The Austrian Private Foundation is to become more attractive and also more transparent.
Private foundations have existed in Austria for almost 25 years and they are an integral part of today’s economic life and in the area of the transfer of wealth. Existing legal uncertainties necessitated some legal adjustments, which are now to be implemented with the Private Foundation Act Amendment of 2017.
The amendment aims to ensure the international competitiveness of Austrian Private Foundations through clear, reliable and stable legal bases and prevent them from „fossilization“. Existing private foundations as „core shareholders“ of Austrian companies are to be supported and the Austrian Private Foundation is aimed to become an attractive legal entity for the management of foreign and domestic assets.
A corresponding ministerial draft has now been submitted for review. The assessment period ends on the 7th of August 2017.