Liechtenstein

Total Revision of Foundation Law

• Since 1st April 2009 new Law on Foundations• Increased responsibility of the founder• Strengthening of internal foundation governance• Re-organisation and strengthening of external foundation governance and its competences and dutiesTransformation from a stigmatized vehicle to a recognized and transparent legal structure.

New Standards

• Private Interest Foundation Charitable foundation• Beneficiaries: determined or determinable• Beneficiaries: better position due to stronger rights• Charitable and Predominantly Charitable foundations are subject to Supervision of the Liechtenstein Foundation Supervision Authority and require an auditor• Protector, Family Advisory Board etc. possible• Taxation: Flat Rate of CHF 1‘200 in case of absence of commercial activities, in other situations ordinary taxation, i.e. tax on income

Liechtenstein: Set up for the Future?

• Need for change recognized and accepted actions taken!• Unilateral and Unconditional Commitment to International Standards• Implementation of International Legal Framework• Comprehensive New Internal Legislation• Numerous Tax Treaties• Quality, Sustainability and Responsibility are offered to Clients