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Liechtenstein Reforms Enter New Phase

Thursday, February 3, 2011

The Liechtenstein government has recently announced the setting up of a new office designed to intensively coordinate the strategic reorganization of the Principality’s financial centre.

Underlining the fact that Liechtenstein’s financial centre is one of the central pillars of the country’s economy, the government revealed that it supports any necessary reorganization, associated with a changed international environment, with specific framework conditions. Consequently, in order to coordinate and to implement the government’s financial centre strategy and related measures and tasks, a new office or Stabsstelle responsible for international financial centre agendas (SIFA) has been established, operational as of February 1.

Commenting on the latest development, Liechtenstein’s Prime Minister Klaus Tschütscher stated that the office will ensure that the transformation and reorganization of the Principality’s financial centre in accordance with the government’s developing strategy is consistently and professionally carried out and supported. Stabsstelle SIFA is designed to ensure that the reorganization of the financial centre, which began with the 'Futuro' project and the Liechtenstein Declaration, is coordinated more intensively.

In its statement, the government made clear that all bilateral and multilateral financial and tax negotiations will continue to be the responsibility of either the government or competent department, carried out in accordance with the agreed strategy and negotiating mandates.

The mission profile of the new Stabsstelle unit encompasses the following areas: coordinating the implementation and development of the financial centre strategy; coordinating international financial centre negotiations with the relevant offices, institutions and associations; representing Liechtenstein’s interests before international organizations as regards the financial centre, cooperating where necessary with the relevant authorities; and coordinating regulatory work in the financial centre and preparing decision documents for transforming and reorganizing the financial centre. The existing Futuro department is to be dissolved and integrated into the new SIFA office.

Head of the new unit Katja Gey explained that the challenges facing Liechtenstein in the field of international cooperation in financial and tax matters will not diminish and pointed out that the demands placed on Liechtenstein are not static but dynamic and complex, demanding an integrated approach. Over the course of the next few years there will undoubtedly be a need for further comprehensive action, she emphasized.

Liechtenstein’s ongoing ‘Futuro Strategy’ is a vision for the future, and the vision is divided into three separate areas: Futuro for the financial centre, Futuro for industry and Futuro for trade. The responsibility of the Futuro office (SFU), precursor to the SIFA, was to implement the vision for Liechtenstein as an economic location and to observe trends and developments in international economic locations and to propose new initiatives for Liechtenstein accordingly.

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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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