The Foundation replaced a Trust in popularity in Liechtenstein and is based upon a statute incorporating it - that the original settlor should approve. The statute gives total control of all assets transferred by the settlor to the board of the Foundation (Stiftungsrat).
Once an object has been transferred to a Stiftung it becomes impossible to find out who the real owner is. This information is contained in the Statuten and Bei-Statuten and only available to the Stiftungsrat. Without oversight, the Stiftungsrat can do whatever he (she) pleases and is accountable to no one.
In Liechtenstein law this has been approved and discretionary beneficiaries have no rights.
A dangerous form of tax avoidance.
Ever since Philippa died there has been no way to determine what fate awaits her estate. Worse still, it could be in the process of being surreptitiously sold off or transferred elsewhere.
I do not know for sure if this is the case, but until I see otherwise it remains a distinct possibility.
This is not an isolated situation. Die Presse, 31 January 2018 and the Independent, Thursday 8 March 2018 partially explain the problem.
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