expertise/investment-funds/eu-regulated-funds/irish-collective-asset-management-vehicles/. "Across our global funds practice, we see many ICAVs being set up as parallel funds to the Cayman Islands and British Virgin Islands structures for managers looking to offer leading offshore and onshore fund solutions to their investors. We have advised on some pairing of onshore and offshore vehicles in combined structures." 
51. Kevin Doyle; Donal O'Donovan (19 April 2019). "Threat to tax 'cuckoo funds' as FG feels the heat on housing crisis". Irish Independent. https://www.independent.ie/business/personal-finance/property-mortgages/threat-to-tax-cuckoo-funds-as-fg-feels-the-heat-on-housing-crisis-38030843.html. Retrieved 19 April 2019. "The funds pay no corporation tax, no income tax and no capital gains tax in most cases." 
52. David Gardner (15 May 2010). "How bankers brought Ireland to its knees". Financial Times. https://www.ft.com/content/67ae51e2-5e35-11df-8153-00144feab49a. Retrieved 25 April 2019. 
53. As discussed in Modified gross national income, the high levels of BEPS tools in Ireland's economy means that its GDP is artificially inflated (e.g. in 2018, Irish GDP was 163% of Irish GNI*); academics have noted that the Irish State has traditionally bridged the gap to the distorted Irish GDP, by increasing the level of credit in the economy, and may have used property debt as the main tool for this.[53]
54. "Loan Origination QIAIFs – Central Bank Consults". Dillon Eustace Law Firm. 14 July 2014. https://docplayer.net/31887836-Loan-origination-qiaifs-central-bank-consults.html. "ESRB: Nonetheless, if not subject to adequate macro and micro–prudential regulation, this activity could grow rapidly and introduce new sources of financial stability risk. It could also raise the financial system’s vulnerability to runs, contagion, excessive credit growth and pro-cyclicality." 
55. As discussed earlier in relation to Irish Section 110 SPVs, at the time Irish Section 110 SPVs were being used to avoid Irish taxation on Irish loan investments, however Section 110 SPVs had to file Irish public accounts, which led to a public scandal in 2016 when the level of Irish taxes being avoided by U.S. funds was revealed
56. Christina Finn (27 March 2019). "UN says Ireland applies 'preferential tax laws' to vultures funds and it 'cannot continue'". TheJournal.ie. https://www.thejournal.ie/un-ireland-vultures-funds-tax-4563403-Mar2019/. Retrieved 29 March 2019. "A UN SPECIAL Rapporteur on housing has sent a letter to the Irish government noting that they have facilitated housing financing through “preferential tax laws and weak tenant protections among other measures”." 
57. Gavin Daly (21 April 2019). "Paddy Cosgrave, a weird press conference and €1,000 cash in brown envelopes". The Sunday Times. https://www.thetimes.co.uk/article/paddy-cosgrave-a-weird-press-conference-and-1-000-cash-in-brown-envelopes-7vj8tgtg9. Retrieved 26 April 2019.