NORWAY Law and Practice Contributed by: Sicilie Tveøy, Lars Christensen, Ramborg Elvebakk and Karen Margrethe Bugge, Advokatfirmaet Hjort AS
cated to causes such as cultural projects. The main advantages of a foundation are its perpetual existence, independent board, and the assurance that assets are permanently dedicated to the intended purpose, providing long-term security for the donated wealth. However, the founder relinquishes control, as founda - tions are irrevocable – assets cannot be reclaimed or easily redirected, and heirs have no claim. Addition - ally, foundations incur ongoing administrative costs (such as board meetings and regulatory filings), so the initial donation must be substantial enough that these costs do not outweigh the foundation’s income.
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