Liechtenstein is a small private banking, wealth management and fund centre that uses the Swiss franc but belongs to the European Economic Area rather than the EU. Through the EEA Agreement it applies EU financial services law and gives its licensed firms an EEA passport, which together with its 2020 Blockchain Act (TVTG) has made it a base for crypto and fintech firms seeking EU market access.
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes6
CurrencyCHF
S&P ratingAAA
Next electiondue by 2029
Not on the FATF grey or black lists after the June 2026 plenary, not on the EU high-risk third country list (Delegated Regulation (EU) 2016/1675 as last amended by Delegated Regulation (EU) 2026/46), and not in Annex I of the EU tax list as revised by the Council on 17 February 2026. Checked 7 October 2026.
Government and politics
Government
Constitutional hereditary monarchy with parliamentary democracy
Prince Regnant (Hereditary Prince Alois exercises the duties of head of state as regent since 2004)
Hans-Adam II · since November 1989
Prime Minister (Regierungschefin)
Brigitte Haas (Patriotic Union (VU))
Governing parties
Patriotic Union (VU), Progressive Citizens' Party (FBP)
Last election
Landtag (legislative), 9 February 2025
Next election
Landtag (legislative), due by 2029
Legislature
Landtag (unicameral, 25 seats)
Legal system
Civil law system influenced by Swiss, Austrian and German law
Economy and finance
Population
41k (2025)
GDP
USD 9bn (2025)
GDP per person
USD 217,928 (2025)
Currency
Swiss franc (CHF), Swiss franc used under a currency treaty with Switzerland (floating)
Central bank
Swiss National Bank (currency treaty; Liechtenstein has no central bank of its own, financial supervision by the Financial Market Authority Liechtenstein)
Credit rating
S&P AAA (stable) (as of May 2026)
A tiny, very high-income economy combining specialised industrial manufacturing with private banking, trusts and fund administration, and with access to the EU single market through the EEA.
Bank
Bank licence (Bewilligung als Bank)
Minimum capitalUSD 12m
TimelineFMA decides within six months of receipt of the complete application; an application left incomplete for twelve months is rejected
AuthorityFMA Liechtenstein (no ECB involvement: Liechtenstein is outside the euro area and the Single Supervisory Mechanism)
CHF 10 million or the equivalent in euros or US dollars, fully paid in; the FMA may set a different amount in justified cases
Law
Banking Act of 5 December 2024 (Bankengesetz, BankG), Art. 16 and Arts. 18 to 23; Banking Ordinance of 14 January 2025 (BankV)
Fees
CHF 100,000 for the grant or refusal of a bank licence; CHF 50,000 for an existing licensed investment firm that needs a banking licence (FMAG Annex 1, section A)
Passporting
Yes. EEA passport under CRD as incorporated into the EEA Agreement: branches and cross-border services across the EU and EEA.
Key requirements
Company limited by shares (AG) or European Company (SE); registered office and head office in Liechtenstein; shell banks prohibited
Board of Directors of at least three members and an Executive Board of at least two members
Majority of the Executive Board must reside within commuting distance, and at least one board member must have a connection to Liechtenstein and live within commuting distance
Compliance and risk management staff must know Liechtenstein law (Due Diligence Act, Banking Act) and generally work in Liechtenstein
Internal audit, compliance and independent risk management functions; fit and proper qualifying shareholders
E-money institution licence (Bewilligung als E-Geld-Institut)
Minimum capitalUSD 392k
TimelineDecision within three months of receipt of the application or of the complete information (Art. 7(3) EMA); rejection if still incomplete after twelve months
AuthorityFMA Liechtenstein
EUR 350,000 or the equivalent in Swiss francs; the FMA may require more in justified cases
Law
E-Money Act of 17 March 2011 (E-Geldgesetz, EGG), Arts. 6 to 8; E-Money Ordinance of 2025 (EGV)
Fees
CHF 30,000 for the grant or refusal of the licence (FMAG Annex 1, section A)
Passporting
Yes. EEA passport under the E-Money Directive as incorporated into the EEA Agreement.
Key requirements
Application structured according to EBA/GL/2017/09 and the FMA checklist
Initial capital fully available without restriction or encumbrance
Safeguarding of funds received for e-money
Fit and proper management and qualifying shareholders
Regulation (EU) 2023/1114 (MiCA), Arts. 59, 62, 63 and 67, as incorporated into the EEA Agreement on 24 June 2025; EEA MiCA Implementation Act (EWR-MiCA-DG), in force 1 February 2025
Fees
CHF 30,000 for an authorisation covering custody, trading platform or exchange services (MiCA Art. 3(1)(16)(a) to (d)); CHF 10,000 where only the services in points (e) to (j) are provided; expert costs charged separately (FMAG Annex 1, section I.undecies)
Passporting
Yes. EEA-wide passport for authorised CASPs since MiCAR was incorporated into the EEA Agreement; TVTG registration gives no passport.
Key requirements
Registered office in Liechtenstein, place of effective management in the EEA and at least one director resident there (MiCA Art. 59)
Complete, high quality application: MiCA deadlines are 25 working days for the completeness check and 40 working days for assessment
Banks, investment firms, EMIs, UCITS and AIF managers already licensed by the FMA can notify under MiCA Art. 60 instead
Activities outside MiCA (for example some NFT services) may still need TVTG registration
Investment firm authorisation (Zulassung als Wertpapierfirma); asset management company licence under the VVG for advisory and portfolio management firms that hold no client assets
Minimum capitalUSD 84k
TimelineFMA decides at the latest six months after receipt of the complete application (WPFG Art. 6(5))
AuthorityFMA Liechtenstein
WPFG Art. 16: EUR 75,000 (reception and transmission, execution, portfolio management, advice or placing without firm commitment, no client assets), EUR 150,000 (other), EUR 750,000 (dealing on own account, underwriting, or an OTF with own-account trading), or the equivalent in CHF or USD
Law
Investment Firms Act of 5 December 2024 (Wertpapierfirmengesetz, WPFG), Arts. 6 and 16; Investment Services Act (WPDG); Asset Management Act of 25 November 2005 (VVG), Art. 6
Fees
WPFG authorisation: CHF 35,000 (small and non-interconnected firms CHF 30,000), plus CHF 10,000 for each MTF or OTF. VVG licence: CHF 15,000 (class 2) or CHF 10,000 (class 3) (FMAG Annex 1, section B)
Passporting
Yes. EEA passport under MiFID II for WPFG investment firms and VVG asset management companies.
Key requirements
Application in German, supporting documents in German or English (WPFG Art. 6(3))
Firms intending only VVG-type services without holding client assets are directed to the asset management company licence instead
VVG companies: registered office and head office in Liechtenstein, at least two senior managers as a rule, at least one with EEA or Swiss citizenship and three years of relevant experience
Prudential regime of IFR/IFD (class 1, 2 and 3 firms)
AuthorityGovernment of the Principality of Liechtenstein, on a proposal from the Amt fuer Volkswirtschaft
Paid-in share capital of at least CHF 5 million (GSG Art. 9b, applied to online concessions by Art. 61)
Law
Gambling Act of 30 June 2010 (Geldspielgesetz, GSG), Arts. 60 to 63 (online), applying Arts. 9 to 9c (casino licence conditions) by analogy
Passporting
No. Gambling is outside the EEA financial services passport.
Key requirements
No legal right to a concession; the Government may cap the number of concessions by ordinance
Security concept and due diligence (AML) concept, the latter reviewed by the FMA
Concession normally valid for five years and not transferable
In practice closed: the Government decided on 12 December 2023 to suspend the handling of online gambling concession applications until the end of 2028
Amt fuer Volkswirtschaft (Office of Economic Affairs), gambling supervision (AVW) · websiteOnline gaming
How EU law applies: Liechtenstein is an EEA EFTA state, not an EU member. EU financial services acts apply only once the EEA Joint Committee incorporates them into Annex IX (Financial services) of the EEA Agreement, after which Liechtenstein transposes or applies them; this creates a time lag (MiCA, in force in the EU since 30 December 2024, was incorporated into the EEA Agreement on 24 June 2025, with Liechtenstein pre-implementing it through the EWR-MiCA-DG from 1 February 2025). Under the EEA two-pillar structure, binding decisions addressed to Liechtenstein authorities or firms are taken by the EFTA Surveillance Authority on drafts prepared by the EU supervisory authorities (EBA, ESMA, EIOPA). Liechtenstein is outside the euro area and the SSM, so the FMA itself licenses and supervises banks. Firms licensed by the FMA receive the same EEA passport as EU firms. MiCA transition: TT service providers registered under the TVTG could continue under the TVTG until 1 July 2026 (an 18 month period per the ESMA list); since then a MiCAR authorisation is required. Initial capital for the PI and EMI licences is stated in CHF or euro equivalent; the PI figures in CHF are taken from FMA-Wegleitung 2019/8. Liechtenstein is also a notable fund (UCITS, AIF) and foundation/trust centre; fund licensing is not covered here. Land-based casinos are licensed under the GSG by the Amt fuer Volkswirtschaft (not covered here).
General information
About Liechtenstein
Natural Earth boundaries. Map is indicative.
Status
Sovereign state
Capital
Vaduz
Largest city
Schaan
Area
160 km²
Official languages
German
Time zone
UTC+01:00 (UTC+02:00 in summer)
Main exports
specialty machinery
dental products
vehicle parts
hardware and fastening systems
financial services
Sources for the country information(7)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
