Which asset management structure is better suited to preserving the unity of the assets?

 The table below outlines the differences between an asset management foundation and fiduciary asset management.

	Fiduciary Asset Management	Asset Management Foundation
Form	contractual form	Foundation, court registration
International regulatory compliance	trust (Anglo-Saxon)	private foundation (German)
Minimum Capital	None	600 million HUF
Authorisations	Non-business activity: MNB registration Business activity: MNB authorisation	court entry
Lifespan	up to 50 years	unlimited
Capital requirements for the asset manager, collateral	Business activity: HUF 70 million capital and collateral of at least 20% of the total assets under management, subject to a minimum of HUF 70 million.	None
Governance	Asset manager	Board of Trustees, asset controller, Supervisory Board, statutory auditor
Operating expenses	approximately comparable to a medium-sized limited liability company	High costs resulting from institutional structures
Instructional powers	The settlor may not instruct the trustee.	The founders may instruct the board of trustees.
Corporate income tax	- Corporate income tax: 9% - Tax base deductions may be applied - Possibility of full tax exemption	Same as in fiduciary asset management..
Taxation upon distribution of assets	- The beneficiaries may be subject to taxation - Returns are taxed as dividends - The initial capital is taxable if a revaluation of assets took place at the time of the establishment of the trust, and less than five years have passed - Stamp duty exemption for transactions between close relatives	Same as in fiduciary asset management.
Beneficial owner	Settlor + trustee + beneficiary + controlling person in no specific order	Fixed order: 1. Beneficiary (interested party) 2. Member of the management body 3. Person exercising influence over the assets

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With the support of LeitnerLeitner’s Private Clients Division, choose the solution that best fits your needs and goals! Take advantage of LeitnerLaw’s family office and succession planning services! We are here to provide you with comprehensive professional support throughout the implementation process.