Doing Business In... 2026 Comparisons

Liechtenstein is located at the heart of Europe, bordered by Switzerland and Austria. With around 40,000 residents and the highest GDP per capita in the world, the principality combines the ways of a small jurisdiction with genuine economic depth.

Liechtenstein is a constitutional hereditary monarchy on a democratic and parliamentary basis. Under the Constitution of 1921, state power is vested jointly in the Reigning Prince, as the Head of State, and the People. The Parliament (Landtag) consists of 25 members elected by proportional representation for four-year terms. The Landtag proposes laws, and the government, a collegial body of five ministers including the Prime Minister, is responsible for day-to-day administration. Liechtenstein has pronounced direct democratic rights, where citizens may launch a referendum to put parliamentary decisions to a popular vote or initiate constitutional amendments. For a law to enter into force, it must be approved by both Parliament and sanctioned by the Reigning Prince, reflecting the dualistic principle of shared sovereignty.

Liechtenstein is a civil law jurisdiction with strong historic ties to Austria and Switzerland, and their respective legal traditions. The cornerstone of civil law is the General Civil Code (Allgemeines bürgerliches Gesetzbuch, ABGB), adopted from the Austrian model and in force since 1812. Key procedural laws, including the Code of Civil Procedure (ZPO), the Jurisdiction Act (JN) and the Execution Code (EO), are also derived from Austrian law. By contrast, property law is based on the Swiss model, and company law is governed by the Persons and Companies Act (Personen- und Gesellschaftsrecht, PGR), which draws heavily on Swiss corporate law. Employment law and social security law likewise follow the Swiss model.

The Liechtenstein judicial system is organised into three main branches. The first is the ordinary jurisdiction for civil and criminal matters, operating through a three-tier court system. The second branch comprises the administrative courts, with the Administrative Court (Verwaltungsgerichtshof) as the highest administrative tribunal. The third branch is the constitutional jurisdiction, exercised exclusively by the Constitutional Court (Staatsgerichtshof). This court serves as an extraordinary court of appeal and may be petitioned against final decisions for alleged violations of constitutional rights, rights guaranteed by the European Convention on Human Rights, or rights under the European Economic Area Treaty. All courts are located in Vaduz.

Liechtenstein has maintained a customs union with Switzerland since 1923 and shares the Swiss franc as its currency. Since 1995, it has also been a member of the European Economic Area, giving Liechtenstein-based service providers passporting rights across the EU single market. This dual access, Swiss and European, is unmatched by any other jurisdiction.

Unlike some larger jurisdictions, Liechtenstein does not operate a general foreign direct investment screening regime. A foreign investor therefore does not generally require stand-alone investment approval merely because it is acquiring shares in, establishing or financing a Liechtenstein business.

Approval requirements arise instead from sector-specific regimes and rules governing particular assets. The most important practical examples are regulated financial services, including banks, investment firms, funds and insurance undertakings, where acquisitions of qualifying holdings or control (meaning in general, if the investor has at least 10% of capital or voting rights or another possibility to exercise considerable influence) may require prior notification to, or approval by, the Liechtenstein Financial Market Authority (FMA).

Other regulated activities, such as gambling, telecommunications, energy or certain professional services, may also require an operating licence or regulatory consent irrespective of the investor’s nationality. Liechtenstein’s European Economic Area (EEA) membership is of importance in this context: EEA investors generally benefit from the free movement of capital and establishment, but that benefit does not displace generally applicable licensing, fit-and-proper, prudential, anti-money laundering, sanctions or real estate rules.

With regard to the acquisition of domestic real estate, the express aim of the Real Estate Acquisition Act is that ownership of real estate in Liechtenstein should be distributed in a way which is socially acceptable and consistent with the size of the country.

Generally speaking, all transfers of ownership of domestic real estate or economically equivalent rights thereto (hereinafter each a Transfer and collectively Transfers) are within the material scope of the Real Estate Acquisition Act, wherefore an approval by the relevant authority is required. This also includes the acquisition of shares in legal persons or partnerships whose assets consist wholly or predominantly of domestic real estate or equivalent rights.

In order for an investor to be granted the authorisation of the transfer, the investor may have to prove that he has a legitimate interest in the transfer.

Yet, in principle, a legitimate interest is to be considered apparent if the applicant, in this case the investor, requires business premises for a duly authorised business within Liechtenstein and if it has no other premises available.

Where approval is required, the process depends on the relevant sector or asset.

In financial-sector transactions, the investor typically files information on its identity, business, beneficial owners, financial soundness, source of funds and governance arrangements with the FMA before closing. The FMA then assesses the suitability of the acquirer, the sound and prudent management of the regulated entity and compliance with applicable prudential and anti-money laundering requirements. If the FMA does not object within the assessment period (approximately 60 working days), the acquisition or increase is deemed approved; the FMA may impose conditions and obligations as prerequisites for approval.

For real estate, legal transactions requiring approval must be submitted to the Office of Justice within four months after conclusion. Until approval is granted, the Transfer remains ineffective and becomes void if it is not submitted in time, if approval is finally refused, or if approval is finally revoked.

The consequences of non-compliance depend on the applicable regime.

In real estate transactions, intentional circumvention of the approval requirement may be punished by imprisonment of up to six months or a monetary penalty of up to 360 daily rates; negligent conduct may be punished by a fine of up to CHF20,000.

In the banking sector, failure to notify, completion during the assessment period, or completion despite an FMA objection may result in rather high administrative fines; if a qualifying holding is acquired or increased despite an FMA objection, the acquirer’s voting rights may not be exercised, and any vote cast is void.

Since Liechtenstein has no general FDI screening authority, there is no standard set of national security or public interest undertakings imposed on foreign investors as a condition to closing.

Commitments arise mainly in regulated sectors and are tailored to the regulatory concern identified by the competent authority. In financial services, commitments may relate to governance, capital adequacy, risk management, substance in Liechtenstein, reporting lines, anti-money laundering controls, etc.

In real estate matters, approval may be linked to a legitimate interest and the permitted use of the property and compliance with land-transfer conditions.

A refusal or conditional approval by a Liechtenstein administrative authority may generally be challenged through the applicable administrative appeal route. The precise forum and deadline depend on the respective legal grounds under which the decision was issued and on the form of the decision.

In financial-sector matters, in general (ie, unless special provisions apply) FMA decisions and orders may be challenged within 14 days from service of the decision before the FMA Complaints Commission; decisions of the FMA Complaints Commission may then be challenged within 14 days from service of the decision before the Administrative Court.

With regard to the acquisition of domestic real estate, decisions of the Office of Justice may be appealed within 14 days from the date of service of the decision to the Administrative Complaints Commission; decisions of that Commission may be appealed within 14 days from service to the Administrative Court.

General Features of Liechtenstein Corporate Law

Liechtenstein’s corporate law offers a remarkably broad range of legal entities and is characterised by a high degree of organisational flexibility, with comparatively few mandatory provisions. Several features are common to all or most corporate forms.

• Capital may be denominated in francs, euros or United States dollars.
• Minimum capital requirements are low by international standards, starting from CHF/EUR/USD10,000.
• Liechtenstein follows the incorporation principle, meaning that the law of the state in which the entity is registered governs its legal status, providing certainty for cross-border structures.
• There is no mandatory employee participation in the board of directors (Verwaltungsrat).
• The AG and the GmbH are EU-harmonised corporate forms; as an EEA member, Liechtenstein implements the relevant EU company law directives, making these vehicles internationally recognised and widely accepted in cross-border dealings.
• Both natural and legal persons may serve as members of the board of directors, regardless of nationality or domicile.
• All entities must designate a representative (Repräsentant) for official communication with Liechtenstein authorities, unless a domestic delivery address is specified, and must generally appoint at least one qualified board member with a nexus to Liechtenstein (see 3.4 Management Structures for details).

The most common corporate vehicles used in practice are the following.

Company limited by shares (Aktiengesellschaft, AG)

The AG is the most widely used corporate vehicle in Liechtenstein, with approximately 4,857 AGs registered as of 31 December 2025. It is a company with a predetermined share capital divided into shares. The minimum share capital is CHF/EUR/USD50,000, which must be fully paid up at incorporation. At least two founders are required, though immediately after formation all shares may be held by a single shareholder (one-person AG).

The AG is well-suited for businesses of all sizes, with main areas of application including active international trading companies, holding structures, regulated financial services entities, and joint ventures. The AG may issue both registered shares (Namenaktien) and bearer shares (Inhaberaktien); bearer shares remain available in Liechtenstein, subject to mandatory deposit with a registered custodian. As an EU-harmonised vehicle, the AG avoids the recognition difficulties that may arise with Liechtenstein-specific forms such as the Establishment.

Limited liability company (Gesellschaft mit beschränkter Haftung, GmbH)

The GmbH has gained significantly in popularity following a comprehensive reform aimed at increasing its attractiveness and is currently one of the fastest-growing corporate forms in Liechtenstein, with approximately 1,376 registrations as of 31 December 2025. The minimum share capital is CHF/EUR/USD10,000, which must be fully paid up. The GmbH is an internationally well-known corporate form and is particularly suited for small and medium-sized enterprises (SMEs). For the GmbH, a single founder suffices.

Establishment (Anstalt)

The Establishment is a corporate form unique to Liechtenstein with no direct equivalent in foreign legal systems. As of 31 December 2025, 4,030 Establishments were registered, making it the second most popular corporate form after the AG. Conceived as an intermediary form between a corporation and a foundation, the Establishment offers maximum flexibility and can be structured either as a corporation-like or a foundation-like entity, often described as the “building block” of Liechtenstein corporate law. The minimum capital is CHF/EUR/USD30,000, which must be fully paid up. The Establishment does not require shareholders.

Control usually rests with the founder, who may reserve extensive rights including the right to amend the founding documents, appoint and remove board members, and designate beneficiaries. Founders’ rights may be held by one or several persons, may be divided among them, and are transferable and inheritable, making the Establishment particularly attractive for succession planning. The Establishment is widely used as a vehicle for holding real estate and participations, for asset protection and wealth transfer across generations, and as an enterprise vehicle for SMEs.

Foundation (Stiftung)

The foundation is Liechtenstein’s most distinctive legal export and the most numerous legal entity in its register, with approximately 8,936 foundations as of 31 December 2025. The minimum endowment capital is CHF/EUR/USD30,000. The foundation has no shareholders or owners; it is a purpose-dedicated endowment with independent legal personality. The key distinguishing feature of the Liechtenstein foundation is that it may serve purely private purposes (privatnützige Stiftung/Familienstiftung). Unlike in most other European jurisdictions, where foundations must generally pursue charitable or public-benefit purposes, Liechtenstein expressly permits foundations established exclusively for the benefit of designated private beneficiaries, typically family members. This makes the foundation a central instrument for intergenerational wealth planning, asset protection and succession structuring.

Private-benefit foundations are not subject to state supervision, unlike charitable foundations, which are overseen by the Foundation Supervisory Authority (STIFA). Foundations may be either registered in the Commercial Register (Handelsregister) or merely deposited (hinterlegt), provided they do not conduct a commercial business in a commercial manner (ein nach kaufmännischer Art geführtes Gewerbe). Deposited foundations do not appear in public records, providing an additional layer of confidentiality.

Trust (Treuhänderschaft)

Liechtenstein is the only country on the European continent with a comprehensive statutory trust law. While the trust is not a legal entity, it is a well-established and widely used legal arrangement, particularly for asset protection, succession planning, and wealth structuring, with approximately 1,568 registered trusts as of 31 December 2025. In practice, trusts are frequently combined with other Liechtenstein vehicles such as the Establishment to achieve optimal structuring results.

The Liechtenstein trust was originally inspired by Anglo-American trust law but has since developed into a distinct civil law instrument, fully integrated into Liechtenstein's civil law framework. A trust is created by a settlor (Treugeber) who transfers assets to one or more trustees (Treuhänder) for the benefit of designated beneficiaries (Begünstigte). Notably, Liechtenstein also permits pure purpose trusts without identifiable beneficiaries, which remain restricted or unavailable in many other jurisdictions.

The establishment of a corporate vehicle in Liechtenstein typically takes between two and four weeks, depending on the complexity of the structure and the completeness of the documentation provided. In practice, entities are usually formed through a licensed fiduciary, who acts as a professional intermediary and ensures compliance with all regulatory requirements, including anti-money laundering due diligence (KYC/AML).

Corporations (AG, GmbH) and Establishment

The incorporation of an AG, GmbH or Establishment requires the drafting of articles of association (Statuten) and the deposit of the required minimum capital at a Liechtenstein bank. Capital may also be contributed in kind, in which case an expert valuation report is required. The incorporation is typically executed in a notarised public deed (öffentliche Urkunde). For the GmbH, a simplified incorporation procedure is available using a standardised model protocol (Musterprotokoll) that requires only certification of signatures rather than full notarisation. The entity is then registered with the Commercial Register, which reviews the application for compliance with all legal requirements before approving registration. Legal personality is acquired upon entry in the Commercial Register. If the entity intends to conduct a commercial business, a trade permit (Gewerbebewilligung) must also be obtained.

Foundation (Stiftung)

A foundation is established by a unilateral declaration of the founder (Stiftungserklärung). Foundations may be registered in the Commercial Register. In the case of a deposited foundation, a founding declaration (Gründungsanzeige) must be filed with the Commercial Register within 30 days.

Trust (Treuhänderschaft)

A trust is established by execution of a trust deed (Treuhandurkunde) between the settlor and the trustee. No minimum capital is required, and no notarisation is necessary. Trusts must be either registered in the Commercial Register or deposited if they are established for a duration exceeding 12 months. The trust does not acquire legal personality through registration or deposit; these serve evidentiary and regulatory purposes.

All entities registered in the Commercial Register must notify the Commercial Register of any changes to the board of directors, management, articles of association, registered office or authorised signatories. Deposited foundations and trusts are subject to corresponding notification obligations.

Entities operating a commercial business in a commercial manner are required to keep proper books and records in accordance with commercial accounting principles and must submit their audited annual financial statements to the Commercial Register and the Liechtenstein Tax Administration (for audit requirements, see 3.4 Management Structures).

Under Liechtenstein’s anti-money laundering framework, all entities are required to maintain a register of beneficial owners (Verzeichnis der wirtschaftlich berechtigten Personen), which is not publicly accessible but must be available to the Financial Intelligence Unit (FIU) and other competent authorities upon request.

Entities subject to specific regulatory supervision, such as charitable foundations (overseen by the Foundation Supervisory Authority, STIFA) or financial services entities (supervised by the Financial Market Authority, FMA), are subject to additional reporting requirements under the applicable special legislation.

Liechtenstein follows a monistic (one-tier) system of corporate governance. All legal entities have a supreme body (typically the general meeting of shareholders or an equivalent organ) and an executive body (the board of directors, or equivalent), which is responsible for overall management and representation. The articles of association may additionally provide for a supervisory board (Aufsichtsrat), which would approximate a two-tier structure, although this is very rare in practice. Entities that do not have a licensed trade or financial market director must appoint at least one board member who is a licensed Liechtenstein fiduciary, attorney, or auditor (or equivalent EEA-qualified person).

For the foundation, the governing body is the foundation council (Stiftungsrat), which must consist of at least two members. The foundation council manages the foundation’s assets and ensures compliance with the foundation’s purpose. It is initially appointed by the founder and thereafter typically reconstituted by co-optation or in accordance with the foundation deed.

For the trust, the trustee is responsible for the administration and management of the trust assets in the interest of the beneficiaries. As of 1 July 2026, every private-benefit trust must designate at least one information-entitled person (Informationsberechtigter) with comprehensive statutory rights to information and access vis-à-vis the trustee. The information-entitled person is also subject to a duty to review the trustee's administration.

The AG and the GmbH are generally required to appoint an auditor (Revisionsstelle), with limited exceptions for small entities meeting specific criteria. For the Establishment and the foundation, an auditor is required only if the entity conducts a commercial business in a commercial manner. For trusts, no statutory audit requirement applies. Entities subject to specific regulatory supervision, such as financial services entities supervised by the Financial Market Authority (FMA), are subject to additional governance requirements under the applicable special legislation.

Liability of Directors and Officers

Liechtenstein has a notably strict liability regime for directors and officers. All persons entrusted with the management and control of a legal entity are personally liable for damages caused by negligent or intentional breach of their duties. The liability is characterised as contractual, which triggers a reversal of the burden of proof: the officer must demonstrate that no fault occurred, rather than the claimant proving negligence. Organs are liable primarily to the entity itself; only in exceptional circumstances may shareholders or third parties pursue direct claims against the organs. Multiple liable persons are jointly and severally liable.

Liechtenstein law explicitly codifies a business judgement rule: a board member acts in conformity with legal requirements if, in making an entrepreneurial decision, it was not guided by extraneous interests and could reasonably assume to be acting on the basis of adequate information for the benefit of the entity. The Supreme Court (OGH) has characterised the strict liability regime as a counterbalance to Liechtenstein’s liberal and flexible corporate law system.

Liability of Shareholders and Founders

The fundamental principle across all Liechtenstein corporate vehicles is that only the entity’s own assets are liable for its obligations. Shareholders, founders and beneficiaries are not personally liable for the entity’s debts beyond their respective capital contributions.

However, Liechtenstein law recognises the concept of piercing the corporate veil (Durchgriff). Where the separation between a person controlling an entity and the entity itself is abused in violation of the principle of good faith, courts may disregard the separate legal personality and hold the controlling person personally liable. Conversely, the entity’s assets are generally protected from claims by personal creditors of the founder or shareholder. The courts apply both the piercing and the reverse piercing of the corporate veil restrictively and only in clearly exceptional circumstances.

Liechtenstein’s employment law is characterised by a distinctive system rooted in the reception of multiple foreign legal orders.

General contract law is based on the historical reception of the Austrian Civil Code (Allgemeines Bürgerliches Gesetzbuch, ABGB). The rules of interpretation applicable to contracts are therefore those of the Liechtenstein ABGB (FL-ABGB). Employment law itself, however, was adopted virtually verbatim from the Swiss Code of Obligations (Obligationenrecht, OR) (Articcle 319 et seq. CH-OR) and is codified in § 1173a Article 1 to 113 FL-ABGB. In addition, Liechtenstein has developed its own body of law that supplements the received provisions.

This reception history is of considerable practical significance: Swiss legal scholarship and case law are regularly consulted for the interpretation of employment law provisions, while Austrian commentaries and jurisprudence serve as guidance for the underlying contract law rules. The Liechtenstein Constitutional Court (Staatsgerichtshof) has clarified that, where the legal position in Liechtenstein and Switzerland is identical, the case law of the Swiss Federal Supreme Court should generally be followed. Received provisions are to be interpreted in the same way as in their country of origin, since the Liechtenstein legislature intended to align its own law with the legal position actually prevailing there. However, Liechtenstein is not rigidly bound to the interpretation of the country of reception and may adopt its own interpretations where compelling reasons so warrant.

In addition, European law provisions in the field of social security influence substantive Liechtenstein employment law, particularly with regard to continued payment of wages. These provisions have an autonomous character that takes precedence over the Act on Private International Law (IPRG).

The sources of Liechtenstein employment law thus comprise statutory law (§ 1173a FL-ABGB as the central provision), case law (both domestic and Swiss and Austrian jurisprudence as interpretive aids), European law requirements, and, additionally, individual employment agreements and, where applicable, collective bargaining agreements.

The employment contract is directed at the performance of personal work in return for remuneration. The law also makes clear that regular part-time work is covered.

An employment contract does not, in principle, require any particular form and may therefore also be concluded orally or by implied conduct. In practical terms, this means that an employment relationship can come into existence even without a written contract where a person actually works in the service of an employer and remuneration is to be expected. The ABGB provides in this regard that the contract is also deemed concluded “where the employer accepts work in his service for a period of time, the performance of which, in the circumstances, is only to be expected in return for remuneration”.

Nevertheless, the employer is subject to written information obligations. Employees who are employed for at least one month or who work part-time for at least eight hours per week must be informed within two months of commencement of the employment relationship of the conditions applicable to it.

Working time in Liechtenstein must be considered on two levels: the employment contract determines the contractually owed scope of work, while public-law occupational health and safety regulations safeguard maximum limits, breaks and rest periods. Working time may be defined contractually “by unit of time”, “by output” or “by area of work”. In addition, statutory employment law rules protect against overexertion (for example through provisions on maximum duration and mandatory breaks) as well as social contacts, such as the prohibition of Sunday work and the prohibition of night work. For the purposes of Liechtenstein law, a distinction should therefore be drawn between contractual normal working hours, overtime (Überstunden) and public-law excess hours (Überzeit).

The ABGB regulates overtime as work performed beyond the agreed, customary or collectively agreed scope. Under the ABGB, an employee is only obliged to work overtime insofar as they are able to do so, and it can reasonably be expected of them in good faith. This rule is of considerable practical importance: employers cannot order additional work without limit; reasonableness, capacity and good faith constitute the boundary. Responsibility for compliance with working time law remains with the employer.

Overtime may be compensated either by time off in lieu or by monetary payment. The ABGB permits, with the employee's consent, compensation “by time off of at least equal duration”. Where no time off in lieu is granted and nothing to the contrary has been agreed in writing or regulated by a standard or collective employment agreement, the employer must pay “wages” calculated on the basis of the normal wage plus a supplement of at least one quarter.

Liechtenstein does not operate an “employment at will” system. Although an indefinite employment relationship is subject to relatively free ordinary termination, it is bound by statutory notice periods, protection against abusive dismissal and blocking periods. An indefinite employment relationship may be terminated by either party. A statement of reasons is not automatically required but must be provided upon request.

The terminating party must state the reasons for the termination in writing if the other party so demands. Statutory notice periods depend on the length of service. After expiry of the probationary period, the employment relationship may be terminated with one month’s notice in the first year of service, two months’ notice from the second to the ninth year of service, and three months’ notice thereafter, in each case effective at the end of a calendar month.

Abusive terminations remain valid in principle but give rise to compensation claims. The ABGB considers as abusive, among others, terminations on grounds of personal characteristics, the exercise of constitutional rights, the frustration of claims, or because the other party asserts claims arising from the employment relationship in good faith.

Termination without notice is only permissible for cause (wichtiger Grund). A cause is deemed to exist in any circumstance in which the terminating party cannot, in good faith, reasonably be expected to continue the employment relationship. Where an employee is dismissed without notice and without cause, the employee is entitled to compensation for “what he or she would have earned had the employment relationship been terminated in compliance with the notice period or upon expiry of the agreed contract term”.

Collective redundancies trigger special information, consultation and notification procedures. A collective redundancy is defined as planned dismissals that are unrelated to the person of the employees and that affect at least 20 employees within a period of 90 days, regardless of the size of the undertaking. The employer must inform and consult the employee representatives in good time so that they may put forward counter-proposals, in particular regarding “the possibility of avoiding or reducing planned collective redundancies” and mitigating their consequences, for example through “retraining”. In addition, notification must be filed with the Office of Economic Affairs (Amt für Volkswirtschaft); planned collective redundancies generally take effect no earlier than 30 days after receipt of the notification, although the Office may extend this period to “60 days” where there is a legitimate interest.

An employee representation body is not mandatory in every undertaking, but employees have a statutory right to representation once certain thresholds are met.

The workforce is entitled to a representative from among its members in undertakings (enterprises) with at least 50 employees and in establishments that are attributable to an enterprise and are at the same time independent tax subjects (parts of an enterprise) with at least 20 employees.

The employee representative body serves primarily as an information and consultation body, rather than as a corporate management body. The labour law obligations to inform and consult employee representatives are particularly significant in cases of transfers of undertakings and collective redundancies.

For employees in Liechtenstein, the wealth and income tax (Vermögens- und Erwerbssteuer) is of primary relevance.

Individuals are subject to income and wealth tax. Income tax is calculated based on taxable income. Wealth tax applies to all kinds of assets, including movable and immovable assets. Many proceeds are not subject to profit and income tax but are subject to wealth tax (no double taxation).

Natural persons are subject to unlimited tax liability if they are resident or habitually present in Liechtenstein. Without a domicile or habitual residence, only limited tax liability arises in respect of domestic connecting factors. In practical terms, this means that employees with a Liechtenstein nexus are subject to tax either on their worldwide income by virtue of their domicile or on their Liechtenstein income by virtue of domestic employment.

A withholding tax (Quellensteuer) is levied on employment income, which is credited against the assessment for persons subject to unlimited tax liability. This is of practical importance for employers, as they must ensure the organisational handling of payroll, withholding tax deductions and remittance.

In addition, social security contributions are payable. The Liechtenstein social security system comprises the state pension scheme with age and survivors’ insurance (AHV), disability insurance (IV), the family compensation fund (FAK) and unemployment insurance (ALV).

For employed persons, contributions are shared: the contributions payable are divided between the employee and the employer; the employee's share amounts to “4.700% of the relevant gross wage” and the employer’s share to “7.191%”. In practice, contributions are processed by the employer: the employer withholds the employee's contributions and remits them.

The principal taxes applicable to companies doing business in Liechtenstein are corporate income tax (Ertragssteuer) and, if applicable, real estate capital gains tax (Grundstücksgewinnsteuer).

A legal entity is subject to unlimited tax liability on its entire income if its registered seat or place of effective management is located in Liechtenstein. Legal entities without a domestic seat or place of effective management are subject to limited tax liability only in respect of domestic connecting factors.

Corporate income tax is levied at a flat rate of 12.5% on taxable net income. Liechtenstein does not levy a general withholding tax on dividends or interest. There is no value added tax (VAT) in the traditional sense; instead, Liechtenstein applies Swiss VAT law by virtue of the Customs Treaty with Switzerland, currently at a standard rate of 8.1%. Transfer taxes are not levied as a separate category, though real estate transactions are subject to the real estate capital gains tax.

As of 1 January 2024, Liechtenstein introduced global minimum taxation for large enterprise groups in accordance with the GloBE Model Rules of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (IF on BEPS). Liechtenstein has implemented a qualified domestic minimum top-up tax (QDMTT), and the existing safe harbour mechanisms for jurisdictions applying a QDMTT remain unchanged.

The current rules contain various safe harbour mechanisms that offer the enterprise groups concerned administrative simplifications. In early 2026, these provisions were comprehensively updated by the IF on BEPS, necessitating a corresponding amendment of the national legal framework, the GloBE Act (Mindestbesteuerungsgesetz).

The revision comprises in particular the new Side-by-Side Safe Harbour, which provides a broad exemption for enterprise groups with a US parent entity on the basis of US controlled foreign company rules. In addition, high-tax countries are afforded a simplified means of demonstrating compliance with the effective minimum tax rate (Simplified ETR Safe Harbour).

Liechtenstein offers a relatively low-tax, broad-based, and internationally compatible tax system rather than a wide range of traditional tax credit or incentive regimes.

One of the key tax relief mechanisms is the participation exemption (participation deduction), which exempts income derived from qualifying shareholdings from corporate income tax. This provision codifies the participation exemption that had previously been granted in practice. Notably, there are no minimum holding period or minimum ownership requirements. As a result, all dividend distributions received by a corporate taxpayer in its capacity as a shareholder are exempt from corporate income tax.

For private wealth holding structures, Liechtenstein provides the Private Asset Structure (Privatvermögensstruktur; PVS) regime. Upon application, a legal entity may qualify as a PVS, provided that it does not carry out any economic or commercial activity in pursuit of its purpose. A qualifying PVS is subject only to the minimum annual corporate income tax, currently CHF1,800, and is not subject to ordinary tax assessment.

Liechtenstein also provides for a tax group regime (group taxation). Under this regime, affiliated legal entities may form a tax group, allowing losses incurred by one group member during a tax year to be offset against the profits of other group members in the same year. In practice, the primary purpose of the group taxation regime is to facilitate the intra-group utilisation of tax losses.

A tax group consists of a group parent and one or more group members. The group parent must be subject to unlimited corporate income tax liability in Liechtenstein and must hold a qualifying participation in the group member(s).

In Liechtenstein there is no traditional thin capitalisation regime based on a fixed debt-to-equity ratio. Instead, the main limitation is based on the arm’s length principle and the tax treatment of excessive or non-arm ’s length remuneration on debt financing.

Transfer pricing rules expressly apply in Liechtenstein. Article 49 of the Tax Act (SteG) codifies the arm’s length principle. Where income or expenses arising from transactions with related parties or permanent establishments are affected by conditions that are not at arm’s length, taxable net income must be determined as if the transactions had been carried out between independent parties. This constitutes the principal statutory basis for transfer pricing adjustments in Liechtenstein.

Liechtenstein has a general anti-evasion rule in its Tax Act. Article 3 of the Tax Act (Steuergesetz) covers arrangements that are inappropriate in light of the underlying economic circumstances and whose sole economic purpose is to obtain tax advantages. An arrangement is considered abusive where granting the tax benefit would be contrary to the purpose and intent of the Tax Act, and the taxpayer cannot demonstrate any commercial or other significant non-tax reasons for the arrangement. The consequence is the application of the substance-over-form principle: where an abuse is found, taxes are assessed as they would have been under a legal structure that appropriately reflects the underlying economic transactions, facts and circumstances.

Liechtenstein is closely integrated with Switzerland for customs purposes. Under the Treaty on the Accession of the Principality of Liechtenstein to the Swiss Customs Territory (Customs Treaty), Swiss customs and indirect tax legislation applies in Liechtenstein. For businesses, this means that import and export matters are generally governed by the Swiss customs system and should be assessed in accordance with Swiss customs law.

Accordingly, when assessing the highest or most commonly applied customs duties, the relevant framework is not an independent Liechtenstein customs policy but rather the Swiss customs tariff and trade regime, insofar as it applies to Liechtenstein under the Customs Treaty.

Liechtenstein has no separate national merger control statute and no domestic turnover or market-share notification thresholds. From a competition law perspective, mergers and acquisitions in Liechtenstein are governed by the EEA Agreement, implemented domestically by the Liechtenstein EEA Competition Implementation Act.

The main legal basis for EEA merger control is Article 57 of the EEA Agreement, applied together with Annex XIV to the EEA Agreement, Protocol 21 to the EEA Agreement on the implementation of competition rules applicable to undertakings, and Protocol 24 to the EEA Agreement on cooperation in the field of control of concentrations.

The transaction types covered are those qualifying as a “concentration” under Article 3 of Council Regulation (EC) No 139/2004, namely mergers, acquisitions of direct or indirect control, and full-function joint ventures. The concept is based on a lasting change of control and the possibility of exercising decisive influence over an undertaking.

The notification thresholds are turnover-based and are set out in Article 1 (2) and Article 1 (3) of Council Regulation (EC) No 139/2004, as incorporated into the EEA Agreement and subject to the EEA adaptations. In broad terms, a concentration is notifiable at EEA level if it meets either the main threshold under Article 1 (2) (combined aggregate worldwide turnover above EUR5 billion and Community-wide turnover of each of at least two undertakings above EUR250 million) or the alternative lower threshold under Article 1(3). The applicable two-thirds exception (for turnover in one and the same Member State) and the EEA allocation rules must be considered.

Where the relevant thresholds are met, the transaction must be notified before implementation to the competent authority under the EEA system. Depending on the allocation of competence under Article 57 of the EEA Agreement, review is carried out by the European Commission or, in EFTA-dimension cases, by the EFTA Surveillance Authority.

Thus, transactions that fall below the EEA merger thresholds are not subject to a local Liechtenstein merger-control filing merely because the target is incorporated in Liechtenstein. However, sector-specific regulatory approvals may still be required, for example for qualifying holdings in regulated financial institutions, insurance undertakings, investment firms, asset managers or funds, and corporate-law merger filings may be necessary for the legal implementation of the merger.

In general, a notifiable concentration must be notified prior to implementation and following conclusion of the agreement, announcement of the public bid or acquisition of a controlling interest; see Article 4 (1) Regulation (EC) No 139/2004.

A concentration with an EU or EFTA dimension may not be implemented before notification or before it has been declared compatible according to Article 7(1) Regulation (EC) No 139/2004, as adapted for the EEA. Exceptions exist for certain public bids and securities transactions. Those exceptions do not remove the notification requirement; they require notification without delay and restrict the exercise of voting rights unless a derogation is granted.

Following formal notification, the competent authority examines the filing. The authority’s decision shall generally be adopted within 25 working days, calculated from the working day following receipt of the notification or, if the notification is incomplete, from the working day following receipt of the complete information. This time period is extended to 35 working days where commitments are offered or where a relevant referral request is made.

If the authority finds that the notified concentration raises serious doubts as to its compatibility with the EEA Agreement, it initiates proceedings. The final decision must generally be adopted within 90 working days from the initiation of proceedings. This period may increase to 105 working days where commitments are offered in the circumstances specified. Likewise, the period may be extended by up to 20 working days at the request of, or with the agreement of, the notifying parties, and may be suspended in exceptional cases where information requests or inspections are required due to circumstances attributable to one of the parties.

The authority may clear the concentration, clear it subject to conditions and obligations, prohibit it, or order interim or restorative measures where an incompatible concentration has already been implemented or where the obligations or conditions have been breached.

Failure to notify before implementation or implementation in breach of the standstill obligation may result in fines of up to 10% of the aggregate turnover of the undertakings concerned. Supplying incorrect or misleading information in a notification, submission, certification or supplement may result in fines of up to 1% of the aggregate turnover of the undertaking or association of undertakings concerned.

Anti-competitive agreements affecting Liechtenstein are governed by the competition rules of the EEA Agreement, in particular the prohibition on agreements, decisions by associations of undertakings and concerted practices that have as their object or effect the prevention, restriction or distortion of competition within the EEA pursuant to Article 53 EEA Agreement.

The rules cover classic cartel conduct such as:

• directly or indirectly fixing purchase or selling prices or any other trading conditions;
• limiting or controlling production, markets, technical development, or investment;
• sharing markets or sources of supply;
• applying dissimilar conditions to equivalent transactions with other trading parties, thereby placing them at a competitive disadvantage; and
• making the conclusion of contracts subject to acceptance by the other parties of supplementary obligations which, by their nature or according to commercial usage, have no connection with the subject of such contracts.

Agreements or decisions prohibited under Article 53 (1) EEA Agreement shall be automatically void under Article 53 (2) EEA Agreement.

The decisive issue is not where the agreement was signed or implemented, but whether it may affect trade and competition in the EEA. Agreements that satisfy the conditions for exemption may be permissible – ie, if they generate efficiencies, allow consumers a fair share of the benefit, are indispensable to those efficiencies and do not eliminate competition.

The Liechtenstein Office of Economic Affairs assesses requests, market information and complaints concerning national or international competition law. Under Article 2 (1) of the Liechtenstein Act on the Implementation of the Competition Rules in the European Economic Area, the Office of Economic Affairs is the Liechtenstein authority responsible for implementing the EEA competition rules, unless jurisdiction lies with the courts. In that role, it assists the EFTA Surveillance Authority and/or the European Commission in EEA competition matters. Where jurisdiction lies with the courts, competition-law issues may also arise in judicial proceedings, including in civil disputes between private parties.

As mentioned above, Liechtenstein has no separate national antitrust statute. Rather, unilateral conduct is governed by Article 54 EEA, prohibiting the abuse of a dominant position within the EEA or a substantial part of it, insofar as trade between EEA states may be affected. Thus, a dominant position is not unlawful in itself, but a dominant undertaking must not abuse its market power to restrict competition.

Such abuse may, in particular, consist in:

• directly or indirectly imposing unfair purchase or selling prices or other unfair trading conditions;
• limiting production, markets or technical development to the prejudice of consumers;
• applying dissimilar conditions to equivalent transactions with other trading parties, thereby placing them at a competitive disadvantage; or
• making the conclusion of contracts subject to acceptance by the other parties of supplementary obligations which, by their nature or according to commercial usage, have no connection with the subject of such contracts.

The assessment is effects-based. The decisive issue is not, as such, where the conduct was carried out, but whether the undertaking holds a dominant position within the EEA or a substantial part of it, whether the conduct is abusive, and whether trade between EEA Contracting Parties may be affected. Conduct carried out in Liechtenstein or outside Liechtenstein may therefore be relevant if it has the required effects in the EEA.

Enforcement and decision-making competence for individual Article 54 EEA cases is allocated under Article 56 (2) EEA Agreement to the surveillance authority in whose territory the dominant position is found to exist, with the further allocation rules in Article 56 (1) applying where a dominant position exists in the territories of both surveillance authorities.

Liechtenstein’s Act against Unfair Competition (UCA) operates alongside the EEA competition-law regime as an adjacent unfair-competition regime. It does not create a separate national antitrust prohibition of abuse of dominance, relative market power or economic dependency. However, unilateral conduct may still be relevant under the UCA – ie, if it is unfair, deceptive, contrary to good faith, aggressive, involves undue influence over consumers, or involves abusive general terms or grossly detrimental contractual terms or business practices.

Definition

A patent protects inventions of a technical nature that are new (ie, not obvious from the state of the art) and commercially exploitable. Liechtenstein does not have its own patent law or patent office; instead, patents are governed by Swiss patent law and administered by the Swiss Federal Institute of Intellectual Property (IGE) in Berne, pursuant to a bilateral Patent Protection Treaty of 1978. Granted Swiss patents cover the territories of both Switzerland and Liechtenstein, irrespective of the route of filing (Swiss national, European regional via the EPO or PCT international).

Length of Protection

The maximum term of patent protection is 20 years from the filing date, always provided that the annual fees are paid. Otherwise, the patent expires. Supplementary Protection Certificates (SPCs) are available for pharmaceutical products and plant protection products.

Registration Process

Swiss/Liechtenstein patent applications are not examined on the merits for novelty and inventive step but are only examined on formal issues. It is therefore up to the applicant to file enforceable claims that patentably distinguish the claimed invention from the prior art. A patent may also be obtained via the European Patent Office (EPO) by designating Switzerland/Liechtenstein, or through the international PCT route. Given that Swiss patents share various characteristics with utility patents and petty patents (except for the 20-year term), the currently applicable law does not provide for the possibility of obtaining utility patents.

Enforcement and Remedies

Liechtenstein provides civil law remedies for patent infringement, including injunctive relief to prevent further infringement, claims for damages or disgorgement of profits, and orders for the destruction, seizure or recall of infringing goods. Provisional measures, including preliminary injunctions, are available; further, patent infringements may also be punished under criminal law.

Definition

A trade mark is a distinctive sign or symbol that serves to differentiate the goods or services of one enterprise from those of others. Trade marks can take various forms, including words, personal names, images, letters, numbers, colours, the shape, presentation or packaging of a product, sounds, or a combination of these elements. The primary function of a trade mark is to identify and distinguish the goods or services of a company; it also fulfils a marketing function, a protective/defensive function and a guarantee function.

Length of Protection

The duration of protection is ten years from the filing date (Anmeldedatum). Registration can be renewed indefinitely for further ten-year periods. The renewal application must be filed within the last 12 months before expiry of the validity period or at latest within six months after expiry, subject to additional fees.

Registration Process

The main legislation is the Law Regarding the Protection of Trade Marks and Geographical Indications (the “Trade Mark Protection Act”). An application must be filed with the Liechtenstein Office of Economic Affairs (Amt für Volkswirtschaft) in German. The application must contain the name of the applicant, address, reproduction of the trade mark, exact designation of the goods or services (following the Nice Classification) and proof of paid fees. Further, a trade mark owner who has neither residence nor a registered office nor a branch in Liechtenstein must also have appointed a local lawyer or patent agent; trade mark owners from the EEA or Switzerland must have appointed an agent for service of process. The representative/agent will be registered with the trade mark in the trade mark register, and it must be ensured to appoint such representative/agent for the entire duration of the registration. The Office examines formal requirements and absolute grounds for refusal (such as lack of distinctiveness or descriptiveness), but does not conduct a search for older trade marks. The procedure from filing to registration typically takes three months if no objection is raised. Since 1 January 2023, Liechtenstein has introduced an administrative opposition procedure, as well as procedures for declaration of nullity and invalidity. International registration is possible via the Madrid Agreement/Protocol. The trade mark must be used within five years from the uncontested expiry of the opposition period or, if opposition has been filed, from the date on which the decision concluding the opposition proceedings became final; use within any of the territories of Liechtenstein, Switzerland or the EU is regarded as proper use.

Enforcement and Remedies

Civil law remedies include actions for injunctive relief, claims for damages and disgorgement of profits, and orders for the destruction, seizure or recall of infringing goods, actions for declaratory judgment, actions for assigning a trade mark, and publication of respective judgements. Provisional measures, including preliminary injunctions, are available; further, trade mark infringements may also be punished under criminal law.

Definition

A design protects the shapes, lines, contours, colours and other aesthetic characteristics of a product or parts thereof. Protection is governed by the Liechtenstein Design Act (Designgesetz; DesG) of 11 September 2002. Designs can be protected when they are new (novel) and possess individual character, and are not offensive or contrary to public order.

Length of Protection

Protection lasts for five years from the date of filing and may be extended by four additional protection periods of five years each. Accordingly, a maximum protection period of 25 years is provided for.

Registration Process

Application forms are filed with the Office of Economic Affairs (Amt für Volkswirtschaft) in German. The procedure from filing to registration typically takes three months. The design may refer to the entirety of a product or only parts thereof. A design owner who has neither residence nor a registered office nor a branch in Liechtenstein must also have appointed a local lawyer or patent agent. The representative will be registered with the design in the design register, and it must be ensured to appoint such representative for the entire duration of the registration. The design is then registered without prior examination of its novelty and individual character; the Office of Economic Affairs only examines formal requirements and mandatory grounds for exclusion according to the Design Act. Priority may be claimed in line with the Paris Convention for the Protection of Industrial Property of 20 March 1883. International registration is also possible via the Hague System for the International Registration of Industrial Designs.

Enforcement and Remedies

Civil law remedies include actions for injunctive relief, claims for damages and disgorgement of profits, and orders for the destruction, seizure or recall of infringing goods, actions for declaratory judgment, actions for assigning a design and publication of respective judgements. Provisional measures, including preliminary injunctions, are available; further, design infringements may also be punished under criminal law.

Definition

Copyright protects intellectual creations in the fields of literature and art that possess an individual character. The main source of copyright law is the Copyright Act (Urheberrechtsgesetz). Protected works include literary works, artistic works, musical compositions, dramatic works, photographs, software, databases (under certain conditions) and films/audiovisual works. Authors receive both economic rights (reproduction, distribution, public performance, communication to the public, adaptation) and moral rights (right to be named as author, right to object to distortions).

Length of Protection

The general term of protection is the author’s lifetime plus 70 years after death. For anonymous or pseudonymous works, protection expires 70 years after publication. For films, protection lasts 70 years after the death of the last surviving principal creator (such as director, screenwriter, dialogue writer and composer of film music).

Registration Process

Copyright protection arises automatically upon the creation of a work and does not require registration or any other formality. Although the Copyright Act allows for the establishment of a voluntary register that would create a rebuttable presumption of authorship, no such register has been implemented in practice. Proof of authorship and date of creation must therefore be established through secondary evidence. 

Enforcement and Remedies

Civil law remedies include actions for injunctive relief, claims for damages and disgorgement of profits, and orders for the destruction, seizure or recall of infringing goods, actions for declaratory judgement and publication of respective judgements. Provisional measures, including preliminary injunctions, are available; further, copyright infringements may also be punished under criminal law.

Software

In Liechtenstein, software is primarily protected through copyright under the URG, where computer programs may be protected as works of literature and art, provided they are intellectual creations with an individual character. Copyright protection arises automatically upon creation. Additionally, software can be patentable as part of a “computer-implemented invention” if it solves a technical problem and achieves a technical effect beyond the normal physical interactions between the program and the computer. Under the Liechtenstein Design Act, software is generally not eligible for design protection. Under the Copyright Act, if an employee creates software in the course of employment and in fulfilment of contractual duties, the rights are transferred to the employer unless agreed otherwise.

Databases

Databases may benefit from copyright protection if they constitute a distinct intellectual creation by reason of the selection or arrangement of their contents. Apart from and independently of any creative element, the maker of a database who has made a substantial investment in obtaining, verifying or presenting its contents benefits from a sui generis database right, which prevents the extraction or re-utilisation of the content of the database or a substantial part thereof.

Trade Secrets

The infringement of trade secrets and professional secrets may give rise to both civil and criminal liability. Civil remedies include injunctive relief, damages or disgorgement of profits, and orders for the destruction or recall of infringing goods. Provisional measures are available where urgent action is required. Liechtenstein, as an EEA member state, is subject to European harmonisation in this area.

The primary data protection framework in Liechtenstein is the General Data Protection Regulation (GDPR), which applies directly by virtue of Liechtenstein’s membership in the EEA. The GDPR was incorporated into the EEA Agreement through EEA Joint Committee Decision No 154/2018 and has been applicable in Liechtenstein since 20 July 2018. At the national level, the GDPR is supplemented by the Liechtenstein Data Protection Act (Datenschutzgesetz, DSG), in force since 1 January 2019, and the Data Protection Ordinance (Datenschutzverordnung, DSV).

The DSG implements opening clauses left to EEA member states under the GDPR and sets out, inter alia, rules for public bodies, the organisation and powers of the supervisory authority, and procedural aspects.

Overall, Liechtenstein’s data protection framework is closely aligned with EU standards, ensuring a high and uniform level of data protection throughout the EEA.

As the GDPR applies directly in Liechtenstein through the EEA Agreement, the geographical scope of Liechtenstein’s data protection rules mirrors that of the GDPR under Article 3.

The competent supervisory authority in Liechtenstein is the Data Protection Office (Datenschutzstelle, DSS). The DSS is an independent authority established under the DSG and operates in accordance with the requirements of Articles 51 to 59 GDPR.

The DSS performs its tasks independently and is not subject to instructions. The DSS has investigative, corrective and advisory powers. Its responsibilities include monitoring and enforcing compliance with the GDPR and the DSG, handling complaints from data subjects, conducting investigations and audits, issuing warnings, ordering controllers and processors to comply with data protection obligations, and imposing administrative measures and fines within the GDPR framework (including the fine ranges set out in Article 83 GDPR).

The DSS also advises public bodies on legislative and administrative matters relating to data protection and publishes guidance to raise awareness among controllers, processors and the public.

As Liechtenstein is part of the EEA, the DSS participates in the European Data Protection Board (EDPB) cooperation and consistency mechanisms and co-operates with other EEA supervisory authorities in cross-border cases.

The European financial services industry is undergoing profound transformation. New regulatory frameworks, digitalisation and geopolitical uncertainty are reshaping markets across Europe. Legislative changes in Liechtenstein are driven by European requirements as well as the need to keep pace with market developments. They share a common objective: maintaining Liechtenstein’s competitiveness within Europe while preserving stability and legal certainty. For international market participants, market access remains a key consideration when selecting a jurisdiction, and Liechtenstein continues to offer access to the European Single Market alongside a stable, specialised legal environment.

Recent Key Legislative Reforms

Recent key legislative reforms include the comprehensive reform of Liechtenstein trust law, which has just come into force, early implementation of AIFMD II and ELTIF II, continued development of the digital asset ecosystem under the Markets in Crypto-Assets Regulation (MiCAR) and the introduction of a new Trading Place and Exchange Act (TPEA).

• The reform of Liechtenstein trust law that entered into force on 1 July 2026, is one of the most significant legal developments in recent years and seeks to strengthen governance and oversight while preserving flexibility that has traditionally made the Liechtenstein trust attractive to international clients.
• The Liechtenstein fund centre looks back on years of impressive growth. The number of management companies is continually growing, as is the number of newly established funds. The cross-border management of Liechtenstein funds has become as popular as relocations to Liechtenstein. Although incorporation of AIFMD II and ELTIF II into the EEA Agreement is still pending, Liechtenstein has aligned its domestic legislation with these standards ahead of formal incorporation. This ensures Liechtenstein-based fund structures remain fully competitive within the European market.
• Liechtenstein’s digital asset sector has entered a new phase of development and digital assets and tokenisation will become increasingly integrated into mainstream financial services. In the past, Liechtenstein attracted international attention with the Token and Trusted Technology Service Provider Act (TVTG), establishing one of the world’s first comprehensive legal frameworks for the token economy. Today, Liechtenstein’s position is shaped by the interaction of two complementary frameworks. MiCAR provides a harmonised European regulatory regime for crypto-assets and crypto-asset service providers, while the TVTG continues to provide the legal foundation for tokenisation and areas outside MiCAR’s scope. Multiple crypto-asset service providers have obtained MiCAR authorisations in Liechtenstein, underlining its relevance for the evolving European digital asset market.
• A comprehensive reform of Liechtenstein’s financial market legislation also came into force on 1 February 2025, including the new TPEA. This law creates the regulatory framework for the operation of stock exchanges and other trading venues in Liechtenstein, positioning the country as a modern and competitive financial centre.

Corporate Law Modernisation and Digitalisation

Liechtenstein has also undertaken significant corporate law reforms. Recent amendments to the Persons and Companies Act (PGR) have created the possibility to incorporate certain companies digitally and to file electronic applications to the commercial register. The commercial register is being further modernised, with a project scheduled for completion in the second half of 2026 that will enable all entries to be submitted electronically, regardless of a company’s legal form. Hybrid and virtual meetings have also been legally established on a permanent basis, meaning all corporate meetings can now be held virtually.

Increasing Harmonisation

The regulatory landscape will continue to evolve alongside European developments. Europe’s new Anti-Money Laundering Package, adopted in 2024, will bring harmonised AML rules directly applicable across all EEA member states, with full implementation in Liechtenstein anticipated by mid-2027. The EU AI Act (Regulation (EU) 2024/1689) is also expected to be incorporated into EEA law, bringing requirements for governance and oversight of artificial intelligence in financial services.

The implementation of Directive (EU) 2019/2121 (the “Mobility Directive”) is also underway, introducing a harmonised legal framework for cross-border conversions, mergers and divisions of capital companies within the EEA. The amendments are expected to enter into force during 2026. This reform increases legal certainty and transparency for cross-border corporate restructuring, giving companies greater planning reliability for transformation processes.