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Liechtenstein Adopts Integrated Financial Center Strategy

by Ulrika Lomas,, Brussels

06 March 2013

Following months of intensive talks on the future direction of the financial center, the Liechtenstein Government, associations and market participants have finally united on an integrated financial center strategy.

Adopted by the Liechtenstein Government during a recent sitting, the broad-based strategy creates the key conditions for the further positive development of the Principality’s financial center.

Building on the Liechtenstein Declaration of 2009, on existing cross-border cooperation and a commitment to tax transparency, as well as on existing competitive advantages, the Government aims to raise the Principality’s profile and to actively position Liechtenstein as a specialist in wealth structuring and wealth management and to increase Liechtenstein’s competitiveness and attractiveness outside of the European Economic Area.

While continuing to strengthen Liechtenstein as an attractive location for wealth structuring and for the long-term wealth management of both private and institutional clients’ assets, the Government also intends to nurture its already growing fund center and secure the country’s attractiveness as a location for the insurance sector. According to the Government, Liechtenstein’s tailor-made solutions and comprehensive product range, coupled with renowned political and institutional stability, will be increasingly demanded by international clients.

Liechtenstein currently benefits from close links to and legal compatibility with Switzerland and the European Union (EU) and European Economic Area (EEA) markets. In addition, it offers the Swiss franc as a reliable currency and at the same time full access to the Single Market. In future, the Liechtenstein Government intends to strengthen ties with other legal jurisdictions by strategically orientating Liechtenstein’s legal forms to foreign wealth structures, by further expanding its DTA network and by opening up to international market participants.

The Government will continue to promote Liechtenstein as a reliable and predictable partner, committed to complying with the latest international standards. Within the framework of a broad network of tax accords the Government aims to find a solution to the past by regularizing undeclared wealth held by foreign residents in Liechtenstein, thereby ensuring the legitimate tax claims of other countries in the future, while at the same time taking into consideration national needs and interests.

Liechtenstein has concluded OECD-compliant tax treaties with over 35 states.

TAGS: compliance | tax | double tax agreement (DTA) | tax compliance | tax avoidance | interest | insurance | Organisation for Economic Co-operation and Development (OECD) | Liechtenstein | agreements | Switzerland | currency | standards | European Union (EU) | Europe

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