Investment Funds in Belgium (SICAV, PRICAF)
Belgian funds: SICAV, PRICAF or specialised real-estate fund (FIIS). FSMA authorisation. We connect you with a Belgian-bar lawyer. Free consultation.
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Written and reviewed by the yet.lu legal editorial team · Updated on
In summary: Belgium offers a mature regulatory framework for investment funds supervised by FSMA. With UCITS and AIFMD passports, Belgian funds can be distributed throughout the EU. Fund structures include the SICAV for retail investors, the institutional SICAV/BEVEK for alternative strategies, and the FIIS for real estate.
Fund Industry in Belgium
Launching a fund in Belgium starts with a vehicle decision, because the vehicle fixes the regulator, the investors you may admit and the tax treatment. Three structures do most of the work: the SICAV for retail, its institutional SICAV/BEVEK variant with lighter rules for alternative strategies, and the FIIS for real estate. All of them fall under FSMA supervision.
Once the vehicle and its management company are authorised, distribution is the decisive advantage: the UCITS (retail) and AIFMD (professional) passports open all 27 EU markets by simple notification, with no country-by-country authorisation to obtain.
Available Fund Types
SICAV (Variable Capital Investment Company)
Most common structure for retail funds. Capital varies with subscriptions and redemptions. Can be UCITS (EU harmonized) or non-UCITS.
Institutional SICAV/BEVEK
Vehicle reserved for eligible investors (institutional or professional). Greater investment flexibility, lighter regulation, suited for alternative strategies.
FIIS (Specialized Real Estate Investment Fund)
Dedicated to real estate investments. Benefits from specific tax regime. Reserved for institutional and informed private investors.
European Passports
- UCITS: Distribution to retail investors across 27 EU countries
- AIFMD: Distribution to professional investors in the EU
- Simple notification: No authorization required in each country
Frequently Asked Questions
Belgium offers several structures: SICAV (variable capital investment company), institutional SICAV/BEVEK (reserved for eligible investors), FIIS (specialized real estate investment fund), PRICAF (private equity). Each vehicle has its own regulatory characteristics.
Fund management companies must obtain FSMA authorization. UCITS funds require full authorization. Alternative funds (AIF) may benefit from exemptions depending on size and investor type.
Yes, through UCITS and AIFMD passports, an authorized Belgian fund can be distributed across all 27 EU countries via simple notification, without additional authorization in each country.
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