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Liechtenstein Launches Marketing Strategy For Foundations Law,
by Ulrika Lomas, Tax-News.com, Brussels
Wednesday, July 16, 2008
The Liechtenstein government has announced that it will carry out a campaign
in neighbouring countries to market the alpine jurisdiction's new foundations
law, before it goes into effect on 1st January 2009.
"The goal of introducing a modern and practicable law governing foundations
can only be achieved if the project is accompanied by flanking measures,"
observed Minister of Economic Affairs and Justice Klaus Tschütscher while
commenting on the announcement.
The marketing campaign, which will be launched in the Autumn of 2008, will
involve those financial industry participants who helped craft the new legislation
and will initially be taken to Austria, Germany and Switzerland in a series
of events on the theory and practice of foundation law.
A new professorship in foundation law will also be created at the Hochschule
Liechtenstein (Liechtenstein University of Applied Sciences).
This marketing initiative is part of a wider strategy aimed principally at
bolstering Liechtenstein's image as a reputable reform-willing financial centre
and changing people's perception of the jurisdiction's as a secretive tax haven.
However, the Principality has acknowledged that it has much to do in order
to turn around its image abroad.
"The government is aware that Liechtenstein's image abroad continues to
be tainted by false information and prejudice, despite Liechtenstein's great
efforts in this regard," the government stated in its announcement.
The marketing of the Liechtenstein as a business location is one of the goals
of the 'Futuro' project, which the government launched to help promote Liechtenstein
as both a quality financial and industrial centre.
The project for the future of the financial centre envisages a substantial
expansion of communication on the achievements by the country and the financial
centre over the last few years.
The government has also launched a separate marketing drive aimed at repairing
the damage caused by the recent tax scandal in Germany, when many wealthy Germans
- including the former boss of Deutsche Post - were accused of hiding assets
in Liechtenstein foundations out of the reach of the German tax authorities.
According to the government, under the first phase of this initiative, "clichés
concerning the Liechtenstein financial centre and false impressions of journalists
will be corrected through matter-of-fact communication work."
The second step will launch an image campaign building on existing structures
of the 'Image Liechtenstein Foundation' and the government communication bodies.
It will also incorporate the promotional activities of Liechtenstein Tourism.
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