On 10 July 2018, the Cyprus House of Representatives approved the Alternative Investment Organisation Act 2018, which replaces existing law and provides for the establishment of Registered Alternative Investment Funds (RAIF) in Cyprus. The new RAIF is meant to simplify and reduce the costs of establishing an alternative investment fund in Cyprus. The Act also provides for certain tax changes in relation to investment funds. The main change is that non-residents investing in a transparent Cyprus fund will not be considered to have a permanent establishment in Cyprus and, therefore, the non-resident will not be taxable in Cyprus on the...