Banking and finance news from Luxembourg: the law bill on patrimonial foundations
On 22 July 2013, the Luxembourg Minister of Finances introduced a new law bill, no. 6595, concerning the creation of patrimonial foundations in Luxembourg.
The law bill no. 6595 on patrimonial foundations (the Law Bill) is in line with Luxembourg’s latest efforts to provide for a large range of legal instruments in the financial sector, especially concerning private investors, in order to strengthen the Grand-Duchy’s position as a centre of excellence on the financial market.
The patrimonial foundation is intended to facilitate the structuring and planning of patrimony and heritage, as it already exists in other European countries such as Germany, Austria, Belgium, the Netherlands and Switzerland. It joins the large range of contractual and corporate means (e.g. insurance policies, fiduciary agreements and so on), which are currently used for this kind of activity…
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