Fürstentum Liechtenstein

Publication of the new law governing Liechtenstein foundations

    Vaduz (ots) - The revision of the law governing Liechtenstein foundations was adopted by Parliament on 26 June 2008 and - now that the referendum period has expired without a referendum being called (31 July 2008) - will enter into force on 1 April 2009. Official publication in the national newspapers is on 26 August 2008. From that date on, the text of the legislation can be obtained from the Government Chancellery or from the website of the National Administration at www.lgbl.llv.li. As soon as the English translation is finished, this will be announced in a separate press release.

    With the English translation, the Government aims to facilitate access for foreign clients to the new foundation law and thus to the Liechtenstein financial center. A series of academic events abroad on the new foundation law, held this autumn and winter at three different locations, will serve the same purpose. Universities in Liechtenstein's neighboring countries will host the events: the Institute for Civil Law of the University of Vienna on 2 October, the European Institute at the University of Zurich on 5 November, and the Martin Luther University Halle-Wittenberg (Germany) on 3 December. Renowned experts will speak at these events, namely professors of foundation law who will discuss specific questions concerning the new law governing Liechtenstein foundations. Deputy Prime Minister Klaus Tschütscher will open each event with introductory remarks and a brief outline.

    In addition to this event series, the Hochschule Liechtenstein (Liechtenstein University of Applied Sciences) is engaged on behalf of the new foundation law. The Hochschule will host a conference on 28 August 2008, at which several practitioners and market participants from the financial center will speak on the new foundation law.

    Another event will take place on 9 December 2008, also at the Hochschule Liechtenstein. This will be the presentation of a commentary on the new foundation law, which has been prepared on a private initiative. The event will be conducted by the editors and authors of the commentary, offering the opportunity to get to know the foundation law commentary first-hand.

    The Government is convinced that the series of events abroad and the other accompanying measures will make an important contribution to practice and thus to the Liechtenstein financial center. According to Deputy Prime Minister and Minister of Justice Klaus Tschütscher, "I believe it is important that the positive assessment of the foundation law reform in expert circles also reach political decision-makers abroad, thus contributing to a correction of the often inaccurate image of Liechtenstein foundations."

    The Government wants to ensure that sufficient time and opportunity is available for domestic market participants to prepare for the new foundation law. The planned training events at the Hochschule Liechtenstein at the beginning of next year will contribute to this goal. In these courses, questions relevant to practice will again be discussed in detail.

ots Originaltext: Presse + Informationsamt des Fürstentums        
                            Liechtenstein
Internet: www.presseportal.ch

Contact:
Ministry of Justice
Angelika Madlener, Government Officer
Tel.: +423/236/76/65



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