Finance Act 2016 introduced a new tax regime for certain Irish regulated funds that invest, or intend to invest, in Irish real estate and related assets. The changes do not affect Undertakings for Collective Investment in Transferable Securities (UCITS), non-Irish funds, or funds that have an international investment focus, including funds holding non-Irish real estate. As a result the vast majority of Irish regulated funds continue to be exempt from Irish tax on their income and gains with no Irish tax on payments to non-Irish resident and exempt Irish resident investors, subject to certain conditions being satisfied.