Acquisition by a foundation, an institution or a trust enterprise
General
A legitimate interest exists if the property to be acquired serves a foundation, nonmember institution, or quasi-foundation trust with personality to cover the legitimate interest of a beneficiary or beneficiaries and the following requirements are met in the constituent documents:
- the statutory purpose provision expressly provides for the acquisition and holding of real property within the country;
- the beneficiary designation clearly assigns the property to be acquired to a specific beneficiary(ies);
- the beneficiary expressly agrees to his/her beneficiary status by separate declaration and has the real estate assigned to him/her under land transfer law;
- the amendment provision provides that in particular the amendment of the purpose, the beneficiary regulation and the provision on dissolution and liquidation require the consent of the land transfer authority, as well as any amendment of the beneficiary regulation requires the separate land transfer authority approval.
Supervision
The articles of association of the foundation, the establishment without members or the foundation-like trust enterprise with personality must expressly provide that the foundation, the establishment without members or the trust enterprise with personality is subject to the supervision of the land transfer authority.
Contact persons
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Diana Gassner Diana.Gassner@llv.li +423 236 6207
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Walter Hasler Walter.Hasler@llv.li +423 236 6614