Family foundations to be modernized
Published: Friday, Jan 19th 2024, 17:40
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Estate and asset planning in Switzerland should be simplified in the opinion of the National Council's Legal Affairs Committee (RK-N). However, not by introducing the Anglo-Saxon financial vehicle trust into the Swiss legal system, but by modernizing the regulations for family foundations.
By 15 votes to 9, the committee asked the Council to adopt a corresponding motion by FDP Councillor of States Thierry Burkart (AG), as reported by the parliamentary services on Friday. Family foundations are already enshrined in Swiss law. Accordingly, there is also a legal basis for the taxation of foundations, the committee explained its decision.
It was precisely this point that was a stumbling block for the bill to introduce trusts into the Swiss legal system. The feedback from the consultation on the Federal Council's draft for the introduction of the trust had shown that the tax aspects of the proposal were controversial and that a compromise would be difficult to achieve. The Federal Council therefore decided not to pursue the project any further and requested that it be written off. The Commission followed this proposal on Friday.
However, a minority rejected Burkart's motion. It was skeptical of an instrument that "raises questions regarding transparency and supervision". It would also benefit wealthy individuals in particular.
©Keystone/SDA
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