1. INTRODUCTION...............................................................................................................1 2. AUSTRIA ..........................................................................................................................3 2.1. Civil Law Framework..................................................................................................3 2.2. Tax Treatment of Private Foundations.......................................................................4 2.3. Conclusion .................................................................................................................8 3. BELGIUM........................................................................................................................10 3.1. Civil Law Framework................................................................................................10 3.2. Tax Treatment of Foundations.................................................................................13 3.3. International Context................................................................................................17 3.4. Conclusion ...............................................................................................................17 4. GERMANY ......................................................................................................................19 4.1. Civil Law Framework................................................................................................19 4.2. Tax Treatment..........................................................................................................21 5. FRANCE .........................................................................................................................24 5.1. General ....................................................................................................................24 5.2. Establishment ..........................................................................................................24 5.3. Types of foundations................................................................................................25 5.4. Dissolution ...............................................................................................................28 5.5. The International context .........................................................................................28 6. LIECHTENSTEIN............................................................................................................29 6.1. Introduction ..............................................................................................................29 6.2. Civil Law Framework................................................................................................29 6.3. Tax Treatment of Foundations.................................................................................31 6.4. Conclusion ...............................................................................................................33 7. LUXEMBOURG ..............................................................................................................35 7.1. General ....................................................................................................................35 7.2. Establishment ..........................................................................................................36 7.3. Existing foundation...................................................................................................36 7.4. Alternatives to the foundation ..................................................................................37 7.5. Dissolution ...............................................................................................................38 7.6. International context.................................................................................................38 8. NETHERLANDS .............................................................................................................39 8.1. Civil Law Framework................................................................................................39 8.2. Foundation Forms....................................................................................................40 8.3. Tax Treatment of Foundations.................................................................................42 9. SWITZERLAND ..............................................................................................................45 9.1. Civil Law Framework................................................................................................45 9.2. Tax Treatment..........................................................................................................46 9.3. Conclusion ...............................................................................................................48 10. UNITED KINGDOM.........................................................................................................49 10.1. General ..................................................................................................................49 10.2. Bare Trust ..............................................................................................................49 10.3. Interest in Possession Trust...................................................................................50 10.4. Discretionary Trust.................................................................................................51 10.5. Accumulation and Maintenance Trust....................................................................51 10.6. Tax Pool.................................................................................................................52 10.7. Mixed Trust ............................................................................................................52 10.8. Trusts and Capital Gains .......................................................................................53 11. SUMMARY AND CONCLUSIONS .................................................................................54 12. LITERATURE..................................................................................................................59