The Liechtenstein establishment (Anstalt) explained

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The establishment, known in German as the Anstalt, is one of the most characteristic legal forms of Liechtenstein company law. It has legal personality but no shareholders, members or share capital in the usual sense. For families and entrepreneurs who want a simple holding vehicle with a clear line of control, it can be a practical choice.

A legal entity without members

The establishment is governed by the Persons and Companies Act (PGR). It is formed by one or more founders, who may be individuals or legal entities, and it is entered in the Liechtenstein commercial register. Its assets are contributed as capital and belong to the establishment itself. Because there are no shares, ownership is expressed through the founder's rights, which give their holder the position of supreme body of the entity.

The articles determine the purpose, the governing bodies and, where relevant, the beneficiaries. An establishment may pursue commercial activities, hold assets for a family or combine both, depending on how its articles are drafted.

Founder's rights and control

The holder of the founder's rights can usually appoint and remove the board, amend the articles and determine who benefits from the assets. These rights can be transferred, and they can pass on death, which makes them an asset in their own right that should be considered in estate planning. In practice, many holders keep the founder's rights with a trusted fiduciary and give instructions under a mandate agreement, while others hold them personally to retain direct control.

This concentration of control is the main difference from a foundation, where the assets are separated from the founder more strictly. The flexibility comes at the price of weaker separation, which matters for tax and for creditor questions.

Holding participations and real estate

Establishments are often used to hold shares in operating companies, portfolios of securities or real estate in Liechtenstein or abroad. The board manages the assets, keeps the accounts and represents the entity towards banks, land registries and counterparties. Where the establishment owns property in another country, the local rules on acquisition by foreign entities, transfer taxes and reporting of beneficial owners will apply alongside Liechtenstein law.

Comparison with a company limited by shares

A company limited by shares (Aktiengesellschaft) is widely recognised abroad, and its shares can be pledged, sold in part or listed. The establishment is less familiar to foreign authorities and counterparties, who may need an explanation of its legal nature. Its advantage lies in a lean structure, with control held in one set of rights and no shareholders' meetings in the conventional form. Whether an establishment is treated as opaque or transparent for tax purposes in the home country of the founder or the beneficiaries has to be checked case by case.

What pays off in practice

Plan the founder's rights by deciding early who holds them and what happens on death or incapacity.
Check foreign recognition with the banks, registries and tax authorities that will deal with the entity.
Document the beneficial ownership clearly, since every bank and register will ask for it.

How Ressos Legal helps

I advise founders on whether an establishment, a foundation or a company fits their objectives and coordinate the Swiss and home-country tax review. Contact me for a first conversation.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of October 2026.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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