Austrian private foundation.
Austrian private foundation
Private foundation is a legal entity, the structure and purpose of which is determined by the will of the founder, who allocates fund assets required to achieve a particular goal of his private foundation. A private foundation must exercise the will and intention of the founder. This entity, that has no shares or shareholders, the Austrian private foundation, belongs to itself.
When registering a private foundation in Austria full confidentiality is provided with regard to its beneficiaries. Austrian foundation offers the highest degree of confidentiality, in particular, there is no requirement to disclose the beneficiaries and financial reports. Austria is characterised by the loyal attitude of the tax authorities towards businesses; directors of a company are free from any liability after the passage of the audit for the financial year.
Such a tool as the Austrian private foundation is commonly used for international planning of property ownership, as well as tax planning. Private foundation as a legal form was introduced into Austrian law by the Law on private funds in 1993.
Private foundation is usually created to achieve certain financial benefits, for example, under the guise of charitable funds. Moreover, private foundations have various tax benefits. Private foundation makes it an ideal tool for making it an ideal tool for tax planning and scheduling property.
The biggest advantages of establishing an Austrian private foundation:
- Opportunity to adapt to your personal needs and the needs of the founder to a large extent
- Preservation of the property for future generations
- Tax benefits
- Avoid conflicts in case of inheritance.
