Liechtenstein is introducing itself for the first time at the Internationale Tourismus-Borse (ITB) Berlin as an attractive vacation country.

With the "Futuro" project, Liechtenstein has elaborated a vision for the financial center of the future. Accompanying the project on the future of the financial center is a comprehensive tax reform, which aims to adapt the current tax system to the changed economic and legal framework conditions in Liechtenstein and abroad.

Rigorous Bank Secrecy Laws In Liechtenstein

Contrary to Switzerland where the Swiss Financial Market Authority (FMA) transferred client data on the basis of “fishing expeditions” (John Doe-summons - UBS case), Liechtenstein has never done this without court order, and only on the basis of sufficient case-by-case specification.

On 7 February 2012, Liechtenstein and the UK initialled a Double Taxation Agreement (DTA) in Vaduz and also extended operation of the sole disclosure programme currently in place, the Liechtenstein Disclosure Facility (LDF), by a further year up to 2016.

A small economic miracle has turned Liechtenstein into an economic metropolis. The secret of its success? Entrepreneurship, networks, and innovation.

The Liechtenstein law provides for foundations of two kinds: private law (privatrechtliche) and public law (öffentlichrechtliche). The present overview is confined to family foundations established under private law.

The trust in Liechtenstein law may be set up for an indefinite period. It can be used in the same way as a foundation, but permits more flexible arrangements as its purpose is not limited in any way, as is the case under foundation law (there may be certain restrictions as to the purpose trust).

As many Swiss banks and lawyers might look to Liechtenstein when setting up trusts for their clients, it is a good opportunity to deal again shortly with the Liechtenstein trust concept and later on with the legal provisions in Switzerland for ratifying the Hague Trust Convention which is beneficial to the trust business.