Liechtenstein is the only civil law jurisdiction which has largely adopted Anglo Saxon trust legislation.A major difference being, unlike the common law trust, there is no limitation on the time for which income can be accumulated and no rule against perpetuities.
A Liechtenstein Trust is set up by a written agreement (Trust Deed) between the settlor and the trustee(s). The Trust Deed does not have to contain the names of beneficiaries. If the Trust Deed is deposited with the Registrar of Trusts, it will not be publicly available, and later instruments (e.g. naming beneficiaries) will not have to be revealed. If the Trust Deed is not deposited within 12 months, the following details of the trust must be placed on the public register: a description of the trust, the date of formation, the duration of the trust and the name (or trade name) and address of the trustee.
Some of the characteristics of Liechtenstein Trusts are as follows:
- A trustee can be an individual or a corporation; one trustee must be a Liechtenstein-resident individual with appropriate professional qualifications;
- Trustees have a duty of care towards the settlor and the trust property;
- Trustees who carry on business as such must keep an inventory of their trusteeships and must keep each trust's assets separate from other assets;
- If trust assets are deposited with banks they must again be kept in separate designated accounts.
SIGTAX AG provide trust services in Liechtenstein for individuals and legal entities, according to the regulations and provisions stipulated by the Liechtenstein law. We offer all the services related to setting up a trust as well as trust administration services.