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Personal foundation regulation to be amended

DATE: April 3, 2024 | AUTHOR: AT

On March 6 the Ministry of Economic Development published draft documents on amending personal foundation legislation

Major changes include:

- personal foundation to be registered by the tax authority, not the Ministry of Justice

- spouse can quit the fund without the consent of the other spouse

- sole executive officer isn’t allowed to be also the supervisory body, chairman, and the board of trustees

- members of collegial bodies aren’t allowed to transfer voting rights to third parties

The drafts are currently in the stage of public discussion

новость 03.04а

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