Abstract
Last year the Austrian Private Foundation celebrated its 20th anniversary. When it was introduced in 1993, it had been subject to various tax benefits compared with the taxation of natural or legal persons. Meanwhile, the tax benefits have mostly vanished. Yet, Austrian Private Foundations still remain important vehicles for Austrian family enterprises. The focus in this regard is on asset protection and the possibility to keep the family wealth together for a longer period of time. This article intends to provide an overview about the key characteristics of an APS in regards to civil and tax law.
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