ago 14 2009
Foundations
Offshore Foundations
Like trusts, foundations can be traced as far back as the Middle Ages when they were often used for religious purposes to hold and safeguard assets. Today, they are being used increasingly by families for both charitable and non-charitable purposes.
Foundations bear characteristics of both a company and a trust and are particularly popular among individuals from civil law countries where the notion of separate legal and beneficial ownership, the underlying principle of the trust concept, is unfamiliar.
In contrast to a trust, the foundation has a separate legal personality. It holds assets in its own name and is both the legal and beneficial owner of those assets. The benefits that a foundation offers are largely the same as those available through a trust.
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