Liechtenstein — EEA Financial Center and Regulatory Framework

Liechtenstein is a sovereign microstate between Switzerland and Austria and a member of the European Economic Area (EEA). This unique positioning grants Liechtenstein financial institutions EU passporting access to all 30 EEA states, while maintaining close economic ties with Switzerland (customs union, CHF as currency).

• Financial supervision: FMA Liechtenstein as the integrated supervisory authority for all financial sectors
• Anti-money laundering: Due Diligence Act (SPG) as comprehensive AML legislation, FMA as supervisor
• Tax law: Tax administration, international information exchange (CRS/AIA), FATCA
• EU law: Adoption of EU financial market regulation via the EEA Agreement (MiFID II, AIFMD, UCITS, Solvency II)
• Blockchain Act: Token and TT Service Provider Act (TVTG, 2020) as the world's first comprehensive blockchain law

Liechtenstein's financial center developed from the 1920s onward, when the Persons and Companies Act (PGR, 1926) created the legal foundation for foundations, trusts, and holding companies that enabled international wealth management. The close ties to Switzerland through the customs union (1923) and the adoption of the Swiss franc as currency provided a stable framework.

The EEA accession in 1995 was the decisive turning point: Liechtenstein adopted EU financial market law and gained EU passporting rights, fundamentally transforming the financial center. The establishment of FMA Liechtenstein in 2005 as an integrated supervisory authority consolidated regulation. Under international pressure — particularly the Liechtenstein tax affair of 2008 — a comprehensive realignment followed: abolition of banking secrecy vis-a-vis foreigners, introduction of AIA/CRS (2017), and the FATCA agreement (2014). With the Token and TT Service Provider Act (TVTG, 2020), Liechtenstein positioned itself as a global pioneer in blockchain regulation.

FMA Liechtenstein, as the integrated supervisory authority, oversees all sectors of the financial center:

• Banks and investment firms (BankG, MiFID II)
• Insurance companies and pension institutions (Solvency II)
• Investment funds — UCITS and AIFs and their management companies (AIFMD, UCITSG)
• Asset management companies and trustees
• Payment institutions and e-money institutions (PSD2)
• Token and TT service providers under the TVTG (Blockchain Act)
• All persons subject to due diligence under the SPG (Due Diligence Act)

As an EEA/EFTA supervisory authority, the FMA participates as a non-voting member of the EBA, EIOPA and ESMA via the EEA/EFTA two-pillar structure.

• FMA licensing for banks, investment firms, insurers, and fund managers
• Compliance with the Due Diligence Act (SPG) — KYC, CDD, suspicious activity reporting to the FIU
• Registration as a TT service provider under the TVTG for blockchain business models
• Implementation of CRS/AIA for automatic exchange of information
• Compliance with FATCA agreement (IGA Model 1) with the United States
• EU passporting notification for cross-border service provision within the EEA
• Compliance with EU financial market directives (MiFID II, AIFMD, UCITS, PSD2, Solvency II)

Liechtenstein had no connections. Connected as AIA participant and FATCA IGA partner.