Equivalent Measures Exemption For Funds: Dispensing With Tax Residence Form

Irish funds ^[1] are required to obtain a tax declaration, in a prescribed form, from each non-Irish resident investor, certifying that they are not an Irish resident (the "Non-Resident Declaration") in order to avoid having to deduct an exit tax known as investment undertaking tax ("IUT") on such investors on the happening of chargeable events.

This can be operationally challenging. It can also be quite frustrating for funds that are marketed exclusively outside Ireland, have no Irish resident investors and have no expectation of ever having Irish resident investors.

In recognition of this, the Irish tax authorities (the "Revenue Commissioners") offer a facility to dispense entirely with the need to obtain Non-Resident Declarations from investors, subject to meeting certain conditions.