- An individual whose income exceeds $200,000 in each of the two most recent years (or $300,000 in joint income with a person’s spouse) and who reasonably expects to reach the same income level in the current year;
- An individual whose net worth exceeds $1 million, excluding the value of their primary residence;
- Certain entities with over $5 million in assets; or
- Certain regulated entities such as banks, savings and loan associations, registered broker dealers, insurance companies, registered investment companies, business development companies, licensed Small Business Investment Companies which are not subject to the asset test.
- An individual who, alone or together with a spouse, owns financial assets worth more than $1 million before taxes but net of related liabilities; or
- An individual who, alone or together with a spouse, has net assets of at least $5,000,000;
- An individual whose net income before taxes exceeded $200,000 (or $300,000 in joint income with a spouse) in both of the last two years and who expects to maintain at least the same level of income this year;
- An individual who currently is, or once was, a registered advisor or dealer, other than a limited market dealer;
- Financial institutions, governments and governmental agencies, insurance companies, pension funds, registered charities, certain mutual funds, pooled funds, and managed accounts; or
- Companies with net assets of at least $5 million.
EU & NORWAY
- Per Se Professional Clients
- Elective Professional Clients
- The “Qualitative Test”: The firm undertakes an adequate assessment of the expertise, experience and knowledge of the client that gives reasonable assurance that the client is capable of making their own investment decisions
- The “Quantitative Test”: The client meets at least two of the following:
1) Has carried out transactions of significant size on the relevant market at an average frequency of 10 per quarter over the previous four quarters, or
2) Has a financial portfolio exceeding EUR 500,000
3) Works or has worked in the financial sector for at least one year
Consult with local counsel.
An accredited investor satisfies one or more of the conditions below:
- An individual whose net personal assets exceed S$2 million;
- An individual whose income in the preceding 12 months exceeds S$300,000; or
- Corporations with assets exceeding S$10 million.
- Institutional investors (pension funds, insurance companies, mutual funds, banks, portfolio managers, etc.);
- Large companies with equity exceeding ILS 50 million; or
- Sophisticated individual investors that:
1) Hold liquid assets (cash, deposits, financial assets, and securities) of at least ILS 8 million; or
2) Have received personal income of at least ILS 1.2 million in each of the two most recent years (or ILS 1.8 million in joint family income); or
3) Hold liquid assets of at least ILS 5 million and receive personal annual income of at least ILS 600,000 (or ILS 900,000 in joint family income).
- Trust corporations, with total assets of not less than HK$40 million or its equivalent in foreign currency;
- Individuals, either alone or with any associates on a joint account, having a portfolio of not less than HK$8 million or its equivalent in foreign currency;
- Corporations or partnerships having either a portfolio of not less than HK$8 million or total assets of not less than HK$40 million; or
- A corporate investment vehicle that is wholly owned by any of the three categories above.
- A person that has net assets of at least A$2.5 million; or
- A person that has a gross income of A$250,000 for each of the last two financial years.
- Securities offerings are also exempt from disclosure if the minimum amount payable for the securities on acceptance is A$500,000.
- A person has or controls gross assets of A$10 million.
- Certain types of institutions such as financial institutions, insurance companies, investment funds, etc.; or
- Investors holding financial investments exceeding R$10 million and attest in writing their qualified investor condition.
- Investors holding financial investments exceeding R$1 million and attesting in writing their qualified investor condition.
Basic qualified investors:
- Any person holding investments in securities during the prior year on average of approximately US$415,000, or that has obtained, during the two previous years, an annual net income equal to or exceeding approximately US$130,000.
Sophisticated qualified investors:
- Any person holding investments in securities during the prior year on average of approximately US$830,000, or that has obtained, during the two previous years, an annual net income equal to or exceeding approximately US$270,000.
Consult with local counsel.
- Hold a balance of financial investment instruments of at least KRW 500 million; or
- Receive annual income of at least KRW 100 million.