Iran’s Implementation Day Arrives and Harneys is in the Thick of it

Harneys advises on first EU-approved, Iran-oriented alternative investment fund

It’s not every day that you get the chance to announce that you’ve set-up the first hedge fund, but, for the second time running (the first being the establishment of the first BVI hedge fund*), Harneys have done it, with the establishment of the very first Cypriot hedge fund, Turquoise Variable Capital Investment Fund Plc. But wait – this time, it’s a double first – as Turquoise is also the first EU-approved Iran-oriented alternative investment fund. Taa daaaaaa!

The launch of Turquoise comes at a pivotal moment in Iran’s economic development; international sanctions were lifted on 16 January 2016 which has the potential to lead to tremendous growth in Iran’s economy. Turquoise is well placed to take advantage of this growth, giving professional investors the opportunity for exposure to the Tehran Stock Exchange through an EU fund vehicle.

A big round of applause to our international team of specialists who have worked tirelessly over the past six months to make this happen. This included colleagues from our Limassol, London, Hong Kong, Cayman and BVI offices (including, I should add, this very blogger), who advised on funds, tax planning, regulatory and sanction compliance issues, and exemplifies the type of complex cross border structuring in which we excel.

If you’d like to read more about Turquoise, please check out our website.

As always, if you’d like to discuss further or just share your mutual excitement, please do get in touch.

* Given that none of your bloggers were around at this time, we can’t verify that this is the case. However, given that Harneys is the oldest, biggest and, generally speaking, best BVI law firm, we’re pretty confident that it must be true.


The author of this post is no longer with Harneys. For more information on this topic, please reach out to the key contact listed below.

Philip Graham
Philip is a partner and expert on offshore funds at Harneys who puts his ever increasing grey hairs down to three young children, supporting Liverpool Football Club, and being married. In no particular order.

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