The formation process and costs depend on how complex the deal is. If you will form an OZ fund just for your own money, the fees and costs will be more modest. If you invite others to participate in the investment, the cost will be higher. The range may be $5,000 to more than $75,000 initially for legal. The maintenance costs each year will depend on how many companies you form in your structure. Most likely, you would spend about $1,000 a year to the state, in addition to CPA costs for filing taxes. If you have a prior capital gain of at least $200,000, it may be worthwhile to set up an OZ fund. You can also invest in other OZ funds managed by professionals.