LIECHTENSTEIN Law and Practice Contributed by: Hannes Arnold, Thomas Nigg, Christina Pointner, Sebastian Auer, Johannes Sander, René Saurer and Marta Baftiaj, Gasser Partner
Establishment (Anstalt) The Establishment is a corporate form unique to Liechtenstein with no direct equivalent in foreign legal systems. As of 31 December 2025, 4,030 Establish - ments were registered, making it the second most popular corporate form after the AG. Conceived as an intermediary form between a corporation and a foundation, the Establishment offers maximum flex - ibility and can be structured either as a corporation- like or a foundation-like entity, often described as the “building block” of Liechtenstein corporate law. The minimum capital is CHF/EUR/USD30,000, which must be fully paid up. The Establishment does not require shareholders. Control usually rests with the founder, who may reserve extensive rights including the right to amend the founding documents, appoint and remove board members, and designate beneficiaries. Founders’ rights may be held by one or several persons, may be divided among them, and are transferable and inherit - able, making the Establishment particularly attractive for succession planning. The Establishment is widely used as a vehicle for holding real estate and participa - tions, for asset protection and wealth transfer across generations, and as an enterprise vehicle for SMEs. Foundation (Stiftung) The foundation is Liechtenstein’s most distinctive legal export and the most numerous legal entity in its register, with approximately 8,936 foundations as of 31 December 2025. The minimum endowment capi - tal is CHF/EUR/USD30,000. The foundation has no shareholders or owners; it is a purpose-dedicated endowment with independent legal personality. The key distinguishing feature of the Liechtenstein founda - tion is that it may serve purely private purposes ( pri- vatnützige Stiftung / Familienstiftung ). Unlike in most other European jurisdictions, where foundations must generally pursue charitable or public-benefit pur - poses, Liechtenstein expressly permits foundations established exclusively for the benefit of designated private beneficiaries, typically family members. This makes the foundation a central instrument for inter - generational wealth planning, asset protection and succession structuring.
Private-benefit foundations are not subject to state supervision, unlike charitable foundations, which are overseen by the Foundation Supervisory Author - ity (STIFA). Foundations may be either registered in the Commercial Register ( Handelsregister ) or merely deposited ( hinterlegt ), provided they do not conduct a commercial business in a commercial manner (e in nach kaufmännischer Art geführtes Gewerb e). Depos - ited foundations do not appear in public records, pro - viding an additional layer of confidentiality. Trust (Treuhänderschaft) Liechtenstein is the only country on the European con - tinent with a comprehensive statutory trust law. While the trust is not a legal entity, it is a well-established and widely used legal arrangement, particularly for asset protection, succession planning, and wealth structuring, with approximately 1,568 registered trusts as of 31 December 2025. In practice, trusts are fre - quently combined with other Liechtenstein vehicles such as the Establishment to achieve optimal struc - turing results. The Liechtenstein trust was originally inspired by Anglo-American trust law but has since developed into a distinct civil law instrument, fully integrated into Liechtenstein’s civil law framework. A trust is created by a settlor ( Treugeber ) who transfers assets to one or more trustees ( Treuhänder ) for the benefit of designat - ed beneficiaries ( Begünstigte ). Notably, Liechtenstein also permits pure purpose trusts without identifiable beneficiaries, which remain restricted or unavailable in many other jurisdictions. 3.2 Incorporation Process The establishment of a corporate vehicle in Liech - tenstein typically takes between two and four weeks, depending on the complexity of the structure and the completeness of the documentation provided. In practice, entities are usually formed through a licensed fiduciary, who acts as a professional intermediary and ensures compliance with all regulatory requirements, including anti-money laundering due diligence (KYC/ AML). Corporations (AG, GmbH) and Establishment The incorporation of an AG, GmbH or Establishment requires the drafting of articles of association ( Stat-
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