This Practice Note looks at the conditions that an open-ended investment company (OEIC) must meet for entry to the property authorised investment fund (PAIF) regime and to benefit from its continued application. The main six conditions are: the property investment business condition, the genuine diversity of ownership condition, the corporate ownership condition, the loan creditor condition, the balance of business conditions and the notification condition. An additional condition testing excess financing costs applies to any PAIF that is also a qualified investor scheme (QIS). This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons.