Similar to offshore trusts, there are also foundations. Liechtenstein began the business of estate and asset planning in the 1920s, and the foundation business also began to sprout. The foundation is an independent legal person, the biggest feature of which is strong confidentiality and no members and shareholders. The fundraiser transfers all the ownership, management and beneficial rights of the assets to the foundation. Foundations are usually established according to the wishes of the founders, who can be individuals or corporate entities. The wishes of the promoters are embodied in the articles of association and management regulations of the foundation, and the term can be set or indefinite. The fund can be used for charitable, commercial or family purposes. In operation, the foundation can hold stocks, investment portfolios, real estate and intellectual property rights, bank deposits, life insurance policies and other assets. Like trust, foundation is an important tool for wealth management, international income and heritage planning, which is very suitable for wealth protection and transfer, heritage tax avoidance, capital gains treatment, employee stock ownership plan, pension, insurance plan, art collection and charitable purposes. Foundations are legally recognized by all common law and civil law jurisdictions, which is why tax havens are more popular.