LIECHTENSTEIN Trends and Developments Contributed by: Hannes Arnold and Christina Pointner, Gasser Partner
dual access, Swiss and European, is unmatched by any other jurisdiction. Innovation has long been a hallmark of the Liechten - stein legal system. The country’s flexible corporate law offers extensive private autonomy in structur - ing, providing a wide range of legal forms including the stock corporation (AG), limited liability company (GmbH), establishment (Anstalt), foundation (Stiftung) and trust. Notably, Liechtenstein remains the only continental European jurisdiction with a trust law tra - dition, dating back to 1926. This unique combination of flexible corporate structures, the foundation as a versatile wealth planning vehicle, and the established trust framework makes Liechtenstein a preferred des - tination for international wealth structuring and suc - cession planning. Liechtenstein has also embraced regulatory innova - tion. The jurisdiction was among the first to adopt a comprehensive legal framework for token-based business models (the TVTG), which now operates alongside the Markets in Crypto-Assets Regulation (MiCAR). More broadly, Liechtenstein’s approach to financial regulation balances robust supervision with proportionality, ensuring compliance with international standards while avoiding excessive regulatory burden. Practical advantages complement this regulatory environment. Company registration is straightforward, with the commercial register offering swift turnaround times. Regulation avoids gold-plating wherever pos - sible, and licensing procedures reflect Liechtenstein’s pragmatic approach to supervision. The Financial Market Authority (FMA) is accessible and responsive, enabling a time-to-market that few jurisdictions can match. Recent Legislative Reforms The European financial services industry is undergo - ing profound transformation. New regulatory frame - works, digitalisation and geopolitical uncertainty are reshaping markets across Europe. Against this back - drop, Liechtenstein has strengthened its position as a specialised international financial centre through regulatory modernisation while preserving stability and legal certainty.
Key developments include the comprehensive reform of Liechtenstein trust law, early implementation of AIFMD II and ELTIF II, continued development of the digital asset ecosystem under the MiCAR, corporate law digitalisation initiatives and implementation of cross-border mobility rules. These reforms share a common objective: maintaining Liechtenstein’s com - petitiveness within Europe while offering access to innovative, well-regulated structures. Trust Law Reform One of the most significant legal developments in recent years has been the reform of Liechtenstein trust law that entered into force on 1 July 2026. The Liechtenstein trust, introduced almost a century ago, remains the only common-law style trust available within a civil law jurisdiction in continental Europe. It has long been used for succession planning, asset protection and wealth management. The reform represents one of the most significant developments in Liechtenstein private wealth legisla - tion in recent years and seeks to strengthen govern - ance and oversight while preserving the flexibility that has traditionally made the Liechtenstein trust attrac - tive to international clients. A central feature is the “information rights-holder” concept. Privately beneficial trusts must appoint a person with statutory information and oversight rights, including broad inspection rights, an annual review duty and, where serious concerns arise, notification duties toward the court and the Foundation and Trust Supervisory Authority. A designated successor must also be appointed to ensure continuity. Charitable trusts also benefit from enhanced supervisory mecha - nisms aligned with international standards. The reform strengthens the broader governance framework applicable to trusts. Trustees will operate within an environment that places greater empha - sis on documentation, oversight and accountability. While these requirements will increase administrative responsibilities, they are also expected to strengthen confidence in Liechtenstein trust structures among international clients.
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