This article addresses the rules and procedures governing wills, probate and inheritance in Liechtenstein. For example, a distinction is made between testate and intestate succession. The rules on intestate succession apply when a person dies without leaving a will, whereas testate succession is determined based on a will to which Liechtenstein applies the right to a compulsory portion.
There are various compliance issues in Liechtenstein with regard to private client wealth management. In this context, the government recently introduced specific anti-avoidance provisions to the Tax Act regarding the tax exemption on dividends and capital gains and implemented the Fourth EU Anti-money Laundering Directive and EU Regulation 2015/847 on the transfer of funds.
This article addresses the rules and procedures governing the establishment and maintenance of private trusts, foundations and charities in Liechtenstein. For example, as there is no prohibition on accumulating income and no rule against perpetuity, the most important types of trust are discretionary trusts and fixed-interest trusts. In addition, foundations can be used for purely private-benefit or common-benefit purposes, or a combination thereof.
This article addresses notable recent developments regarding the provision of private client services in Liechtenstein, including regulatory changes and case law. Of note is the abolition of the distinction between offshore and onshore companies by the introduction of a uniform corporate income tax rate of 12.5%, which, among other things, made Liechtenstein companies more attractive internationally.