Allgemeines Treuunternehmen (ATU) | Liechtenstein | 1 Aug 2019
This article addresses the rules and procedures that govern family links in the context of estate and succession planning in Liechtenstein. For example, in regard to marriage, if no special arrangement exists, the default matrimonial property regime is separation of property. However, marital agreements that establish a different regime can be entered into before and during marriage.
Allgemeines Treuunternehmen (ATU) | Liechtenstein | 25 Jul 2019
This article addresses the rules and procedures governing capacity and power of attorney in Liechtenstein. Capacity is determined according to the Law on Persons and Companies and, as a general rule, every person enjoys capacity if they are of age and sound judgement. A minor who is under the guardianship of their parents has the same limited capacity as a person who is placed under disability.
Allgemeines Treuunternehmen (ATU) | Liechtenstein | 18 Jul 2019
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.
Allgemeines Treuunternehmen (ATU) | Liechtenstein | 11 Jul 2019
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.
Allgemeines Treuunternehmen (ATU) | Liechtenstein | 4 Jul 2019
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......
Allgemeines Treuunternehmen (ATU) | Liechtenstein | 27 Jun 2019
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......
Wolff Gstoehl Bruckschweiger | Liechtenstein | 12 Feb 2015
Article 634 of the Civil Procedure Law provides that arbitration clauses between an entrepreneur and a consumer are valid only if they refer to existing disputes. The wording of this provision has caused significant debate, as it seems to apply to arbitration clauses between companies and their shareholders. The government now plans to amend the provision to clarify that it applies only to......
Wolff Gstoehl Bruckschweiger | Liechtenstein | 20 Nov 2014
Witness statements are important pieces of evidence in arbitration proceedings in Liechtenstein. However, there are differences compared to witness statements in court proceedings. Witnesses who are resident in Liechtenstein are obliged to appear before a court if summoned to do so, while in arbitration proceedings witnesses may choose whether to appear and testify.
Wolff Gstoehl Bruckschweiger | Liechtenstein | 21 Aug 2014
The government has announced that it intends to propose a change in law which would allow for the resolution of supervisory proceedings under the Company Law, the Trust Law and the Foundation Law through arbitration, with the exception of specific procedures over which the court is competent and procedures commenced ex officio or by application of the Public Registry or Public Prosecutor's......
Wolff Gstoehl Bruckschweiger | Liechtenstein | 22 May 2014
One of the main advantages of arbitration is that the arbitration award is final and cannot be appealed. Therefore, arbitration can be expected to take less time than a state court proceeding containing two or three instances. However, arbitration law in most states allows for the possibility to file an application with the competent state court to lift an arbitration award and declare it......