17/12/2024

The Law of 7 August 2023 on non-profit associations and foundations imposes strict rules on the use of the word 'foundation' or words with a similar meaning in foreign languages.

Apart from foundations formed in compliance with the Law of 21 April 1928 (as amended), and associations and foundations that had legal personality before that law entered into force, entities making non-compliant use of the word 'foundation' in their name had 12 months, as of 23 September 2023, to remedy the situation.

Failure to do so carries a fine of between EUR 251 and EUR 12,500. The purpose of these provisions is to avoid confusion and ensure that the term 'foundation' reflects a reality that complies with legal requirements.