Foundations – one solution will meet a variety of needs

When a foundation is set up, the founder (settlor) separates assets from himself or herself as an individual by transferring the title of those assets to the foundation. A foundation is a dedication of assets for a specific purpose by its founder. It is a legal entity without members or partners, but with its own organisation. The task of its organs is to carry out the wishes of the founder (settlor).

The assets dedicated to the foundation cease to be the founder’s property and the ownership is transferred to the foundation. The founder determines the purpose of the foundation, the beneficiaries and the way in which its assets are managed.

However, a foundation can also perform other functions, such as holding investments. There are many examples of this – companies held by foundations own ships, aircrafts, real estate and bank accounts. Succession to these assets should be arranged in an uncomplicated, flexible and efficient way.

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