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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.

The formation documents of foundations drawn up by Liechtenstein professional trustees often contain provisions on protectorates. A protectorate may be established if, at the time the foundation is formed, there is not yet a sufficient relationship of trust between the client and the professional trustee. In such cases, clients want to make sure that the assets they transfer to the foundation and separated from their personal assets will be used for the purposes they intend. As a founder, the client therefore wants to reserve the right to exert influence on the management and use of these assets. For this purpose, certain rights may be assigned to the protectorate.

Die Foundation Governance ist ein Schlüsselelement im Wettbewerb der Stiftungsordnungen. Die Einhaltung des Stifterwillens sowie des Zwecks der Stiftung über Jahrzehnte erfordert ein ausgewogenes Verhältnis von Verwaltung und Kontrolle. Die Bandbreite der für eine optimale Governance zur Verfügung stehenden Mechanismen ist in Liechtenstein beachtlich.

Normative Unterschiede sind nicht zuletzt in einem Umfeld steigender Klagen und Prozesse gegen Verwaltungs- und Stiftungsräte aus rechtlicher Sicht ernst zu nehmen und erfordern in der praktischen Anwendung angemessene Sorgfalt.