The Liechtenstein foundation
Since 1 January 2011, the Liechtenstein foundation has been run as what is now called a private asset structure (Privatvermögensstruktur or PVS). Assets that are endowed for a specific purpose become autonomous and, in the PVS, acquire their own legal personality. The PVS is thus a legal entity structured as a special purpose fund.
The PVS is particularly suitable for asset management purposes, for assuring long-term succession arrangements in which the endowed assets are managed and used to the beneficiaries' benefit in accordance with the founder's wishes, which are documented in the articles and by-laws. The PVS must not perform any commercial activity.
The Liechtenstein Persons and Companies Act (PGR) - the legal basis of the PVS - 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 PVS 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.
Only the PVS's assets are liable for its obligations.
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