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US Extends QI Status For Liechtenstein Banks Following TIEA

by Mike Godfrey, Tax-News.com, Washington

14 December 2009


The Tax Information Exchange Agreement (TIEA) between Liechtenstein and the US came into force on the December 4, 2009, following appropriate notification by the contracting parties.

It is anticipated that the agreement will enter into effect from January 1, 2010.

As a result of the agreement, the US has extended the Qualified Intermediary (QI) status for Liechtenstein banks by a further six years until December 2015. As a Qualified Intermediary, financial intermediaries may continue to deal in US securities. The extension of the QI status was part of negotiations with the US on the TIEA that were successfully concluded in December 2008.

“Liechtenstein as a financial center will hereby benefit from greater long-term planning security,” explained Liechtenstein Prime Minister, Klaus Tschütscher. “This is good for our banks and also for our banks’ customers.”

A comprehensive report in our Intelligence Report series giving a country-by-country analysis of offshore investment funds, stock exchanges and trusts, with an analysis of the US QI regime, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp

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