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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.

Contact:

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

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