In Liechtenstein, a foundation is a legally and economically independent special-purpose fund which is formed as a legal entity (juristic person) through the unilateral declaration of the will of the founder. Liechtenstein recognises two types of foundations: private-benefit foundations and public-benefit foundations. The figure above refers to public-benefit foundations, which are supervised by the Foundation Supervisory Authority (STIFA) to ensure that the foundation’s assets are managed and used in accordance with its purpose and that contemporary foundation governance is maintained. Private-benefit foundations may also choose to place themselves under STIFA supervision. Additionally, Liechtenstein’s flexible foundation law recognises mixed foundations, which allow for greater flexibility in planning.