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The change in beneficial interest within the Liechtenstein Private Purpose Foundation—can the principles of solidification and flexibility coexist?


 The article deals with the principles of solidification and flexibility within private foundations. Typically, private foundations are used as will substitutes or as essential elements within an overall asset protection strategy. One of the key advantages of foundations, as compared to other instruments, is the high level of stability combined with very limited instruments to change the purpose as well as the beneficial interest. An adjustment of the statutory provisions related to the purpose can be required due to a change of circumstances, but might violate the governance regime. The article deals with the different legal issues involved and tries to give some guidelines for practitioners by discussing a case study to illustrate the legal issues addressed in this article.