The Private Foundation’s law was enacted in 1995, patterned after similar legislation from Liechtenstein.
There are many advantages of Private Interest Foundations, such as the following:
- No requirement to disclose beneficiaries.
- No requirement to file annual returns or financial statements.
- Inheritance laws that apply in the domicile of the founder or the beneficiaries, shall not be effective against the foundation’s assets nor may these laws affect the validity or performance of the foundation’s objectives.
- Simple ongoing administration.
- Its cost is very competitive with respect to those of the other foreign jurisdictions.
- The founder may act through a corporation if he desires.
- Estate management and hereditary vehicles.