1. Investment vehicle
  2. 1. Form
    1. Cayman Islands Exempted Limited Partnership
    2. Jersey/Guernsey Property Unit Trust
  3. 2. Tax Treatment
    1. Cayman Islands Exempted Limited Partnership
    2. Jersey/Guernsey Property Unit Trust
  4. 3. Transfer Tax
    1. Cayman Islands Exempted Limited Partnership
    2. Jersey/Guernsey Property Unit Trust
  5. 4. Listable
    1. Cayman Islands Exempted Limited Partnership
    2. Jersey/Guernsey Property Unit Trust
  6. 5. Open- or closed-ended
    1. Cayman Islands Exempted Limited Partnership
    2. Jersey/Guernsey Property Unit Trust
  7. 6. Regulatory Supervision
    1. Cayman Islands Exempted Limited Partnership
    2. Jersey/Guernsey Property Unit Trust
  8. 7. Investor Restrictions
    1. Cayman Islands Exempted Limited Partnership
    2. Jersey/Guernsey Property Unit Trust
  9. 8. Pros
    1. Cayman Islands Exempted Limited Partnership
    2. Jersey/Guernsey Property Unit Trust
  10. 9. Cons
    1. Cayman Islands Exempted Limited Partnership
    2. Jersey/Guernsey Property Unit Trust
  11. 10. Best Used For
    1. Cayman Islands Exempted Limited Partnership
    2. Jersey/Guernsey Property Unit Trust

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Updated on January 2026

Investment vehicle

  • Cayman Islands Exempted Limited Partnership
  • Jersey/Guernsey Property Unit Trust

1. Form

Cayman Islands Exempted Limited Partnership

  • Limited Partnership

Jersey/Guernsey Property Unit Trust

  • Unit Trust

2. Tax Treatment

Cayman Islands Exempted Limited Partnership

  • Transparent 

Jersey/Guernsey Property Unit Trust

  • Usually tax transparent for income
  • Transparency election or exemption election often available

3. Transfer Tax

Cayman Islands Exempted Limited Partnership

  • 5% on direct underlying UK property GAV above GBP 250,000 (with lower rates applied for the portion of GAV below GBP 250,000).

Jersey/Guernsey Property Unit Trust

  • Nil

4. Listable

Cayman Islands Exempted Limited Partnership

  • Yes

Jersey/Guernsey Property Unit Trust

  • Yes (but would be unusual)

5. Open- or closed-ended

Cayman Islands Exempted Limited Partnership

  • Usually closed-ended

Jersey/Guernsey Property Unit Trust

  • Usually closed-ended

6. Regulatory Supervision

Cayman Islands Exempted Limited Partnership

  • Closed-ended funds are required to register with the Cayman Islands regulatory authority, the Cayman Islands Monetary Authority.
  • The regulatory requirements are similar to the Cayman Islands requirements for open-ended “Mutual” funds, including a requirement for an annual audit with Cayman Islands local audit sign-off.

Jersey/Guernsey Property Unit Trust

  • By JFSC in Jersey and by GFSC in Guernsey.
  • Unregulated/ Light touch regulated funds available for institutional and large investors.
  • The functionaries of funds may need to be supervised.
  • If marketing in Europe, must consider AIFMD.

7. Investor Restrictions

Cayman Islands Exempted Limited Partnership

  • None (subject to usual Anti-Money Laundering / Countering Terrorist Financing / Proliferation Financing restrictions including sanctions).

Jersey/Guernsey Property Unit Trust

  • Depends on regulatory approval obtained.

8. Pros

Cayman Islands Exempted Limited Partnership

  • Very flexible, proportionate regulation and supervision
  • Tax transparent vehicle with no Cayman Islands tax imposed at the entity/investor level
  • Ideally suited for multiple jurisdictions; high investor familiarity

Jersey/Guernsey Property Unit Trust

  • Tax treatment
  • High flexibility
  • Potential liquidity

9. Cons

Cayman Islands Exempted Limited Partnership

  • Time zone for European Managers.

Jersey/Guernsey Property Unit Trust

  • Must be managed and controlled outside UK.

10. Best Used For

Cayman Islands Exempted Limited Partnership

  • Closed-ended real estate funds.
  • Private equity funds and credit funds.

Jersey/Guernsey Property Unit Trust

  • UK property investment.