Switzerland Ratifies the Hague Trust Convention
The Hague Trust Convention will come into effect on 1st July 2007 in Switzerland. Simultaneously, some adaptations of Swiss law will enter into force. Thus, recognition of trusts in Switzerland will be governed by predictable rules and more legal security will be given in this area. In order to further improve the trust’s status, the Swiss Tax Conference intends to publish a directive setting the rules for harmonizing the taxation of trusts. It is however not clear yet when such directive will actually be issued.
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