Gulf & Energy Economies

The Dutch STAK: How Families Keep Control and Share the Value

Updated: 18 August 2026 Holdwise editorial team STAK Certification Governance

With a Dutch certification foundation (stichting administratiekantoor, STAK), parents can give the value of their shares to their children and keep control. The STAK owns the shares and votes on them. The family members receive certificates that give them the economic value. At Holdwise, we keep this answer up to date and change it when the rules change.

How the STAK works

The STAK acquires the shares in the family holding company. In return, it issues depositary receipts, called certificates, to the family members. The certificate holders receive the dividends and the growth in value. The board of the STAK votes on the shares, under the administration terms that the family wrote. See the legal background.

What the family writes into the terms

Families usually record who is on the board for each generation and branch. They set rules for the transfer of certificates, such as transfers within the family only and a right of first refusal. They also record the policy for paying out dividends and the dates for handing over board seats. The terms are private documents, so the family’s internal rules stay private.

Where the STAK matches in the structure

The STAK is directly above the holding company. The order is: the STAK, the holding BV, and then the operating, property and investment companies. This is the standard structure. See a Dutch holding for your Gulf group and the family office structure. Larger families add a governance foundation above the STAK. See the family foundation.

See the Dutch holding structure for what you save with a holding above the operating company, and what it involves each year. To keep both companies in good standing, see corporate secretarial services in the Netherlands.

Families that keep a business, real estate and investments together in one structure use a family office. In the Netherlands, it is set up with a holding company and a foundation that issues depositary receipts (STAK). See a family office in the Netherlands for how this works.

When a STAK is useful

A STAK is useful when parents give value to their children and want to keep control. A STAK is also useful when the next generation joins with different levels of involvement, or when an outside CEO joins with certificates. You can also pass on the value to the next generation years before you pass on control. The notary sets up the STAK remotely, with its own deed of incorporation. See the process.

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Frequently asked questions

Do certificate holders have any say at all? +

As much as the terms give them. Often they have the right to attend meetings and to be consulted. The voting rights stay with the board. Families can set this differently for each generation.

How are certificates taxed for Gulf-resident holders? +

In the same way as the shares. A certificate has the same economic value as the share behind it. The same treaty rules apply to dividends as for shares held directly. See the Gulf dividend rules. For most residents, the tax in their GCC home state is low.

Can the STAK be undone later? +

Yes. The terms contain a procedure to end the certification. When the family decides to do so, the family members hold the shares directly again. Many founders set up a STAK early because they can reverse it.

Sources Belastingdienst · KVK · wetten.overheid.nl Last updated: 18 August 2026