Revision of foundation law

With the revision of the foundation law the government is consistently continuing the path of modernisation of the corporate forms in Liechtenstein; this following the adjustments to the law of associations and co-operatives in the last few years, and the introduction of the European AG [Aktiengesellschaft] and European Co-operative as new corporate forms.
The government has been working on a revision of the foundation law since 2001 already. The government also emphasised this objective once again in the government programme 2005 - 2009 and explicitly listed it as one of the focuses of the government’s work. With the total revision of foundation law not just foundation law should be brought in line with the decisive applicable case law, but primarily an improvement in the legal security for those who apply the law and a reinforcement of foundations in Liechtenstein should be achieved in general through a systematic new regulation and more differentiated contextual structure of central questions relating to foundation law.

The new foundation law is essentially distinguished by the following points:
» inherently closed body of laws
» consistent new system (foundation for private benefit and non-profit making foundation)
» reinforcement of the responsibility of the benefactor
» sustainable assurance of the legal concept of the foundation for private benefit
» new regulation of the Foundation Governance; differentiated structural possibilities with regard to the rights to information of the beneficiaries
» new regulation of the public foundation supervision including the creation of a foundation supervisory authority based at the land register and public register department
» clear provisions relating to the accounting
» clear provisions concerning the possibility for installing further bodies
» clear transitional provisions
With the passing of the report and motion relating to the total revision of foundation law the government is also already directly undertaking the implementation of the vision which was stipulated for the financial centre Liechtenstein through the Futuro project.