LIECHTENSTEIN Trends and Developments Contributed by: Christoph Bruckschweiger, Benedikt König, Philipp Benda and Magdalena Marxer-Friedrich, paragraph 7
also take the form similar to a foundation. Therefore, Anstalts are also frequently seen in the aforemen- tioned UHNWI litigation scenarios. The Liechtenstein Anstalt: flexibility, asset protection, and dispute resolution General Liechtenstein distinguishes between foundation- like ( stiftungsähnliche ) and corporation-like ( körper- schaftsähnliche ) Anstalts , a distinction that directly impacts the types of disputes in which each entity may be involved. A foundation-like Anstalt , similar to a foundation, has no owner; its board of directors acts as the supreme governing body. In contrast, a corporation-like Anstalt has a bearer of the founder’s rights, who serves as the entity’s supreme organ and, in case of doubt, also functions as its sole beneficiary. Thanks to its legal personality, a Liechtenstein Anstalt can sue and be sued in its own name. Similar to a stock corporation, only the Anstalt ’ s assets are lia - ble for its obligations. It is therefore an independent bearer of rights and duties, with a strict separation between the Anstalt ’ s assets and those of its found - er. As a result, creditors generally cannot access the Anstalt ’ s assets. Understanding the structure and governance of Anstalts is essential for practitioners in dispute reso- lution, as these entities frequently feature in civil and commercial litigation in Liechtenstein. Asset protection The Liechtenstein Anstalt is emblematic of Liech- tenstein’s liberal and flexible private and corporate law ( Personen - und Gesellschaftsrecht , PGR). It is used not only for companies conducting commercial businesses but also as a wealth structuring vehicle and special purpose vehicle. Anstalts are frequently employed for corporate holdings, family offices, asset management, and fiduciary purposes. The Anstalt is particularly popular because – similar to a foundation – it can provide effective asset protec- tion, especially when established in a foundation-like form without founder rights. In such cases, a com-
plete separation between the founder and the Anstalt is ensured. Accordingly, there are no “shareholders” entitled to dividends; instead, beneficiaries are des- ignated who may receive distributions. There are several reasons why the Liechtenstein Anstalt is considered an effective instrument for safe- guarding assets: • Legal Independence: The • Anstalt ’ s assets belong to the entity itself, not to individual participants, making third-party access more difficult. • Flexible Governance: Decision-making and usu- fruct rights can be clearly separated and individu- ally tailored, reducing internal conflicts and effec- tively implementing protection mechanisms. • Protection From Third-Party Claims: Creditors, insolvency administrators, or disputing parties have limited means to access the • Anstalt ’ s assets if the structure is properly estab- lished. • Confidentiality and International Recognition: Liechtenstein provides high standards of confiden- tiality, and the • Anstalt is internationally recognised today – an advantage for cross-border asset structures. • Versatility for Families and Businesses: The Anstalt allows for asset management, corporate participa- tion, and foundation-like functions within a single legal framework, facilitating comprehensive protec- tion strategies. Dispute resolution While this flexibility offers significant advantages, it can also give rise to complex legal issues in dispute scenarios. A carefully structured set-up can prevent many conflicts and ambiguities from the outset, which is why obtaining legal advice before establishing an Anstalt is strongly recommended. Typical areas of dispute involving Liechtenstein Anstalts include internal conflicts between founders, beneficiaries, and governing bodies, which may arise when decision-making powers are unclear or inter- ests conflict, leading to disputes over management, access, and control. Conflicts can also occur in rela- tion to asset and administrative matters, particularly
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