The Foundation in Liechtenstein
The Liechtenstein foundation has been run since 1 January 2011 as a so-called private asset structure (PAS). Assets devoted to a specific purpose acquire an independent status and, in the PAS, their own legal personality. The PAS is thus a legal entity structured as a special purpose fund.
The PAS is particularly suitable for asset management purposes, for assuring long-term succession arrangements, in which the devoted assets are managed and used to the beneficiaries' benefit according to the founder's wishes documented in the Articles and By-laws. The PAS may not perform any commercial activity.
The Liechtenstein Persons and Companies Act (PGR) - the legal basis of the PAS - allows unconditional dividend distributions to be granted to members of specific families. Financial support of the education and training of children and grandchildren is possible.
The PAS recommends itself as an instrument to preclude company splitting due to succession. Possible probate disputes can be suppressed and any unnecessary splitting of the estate (companies, properties, art collections, etc.) can be avoided.
The PAS's assets are exclusively liable for any obligations.
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