Luxembourg Private Foundation: new development

Important new development for wealthy families, e.g. HNWIs or Family Offices, through the Luxembourg Private Foundation ("Fondation patrimoniale"):

The draft bill, updated to take in consideration the requirements of the Fourth Money Laundering Directive, will be presented to the Chamber of Deputies before the summer period 2015.

The Luxembourg Private Foundation is a new vehicle aiming at helping private clients to organise their wealth in view of a transmission. Its object is to manage and administer private assets in favour of one or more beneficiaries, or in favour of one or more aims, different than those dedicated to non-profit foundations. Orphan, the Foundation has no shareholders and no members and has a legal personality. The Foundation can thus hold assets and own rights and obligations, and is able to retrieve its endowments.

The Foundation is tax exempt on wealth management income and won't be subject to wealth tax. The "beneficiaries", if they are non resident will not be taxed upon reception of income paid by the Foundation.

More information – please contact us

Links:

>> Wealth Structuring Advice

>> Asset Holding Vehicle

>> International Tax Advisory