Media & Resources
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
