Gibraltar's Parliament recently passed a bill permitting the establishment of Private Foundations.
A Private Foundation is an entity with separate legal personality that is able to hold and deal with property in its own name as legal and beneficial owner, as provided in the Foundation Charter.
It is often used as a vehicle by investors from countries with a civil law tradition, who are often unfamiliar with common law trusts.
Commenting on the passage of the legislation allowing for the establishment of Private Foundations, Albert Isola, Minister for Commerce, said: "I am delighted that Parliament has passed these bills ... Private Foundations have long been on the wish list of those professionals who advise their clients in complex financial engineering and I am grateful to the STEP organization in Gibraltar for lobbying for this legislation over a number of years. It offers them a platform to create new business opportunities and adds to the strength of the Gibraltar proposition as a leading transparent and compliant onshore financial services jurisdiction in Europe."
By Courtesy of Lowtax.net