There are no trusts under Austrian law. Austria has neither ratified the HCCH Hague Convention on the Law Applicable to Trusts and on their Recognition (Hague Trust Convention). Whether foreign trusts are recognised as separate legal entity depends on whether the income of the trust can be directly attributed to the beneficiaries according to the general principles of Austrian income tax law.
Under these principles, income is generally directly attributed to the beneficiary if he or she actually influences the generation of trust income, e.g. by making investment decisions or deciding on distributions.
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