The proposal seeks to create a single European legal form - the 'European Foundation' - which will have legal personality and legal capacity in all Member States. Acquiring the status of a European Foundation would be entirely voluntary and it would exist in parallel with domestic foundations.
The Statute focuses on public benefit purpose foundations. Each European Foundation would need to prove its public benefit purpose, cross-border dimension and that it possesses the minimum founding assets of 25 000 EUR. This new status will allow them to carry out activities and channel funding within the EU in an easier and less costly way, thanks to the similar rules applied to them throughout the EU.
According to Internal Market Commissioner Michel Barnier
"....The introduction of a European Statute will reduce costs and uncertainty. It will also allow foundations to benefit from more visibility to promote their activity and attract more funding thanks to a European label."