Stay up to date with all CRS and FATCA reporting requirements in Liechtenstein.
Law, tax, and compliance professionals can stay up to date with all of the CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act) reporting requirements worldwide thanks to KENDRIS. In this article, we will take into consideration the requirements for Liechtenstein.
Liechtenstein has implemented the CRS into domestic law in 2015. The Law “Gesetz über den internationalen automatischen Informationsaustausch in Steuersachen (AIA-Gesetz)” should be read together with the Guidance (“AIA-Merkblatt”).
Liechtenstein and the United States of America have signed an agreement (IGA) to improve international tax compliance and to implement FATCA, which is effective since 30 June 2014. Since Liechtenstein is a Model 1 jurisdiction, financial institutions (FI) are required to report specified information about US accounts to the Liechtenstein government. The exchange of information with the USA under the IGA is governed by the relevant FATCA-Law in Liechtenstein, which can be found here.
The applicable CRS and FATCA regulations set out the due diligence and reporting requirements for Liechtenstein FI, but also the penalties for non-compliance and certain exemptions for the exchange of information.
Only Liechtenstein FIs with reportable accounts have to be registered on the local AEOI-portal. The registration is due on 31 May in the calendar year following the first identification of reportable accounts.
A reporting Liechtenstein FI can either be registered individually or together with other FIs through one main reporting agent. The later option may be advantageous for fiduciaries who manage several Liechtenstein FIs. In case of a Trustee-Documented Trust, the trustee must register on the portal and not the trust.
The deadline for submitting CRS and FATCA returns is 30 June. Please also note that reporting on a calendar year basis is not required for CRS, but for FATCA. Furthermore, FIs without reportable accounts are not obliged to submit a nil return.
The latest technical guidance explains the necessary steps to successfully file a CRS report and contains helpful examples for different entity types.
Policies and procedures
Reporting Liechtenstein FIs are obliged to keep records of the steps undertaken and any evidence relied upon for the performance of the CRS due diligence procedures. They are obliged to keep these records for a period of 10 years after the end of the period within which the reporting Liechtenstein FI must report the information required.
Useful KENDRIS links
Other CRS & FATCA Reporting Guides
- Jersey CRS & FATCA Reporting Guide
- Belize CRS & FATCA Reporting Guide
- BVI CRS & FATCA Reporting Guide