 | ||
|
|
Financial Center Liechtenstein Legal Aspects Fiscal Aspects Interest and capital income are generally tax free in the Principality of Liechtenstein. Extract from the EU Interest Directive Interest income of natural persons having residence in any EU country are subject to the EU witholding tax in Liechtenstein. The EU tax will be withheld by Valartis Bank (Liechtenstein) AG anonymously. No personal client data is disclosed to the fiscal authorities in Liechtenstein. 75 % of the EU tax withheld is transferred to the respective EU country. Natural and Legal Persons The Liechtenstein "PGR - Personen- und Gesellschaftsrecht" (the Liechtenstein Statute Law governing the rights and duties of natural and legal persons) was enacted in 1926 and supplemented in 1928 by further legislation governing fiduciary agencies and trust companies. Both these legislative enactments represent the basis of the Liechtenstein Company Law and permit the incorporation of holding companies, non-resident enterprises, trusts and foundations. The drafters of the legislation were careful in providing an international clientele with a large selection of corporate entities, which are able to meet a variety of requirements in a flexible manner in an ever changing economic and social environment. The continuity of legal principles and the many years of experience in their application make the Liechtenstein forms of incorporation into leading instruments for international asset structuring. Apart from the joint stock company (Aktiengesellschaft), the most commonly selected and employed corporate entities are: The Establishment form of company The Establishment is a legal person with its own business name, whose authorised capital is to amount to at least CHF 30,000.00 and which is not usually divided up into shares. The Establishment form of corporate entity can have beneficiaries instead of shareholders, who are entitled to profit from the performance of the company. The supreme organisational body of the company is the promoter and/or his/her/its legal successors or assigns. His/her/its powers are circumscribed in the articles of association and include in particular the election of the board of directors, the application of the profits, the designation of the beneficiaries and their rights. The board of directors are responsible for the management of the Establishment and represent it towards third parties. Should the Establishment conduct commercial activities, accounts are to be kept and these are to be audited annually. The Trust This is a legal person with its own assets of at least CHF 30,000.00. The objects of the trust can include the resource-accumulation and conservation of income from the trust assets to be applied for the support or furtherance of members of a certain family or certain designated persons. In other cases, the trust can be incorporated for the support of non-profit making undertakings or matters of public welfare. The management and representation of the trust or foundation are carried on by a council in accordance with the guidelines laid down by the founder. The beneficiaries of a trust are those persons or organisations entitled to receive assets and benefits via the council. * comp. "Gesellschaft zur Förderung des Finanzplatzes Liechtenstein" (Association for the Promotion of the Financial Centre Liechtenstein), P.O.Box 420, 9490 Vaduz, Liechtenstein, 1995: "Wirtschaftsstandort und Finanzplatz im Europäischen Wirtschaftsraum" (Economic Location and Financial Centre in the European Economic Area), Page 14, 2nd Edition, September 1996 |
Home eBanking |