The characteristics-based definition of offshore fund can be found in TIOPA 2010, s. 355–358.

An offshore fund is a mutual fund (¶783-120) which takes one of the following forms (TIOPA 2010, s. 355(1)):

(1)a mutual fund constituted by a body corporate resident outside the UK;

(2)a mutual fund under which the property is held on trust by trustees resident outside the UK; or

(3)a mutual fund constituted by other arrangements that create rights in the nature of co-ownership where the arrangements take effect by virtue of the law of a territory outside the UK.

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