A foundation can be viewed as a mixture of a company and trust and can provide an alternative vehicle for individuals who are unaccustomed to the concept of trusts.
Recognised in both common law and civil law jurisdictions it is a separate legal entity and assets are beneficially owned by the foundation. It can enter into contracts, relationships and have all the benefits associated with company ownership.
There are many reasons for setting up a foundation such as wealth protection, inheritance and tax planning as well as avoiding forced heirship rules. They are often used as philanthropic vehicles.
The Abacus Trust Group provides a comprehensive service assisting with the planning and structuring of a foundation in multiple jurisdictions, preparing the charter, providing council members, where appropriate obtaining charitable status as well an ongoing management and administration.