100 years of Liechtenstein private-purpose foundations: how a lasting legacy was built and maintained

Abstract The year 2026 marks the centennial of the legal regulation of private-purpose foundations under the Liechtenstein Law on Persons and Companies of 1926. The editorial examines that milestone by tracing the historical development of foundations, comparing the original Liechtenstein foundation regime with the current Liechtenstein framework introduced by the 2008 reform, and by considering the treatment of private foundations in common law jurisdictions. It concludes that Liechtenstein represents the classic first-generation model of private foundations, while common law jurisdictions have expanded this concept into a second-generation form.