A private foundation is a legal entity set up by an individual, a family or a group of individuals, for the benefit of the founders. A foundation can also have charitable or philanthropic purposes. It has long been associated with civil law jurisdictions, most notably Liechtenstein (but also Austria, Switzerland, Panama, St Kitts, Seychelles, Nevis, Anguilla, Malta, Curaçao and the Netherlands Antilles), but several common law jurisdictions have introduced foundation regimes, including the Bahamas (2004), Jersey (2009), the Isle of Man (2011), Guernsey (2012), Mauritius (2012) and Gibraltar (2017). In the US, the states of New Hampshire and Wyoming both permit the establishment of foundations.
Furthermore, in 2018 the Dubai International Financial Centre (DIFC) introduced the Foundations Law DIFC Law No. 3 of 2018 (as amended) (Foundations Law). The Foundations Law was the subject of an important decision in 2020, by the Court of Appeal of the DIFC on the interpretation of the statutory regimes in the DIFC governing trusts and foundations. See News Analysis: DIFC Court of Appeal gives pioneering advisory judgment on trusts and foundations regimes.
Foundations have their origins in civil law countries. An early...
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