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Global Forum Praises Liechtenstein's Progress On Tax Compliance

Wednesday, November 14, 2012

The Global Forum’s 2012 supplementary report has praised the measures implemented by the Liechtenstein government since publication of the country report last year, aimed at ensuring that the Principality is a stable and transparent financial and economic location.

The Organization for Economic Cooperation and Development (OECD) Global Forum on transparency and information exchange in tax matters examines by means of Peer Reviews the adherence by member states to internationally accepted mutual assistance standards. This is achieved within the framework of two separate phases. The first phase considers whether or not national laws and international agreements are in line with specific criteria, while the second phase examines the effectiveness of information exchange in practice.

In its September 2011 country report on Liechtenstein, the Global Forum concluded that the Principality could enter the second phase of the Peer Review process provided that the government implements the key recommendations, namely that measures are taken to ensure compliance with international accounting standards and that steps are taken to increase the availability of ownership information for all relevant legal forms, found to be deficient in the phase one review.

According to the Liechtenstein government, Liechtenstein has, since publication of the 2011 country report, implemented all of the required initiatives.

To ensure successful completion of the phase one process, the government introduced standard accountancy provisions for all companies and legal entities, in particular for trusts, trust companies and institutions. Due to be adopted by lawmakers by the end of the year, the government also drafted a bill pertaining to a revision of bearer shares to guarantee compliance with international standards. The government also plans to further extend the country’s tax agreement network (double tax and tax information exchange agreements) and to ensure that nearly all concluded accords enter into force as swiftly as possible.

Commenting on the Global Forum’s positive 2012 supplementary report, Liechtenstein’s Prime Minister Klaus Tschütscher emphasized that the review now gives the Principality further momentum for its initiated reforms, and motivation to continue in its efforts to become a stable and transparent financial and economic location.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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