Amendment to the Sanctions Act
12 February 2025
Download the alert in pdf On 26 February 2025, the provisions of the amended Polish Sanctions Act1 and the Act on the National Revenue Administration2, among others, will come into force. The ...
22 May 2023
Today, the Family Foundation Act enters into force. It provides for a new legal structure modelled on similar solutions that have been in place for years in countries such as the Netherlands, Austria, Germany, Malta and Liechtenstein. The legislature intended a family foundation to be the optimal legal form for managing family assets and for succession planning.
A family foundation can enable you, among other things, to:
The most important steps involved in establishing a family foundation include:
Only an individual can be the founder of a family foundation. A foundation may have one or more founders. The rights and obligations of the founder are non-transferable. The role and influence of a founder in the operation of the family foundation depends on the founder’s intent.The primary purpose of a family foundation is to provide benefits to beneficiaries. The beneficiaries may include any individuals and non-profit organisations designated by the founder. The founder decides on the size and terms of the benefits provided to beneficiaries.The founder may establish different benefits for specific beneficiaries. He/she is free to shape the conditions on which the payment of benefits depend (such as the beneficiary’s age, education or marital status). Benefits can take the form of one-time payments, periodic annuities or other types of financial advantage. Moreover, the founder may freely modify the rules regarding the designation of beneficiaries and the benefits to which they are entitled.
A family foundation, as a legal entity, operates through its governing bodies.These include:
The Family Foundation Act also introduces changes to inheritance law regulations. In particular:
12 February 2025
Download the alert in pdf On 26 February 2025, the provisions of the amended Polish Sanctions Act1 and the Act on the National Revenue Administration2, among others, will come into force. The ...
4 November 2024
The time has come to use plain language in banks' communications with customers. To date, despite the lack of a statutory obligation, some banks have already begun implementing accessible language and...
13 September 2024
The amendment to the National Cybersecurity System Act, which implements the NIS2 Directive in Polish law, means significant changes are ahead for many entities from different sectors of the economy. ...