Abstract
Following the conclusion of the agreement between Switzerland and the United States on the request for information from the Internal Revenue Service, the Swiss Federal Administrative Court (SFAC) has determined in a number of cases whether US persons were the beneficial owners of structures, in particular, Liechtenstein foundations, Liechtenstein Anstalts and irrevocable or revocable trusts. Based upon the principle of substance over the form, the concept of ‘beneficial owner’ refers to the economic reality as opposed to the legal from. As ruled by the SFAC, it is crucial to examine whether the founder or beneficiary of the structure ‘plays by the rules of the entity’.
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