1. A Family Foundation may submit an application to the Authority to be treated as an Unincorporated Association for the purposes of this Decree-Law if all of the following conditions are met: a. The Family Foundation was established for the benefit of identified or identifiable natural persons and/or for the benefit of a public benefit entity. b. The principal activity of the Family Foundation is to receive, hold, invest, spend funds, or dispose of the assets associated with savings or investment, or otherwise manage them. c. The Family Foundation does not conduct any activity that would have constituted a Business or Business Activity under Clause (6) of Article (11) of this Decree-Law had the activity been carried out or its assets been held directly by its founder, settlor, or any of its beneficiaries. d. The main or principal purpose of the Family Foundation is not the avoidance of Corporate Tax. e. Any other conditions as may be prescribed by the Minister. 2. Where the application under Clause (1) of this Article is approved, the Family Foundation shall be treated as an Unincorporated Association effective from the commencement of the Tax Period during which the application is made, or from the commencement of a future Tax Period, or any other date determined by the Authority. 3. For the purposes of monitoring the continued compliance by a Family Foundation with the conditions of Clause (1) of this Article, the Authority may request any relevant information or records from the Family Foundation within the timeline specified by the Authority.
Interpretation and application must be checked against the official text and current version.