Over 500 wealthy families in Belgium avoid inheritance tax through private foundations
didier@euronews8.com
ore and more wealthy families in Belgium are moving their assets to a ‘private foundation’ so future generations do not have to pay inheritance tax on them, according to research by De Tijd and L’Echo.
It also includes branches of the De Merode family, fashion designer Dries Van Noten, festival organiser Herman Schueremans and the family of jazz legend Toots Thielemans.
It is unclear how many assets are held in these foundations. Of the 517, only 20 publish consultable annual accounts. One family appears to have assets of over €29 million in its foundation, another has €10.7 million, mostly in the form of investments.
