Source: https://lawstrust.com/en/news/register-foundations-and-trusts-liechtenstein
Timestamp: 2019-12-10 03:11:31
Document Index: 515892217

Matched Legal Cases: ['Art. 180', 'Art. 180', 'Art. 180', 'Art. 4', 'Art. 180', 'Art. 180', 'Art. 180', 'Art. 180', 'Art. 552', 'Art. 65', 'Art. 44']

Register foundations and trusts in Liechtenstein. | Law & Trust international
Fund could be used: the sole purpose of obtaining private gain, for example, to cover the costs of education and training, to provide assistance and support; exclusively in socially beneficial purposes, such as to support and promote charitable, social institutions, institutions of science and culture; in the form of a mixed fund, partially pursuing private advantage, partly socially useful purpose. Foundation, whose purpose is not subject to a statute or charter application to the unique qualifications relate to public benefit funds. Organizational legal form of the fund is not suitable for prosecution solely commercial purposes. Entrepreneurial activity is permitted only if it serves the purposes of non-profit fund, or if the shape and volume of the shares of enterprises require entrepreneurial activities.
Fund in the form of private property structure should exclude commercial activities (eg, monitoring the societies in which he advocated a shareholder) of the object of his activity.
founder / donor
founder / donor should establish a corporate entity or fiduciary institution when the institution / transfer of ownership economically burdensome for him. Lenders may declare his claims for a maximum of five years.
Heirs founder / donor
Private International Law (IPRG) favors an effective asset protection. Filing claims for addition to the obligatory share of the inheritance from the heir necessary in relation to a corporate location in person or institution Liechtenstein fiduciary involve not only the legitimacy of these claims under the applicable law of succession, but, in addition, their eligibility under the law applicable to the acquisition of property. As the law applicable to the acquisition of property or corporate entity fiduciary institution can often be chosen law acting on the territory of jurisdiction. In accordance with Liechtenstein law claims for addition to the compulsory share of inheritance are limited to donations of the last two years before the death of the testator. This allows Liechtenstein corporate person or institution fiduciary claims to reject foreign addition to the obligatory share of the inheritance. It is important that the founder / donor does not reserve all without exception, constitutive law, and that the bodies of the company were not bound by the contract, which puts them at the mercy of orders.
Family Foundation founder may order regarding what creditors of beneficiaries is entitled to deny the past received free or rights to acquire expectation inheritance, as well as individual and consequential claims under distraint, enforcement or bankruptcy proceedings. In a mixed family foundations such an order can only be provided if the empowerment serves the purpose of a family foundation.
name and language.
Fund made a request to the Office of Justice of Liechtenstein (Trade Register) to ascertain the fact of using a specific brand of another fund. Using national and international names of countries and places are not allowed. To be added to the selected name in unabridged form, "fund", "family fund" or a corresponding foreign term.
Fund Registration in Liechtenstein can be carried out by one or more natural or legal persons. The Fund may also be established indirectly representative (in confidence). Considered the founder of the fund with the principal. His identity must be known fund advice. Any provisions relating to nationality and residence of the founder of the fund are not available.
Establishment of a fund may be:
a) by issuing constituent act Fund (statutes); with the signature of the founder of the fund, and in the case of indirect representation - the signature of indirect representative, subject to certification;
b) pursuant to the last will (intestate);
c) under a contract of inheritance.
Usually, establishing a fund provided by the publication of the constituent instrument Fund (statutes). If the fund is not subject to registration, each member of the board of the fund within 30 days of the establishment of a fund delivers a statement about his or her office to the Office of Justice. Charter, however, is not subject to the deposit. Right application is also available from the legal representative.
minimum capital fund of 30 000 Swiss francs. It also can be made in euros or U.S. dollars and amounts in this case 30,000 euros or 30,000 dollars.
the commercial register are subject to funds whose purposes are exclusively or overwhelmingly socially useful, as well as funds that in order to achieve their profit goals carry out business activities, or if the shape and volume of the shares of enterprises require entrepreneurial activities.
Fund Council (Stiftungsrat).
Fund Council is the supreme authority in his competence to fund management. Each member of the board of the fund shall be personally responsible for compliance with the charter application to the statute and regulations. The Foundation Board consists of at least two members. Legal persons may also be members of the board of the fund.
At least one member of the Board shall be the trustee of the legal entity with the right of the administration and representation must be a national of a Member State of the European Economic Area (EEA), a person equated to that on the basis of international agreements or legal entity and must be authorized in accordance with the Law "On the trustees." Such persons are equal persons having a permit or other authority in accordance with the law relating to the control activities of the persons under Art. 180a of the Code on individuals and companies.
persons referred to in Art. 180a of the Code of individuals and companies, carry out the major official duties for the employer who has the right to engage in trust management in the country. They must present a form of education in accordance with the Law "On the trustees," as well as working in this profession for the core classes for at least one year as employees.
Thus, Swiss citizens with residence in Liechtenstein, with regard to access to the profession of trustees equated to the law of reciprocity to the citizens of Liechtenstein in accordance with the laws of the cantons of Switzerland.
Persons intending within the service relationship to carry out activities in accordance with Art. 180a of the Code on individuals and companies must obtain permission from the Authority for the Supervision of Financial Market Authority (FMA). Permission is granted subject to compliance with such prerequisites as aptitude, reliability and availability of the service relationship (see Art. 4 Bulletin of the laws of Liechtenstein for 2013 number 426). FMA is freely available list of holders of permits in accordance with the law on the activities acc. Art. 180a of the Code on individuals and companies. The list is available on the home page by FMA procedures for submitting requests. The list includes names, names, titles, and legal address of the permit holder within the country. Persons authorized in accordance with Art. 180a of the Code of Persons and Companies issued prior to 01.01.2014 shall provide various documents to the FMA to 30.06.2014. In addition, FMA receives from the Office of Justice an electronic copy of the list of the agency, which includes persons authorized under Art. 180a of the Code on individuals and companies at the beginning of 2014.
obligations under Art. 180a of the Code on individuals and companies excluded entities that according to the Law "On Business" or other special law must have the head or under the control of the Government, or other community agencies. This does not apply to funds controlled under Art. 552 of the Code on individuals and companies.
Obligations Fund founder limited implementation of capital donations. He may, however, retain certain rights such as the right to void and ad fund changes in fund documents; it can also perform other rights as a member of the Foundation Council, curator or supervisory authority.
Typically, founder of the foundation determines the statute, but most often in the annex to the statute, beneficiaries and beneficially. There are four categories of beneficiaries. First category: eligible beneficiaries having resting on charter or annex to the statute the legal right to certain benefits or to be determined in relation to the size of the assets or income fund, for example, the first beneficiaries. The second category: potential beneficiaries receiving the legal right to become eligible vygodopriobretelyami upon the occurrence of a suspensive condition, say, the death of the first beneficiary, for example, the second beneficiaries. The third category: the so-called "discretionary" beneficiaries, related to a specific range of the founder of the Beneficiaries whose beneficially possible at the discretion of the Board of the Fund or other designated authority for this purpose ("discretionary" fund). Legitimate right of beneficiaries to benefit in respect of fund assets occurs only with the adoption by the Board of the Fund or otherwise authorized by the authority having the force of the. The fourth category: Final beneficiaries who under a statute or an application to the charter fund balances of assets accrue after its liquidation. Appendix to the Charter to submit, as a rule, an integral part of the statute shall not be deposited in the Office of Justice. Annex to the Constitution can be both revocable and irrevocable as mutable and immutable.
beneficiary has the right to examine the statutes and regulations of the possible, as these affect his rights. In addition, he has a right to information, giving him the report and accounting records, as it affects his rights. It is unacceptable, however, the use of this right with unscrupulous, malicious intent or otherwise detrimental to the interests of the Fund or the rest of the beneficiaries. If the founder of the statute reserved the right to void an ad fund, and he is the ultimate beneficiary, the beneficiary had no rights. In the case of a supervisory authority of the beneficiary rights may be restricted to a minimum.
Fund is liable for its debts to creditors only their assets. With regard to family foundations fund founder may determine that beneficiaries fund may not lose the benefits provided to them free of charge in connection with the fund by adopting interim measures or enforcement measures bankruptcy proceedings. If it is a mixed family foundations, such order may be made only with respect to the powers in charge of a family foundation goals.
Supervisory Authority (Kontrollorgan)
In order to limit the rights of beneficiaries to obtain data and information founder of the charter may provide for the creation of a supervisory body. As founder of the supervisory authority may appoint or auditing body or one or more of these names of individuals with sufficient expertise in the field of economics and law, and are independent of both the founder of the fund, and from the Fund. Founder can also perform the above functions itself. The duties of the supervisory authority includes annual inspection, aimed at finding out whether controlled and whether the fund's assets in accordance with their purpose.
Office for Supervision of funds.
Funds with exclusively or predominantly socially useful purposes subject to the Office for Supervision of funds. Oversight of the funds provided by the Office of Justice. The agency ensures that controlled whether and whether the fund's assets in accordance with their purpose.
auditing body in socially beneficial and registered funds that to achieve their profit goals engaged in entrepreneurial activity, is mandatory. Auditing body should be independent of the fund. Audit bodies of public benefit fund holds not only checking accounting, but also the fact whether controlled and whether the fund's assets in accordance with their purpose. Based on the audit report it is the Office for Supervision of funds and the foundation council. Public benefit funds, whose assets do not exceed 750 000 Swiss francs, and who do not spend public donations fees may be exempted from the destination auditing body. In addition, the Office for the Supervision of the funds at the request of the Fund Board may exempt from the obligation of charity fund attracting auditing body, if a fund pursues a policy of investment and a way to use the tools that allow the designated Office to oversee.
unregistered funds maintain records on the activities of which the financial situation and earnings may be understandable.
Registered in the Commercial Registry of funds, asking for non-commercial purposes to achieve their commercial activities are required to maintain in accordance with the order of financial statements.
Funds voluntarily registered with the Trade Register, not asking for business, and the statute which does not allow for the implementation of such, are required to submit, through the Foundation board member in the Office of Justice declaration (statement). In this declaration confirms that adequate financial position accounting records maintained by the current standards of the accounting procedures and that the documents are stored. Progress in the development of business and property must be clear. Such accounts shall not be filed with the Office of Justice.
If a registered fund to achieve its profit objectives carries on business, he shall, within 6 months after the financial year submit to the Tax Office a certified audit bodies annual balance.
Entities Liechtenstein, as well as branches of foreign legal entities are required to appoint a representative of corporate entity in relation to the number of agencies residing in Liechtenstein citizens of countries outside the European Economic Area (including the EU). Alternatively, as a representative of a corporate entity can act Liechtenstein, appointing its representative individual in the sense of the preceding sentence. With the consent of the Office can obtain an exemption from the obligation to nominate a representative, if the representative is available to replace the corporate entity representative gives a sufficient guarantee, or for mail delivery destination specified in Liechtenstein. If the entity is in fact acting in Liechtenstein manufacturing enterprise, then at the request of the Office of Justice and being in this case the competent authority, in principle exempt the applicant from the obligation to nominate a representative. Alternatively, the Office of Justice, in justified cases, grants permission based mailing address.
Termination and liquidation.
an unregistered fund may occur by declaring it invalid or dissolution. Announcement Fund invalid permitted only limited legal limit with a clear compliance with the fund's charter. Fund is subject to dissolution by law in the following cases:
opening against fund assets bankruptcy proceedings;
entry into force of the decision rejecting the opening of bankruptcy proceedings because of alleged lack of assets to cover expenses in connection with his conduct;
decision to dissolve the court;
decision having legal force of the dissolution of the Foundation Board.
Foundation Board shall decide on the dissolution of the Fund in the following cases:
if he had received a valid claim for recognition of the founder of the Foundation Fund invalid;
if the purpose of the fund was reached or become inaccessible, for example, in the absence of assets;
if expired statutory deadlines activities;
if there are other, under the charter of reasons.
termination of the Fund, exercise tips Fund and the Office of Justice, lasts about 5 days.
above statements regarding the causes of dissolution, also apply in respect of deposited funds. In this case, the process of elimination until deleting the Trade Register of the fund continues, however, 6 months, because after the third notice of creditors must be met lock period of 6 months. With the permission of the Office of Justice, the possibility of reducing the liquidation and distribution of the fund's assets before the expiration of a six-month lock if thus not affect the interests of potential lenders. The liquidation process is completed by deleting the registered fund of the Trade Register.
agreement on double taxation.
Liechtenstein has already signed with some countries double taxation agreements and is in talks with a number of other states. Agreements contain rules for advanced OECD tax information exchange on request special purpose. Ratification is not yet completed in all cases. For example, the double taxation agreement with Luxembourg is already in force.
engage in commercial activities legal entities tax residents of Liechtenstein are subject to tax on income, including income from the purchase and sale of land, but not subject to tax on capital. Regardless of the amount of dividends and profits to establish a unified income tax rate of 12.5% ​​of net income / net profit. Regardless of the length of ownership of assets, amount of share participation or voting rights, dividends and profits from share participation in the companies are not taxable.
Interest income is reduced by the so-called deduction of interest on equity. As the costs of economic activities is recognized proportionate interest on the modified equity of nominal rates of return. Thereby significantly reducing the tax base income from interest.
obligation to pay legal entities income tax is fundamentally determined by the criteria for the location of the company or its place of effective management in Liechtenstein (unlimited tax duty, ie the obligation to pay taxes on incomes, both within the country and abroad), or the existence of Liechtenstein units (limited tax duty, ie the obligation to pay taxes on income derived within the country). Earnings of foreign entities does not apply to the taxable net income. If the place of effective management of the company, ie center, from where the main guide it is abroad, the unit is regarded as foreign. To the place of effective management of the company is equal place in which its management to make strategic decisions for the company bearing binding.
annual minimum tax of CHF 1'200.
Private property shall be subject to pre-structure minimum tax levied at a rate of CHF 1'200 per year. They should not engage in commercial activities, the concept of "commercial activity" has a very general formulation. In practice, it is the legal entities that manage their own property (eg deposited securities in the bank).
Payments from the fund for the benefit of beneficiaries residing abroad are not subject to taxes in Liechtenstein.
trust (Treuhänderschaft, Trust) in Liechtenstein.
In this section, we will focus on the so-called "private express the trust» (Private Express Trust). Trust in its form as may be revocable or irrevocable, as mutable and immutable.
Unlike the Anglo-American model of the trust established under the law applicable in the territory of Liechtenstein, can exist indefinitely. It can be used for the same purposes as the Fund, but allows a more flexible structure, because it, unlike the Fund, there is no restriction on the purpose of the trust. Trust is a legal relationship between the principal and confidant, designed in the form of the trust agreement, according to which the principal trustee transfers of movable and immovable property or any right inferior. Trustee undertakes on its own behalf trusted him to manage the property and use it according to instructions received from the trustee for the benefit of one or more third parties (beneficiaries).
grantor / donor should establish a corporate entity or fiduciary institution when the institution / transfer of ownership economically burdensome for him. Lenders may declare his claims for a maximum of five years.
principal heirs / donor.
Private International Law (IPRG) favors an effective asset protection. Filing claims for addition to the obligatory share of the inheritance from the heir required in respect of any corporate entity located on the territory of jurisdiction or institution fiduciary involve not only the legitimacy of these claims under the applicable law of succession, but, in addition, their eligibility under the law applicable to the acquisition of property. As the law applicable to the acquisition of property or corporate entity fiduciary institution can often be selected Liechtenstein law. In accordance with Liechtenstein law claims for addition to the compulsory share of inheritance are limited to donations of the last two years before the death of the testator. This allows Liechtenstein corporate person or institution fiduciary claims to reject foreign addition to the obligatory share of the inheritance. It is important that the principal / giver not reserve all without exception, constitutive law, and that the bodies of the company were not bound by the contract, which puts them at the mercy of orders.
beneficiary may present their claims against the trust property under enforcement or bankruptcy proceedings only in size, limited size requirements of the trust beneficiary, and only in those cases where the trust is no provision of the impossibility withdrawals (see "Fund").
trust is chosen arbitrarily in any language. However, we must make a request to the Office of Justice Liechtenstein leading Trade Register to find out whether a particular company name another entity and whether its use. Use of national and international names of countries and places as part of the company name is not allowed.
to the selected company name is always added the designation "Trust» (Treuhänderschaft, Trust) in extenso.
founding capital.
minimum capital is not defined, it can be, for example, 1000 Swiss francs.
- the principal (owner), the contractual relationship trust agreement or a constitutive act) must be made in writing;
- trustee or trustees (the adoption of these duties is confirmed in writing);
Register trust in Liechtenstein is completed with the signing of the Trust Deed (Trust Deed) the trustee and the trustee. Registration in the Trade Register (replacing the deposit) is optional and is not an act of title. The legislation contains provisions for the period of existence of the trust.
Register / deposit at will.
can register Trust in the Mercantile Registry of Liechtenstein. This requires to provide the following information: date of establishment, the name of the trust, the validity of the trust agreement (definite or indefinite), the names and addresses of the trustees. In addition, there is also the possibility of registration deposit of the trust agreement with the Office of Justice. In this case, found on the basis of registers of the existence of the trust is not possible, and access to information about it is available only if the interest of the person wishing to obtain relevant information, justified. If Trustees no location or residence in Liechtenstein and was appointed representative for purposes of taxes, trust can not be deposited, do not register.
Trustee or trustees is / are the executive body of the Trust, run / out-estate trust on their behalf and vouches / before-are the principal beneficiaries and all its assets. Trustee may be any natural or legal person, regardless of place of residence or the location or nationality.
beneficiaries may require the execution of the provisions of the trust agreement and the recourse to the court in the case, unless the trust agreement does not leave the establishment of funds destined to the beneficiaries and determining their method of distribution at the discretion of the trustee. The principal may itself be one of the beneficiaries, and even the sole beneficiary of the trust. If no indication of the beneficiaries do not, it is assumed that the beneficiary is the settlor. In this case, the order of succession established by law.
Trustee shall maintain accounting records, fully and accurately reflects all commercial transactions relating to the trust property.
Presentation balance Liechtenstein Tax Office is not required.
auditing body Patron / curator
To ensure compliance with the provisions of the trustee of the trust agreement may be assigned to the audit committee or trustee or curator.
appointment of a representative is not required. If Trustees no location or residence in Liechtenstein and was appointed representative for purposes of taxes, trust can not be deposited, do not register.
in the trust deed must clearly indicate that, with respect to the law of the trust.
Liechtenstein Law also allows the possibility of establishing trusts under foreign law, with appropriate reference to the trust deed internal legal relations between the parties are governed by foreign law, and the external, ie all relationships with third parties, for the protection of legal, regulated, as before, Liechtenstein law.
According to the principle of freedom of private-autonomous organization trustee in the trust deed can arbitrarily set the grounds or conditions for termination of the trust relationships, for example, in connection with the appointment of officials in charge, as a result of an event in connection with any condition; in the case of appropriate use and expenditure of all the trusted property or other means when the material purpose of the trust; or due to the expiration of a deadline.
If provided for in the trust deed, trust can be canceled:
- with the consent of all the beneficiaries, settlor and trustee;
- as a result of the announced cancellation of the trustee;
- by law.
If the trust deed does not include other provisions, the trustee is obliged to administer the trust at least one year of management. In other cases, the trustee is authorized to notify of termination of the trust each time three months before the end of the calendar year.
Change applicable law and transfer to another area of ​​the law
Change applicable law and application to trust another law going to address the trustees under the provisions of the trust agreement.
Soglashenieo double taxation
Trustees fundamentally do not enjoy any privileges double taxation agreements, except when they are explicitly included in its scope.
Trust (based on an agreement on the transfer of property in trust) is an institution of trust management without legal entity. With trusts are charged only a minimal income tax (CHF 1.200). According to Art. 65 of the Tax Code (STeG) trusts are exempt from having to file a tax return. However, according to Art. 44 they have limited tax obligations in relation to income received in Liechtenstein.
Dividends paid to beneficiaries residing abroad are not taxable in Liechtenstein.
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