The Austrian Private Foundation: between transparency and bank secrecy

The Austrian Private Foundation is organized like a company, but operates like a trust. It is a preferred for-profit vehicle, suitable for wealth preservation and management, as well as an alternate holding structure for companies. The Austrian Private Foundation is discreet about its assets and income but transparent in respect to its management. The far reaching erosion of Austrian bank secrecy through international pressure on Austria and Switzerland has had little effect on the operation of the Austrian foundation. On the contrary, offshore funds are being increasingly relocated into Austrian foundations.