In two judgments in 2015 and 2017, the Administrative Court of the Principality of Liechtenstein (VGH) considered private asset structures (Privatvermögensstrukturen, PVS) under Article 64 of the Liechtenstein Tax Act (SteG). In one of these two decisions, the German legal form of the GmbH & Co. KG (limited liability company & limited partnership) played a central role. This article first explains the main characteristics of a Liechtenstein PVS and provides insight into both of the VGH decisions. The main part of the article looks at whether and in what cases a Liechtenstein foundation is suitable to serve as the limited partner of a German GmbH & Co. KG.