Banks in Liechtenstein

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Banks in Liechtenstein

3. Opening an account in Liechtenstein banks

Liechtenstein banks are considered to be as reliable and efficient as those of Austria and Switzerland. Bank system of the principality is developing rapidly owing to the advanced financial infrastructure, low tax rates and tolerant legislation. At the same time there are not many banks in the country – about fifteen. The owner of one of the banks, as well as of the world banking network, is Hans-Adam II, Prince of Liechtenstein.

All the banking system of the country is aimed at attracting foreign capital. It is achieved owing to a high level of client servicing, bank officials' expertise, great capabilities of capital management and, certainly, confidentiality of information about account owners.

Advantages of Liechtenstein banks

Although banking systems of Liechtenstein and Switzerland have a lot in common, there are significant differences.

Although banking systems of Liechtenstein and Switzerland have a lot in common, there are significant differences. The main advantages of Liechtenstein banks are:

reasonable costs of bank account servicing;
efficient capital management;
great international prestige;
reliability of information.

Liechtenstein banks have strict maintenance margin requirements and deposit amount requirements. But Liechtenstein banks provide their clients with a lot of additional possibilities in comparison with the banks of Switzerland. Apart from financial operations banks can carry out various confidential commissions, for example, independent valuation of the client's property or its sale.

Reliability and confidentiality of information about deposits and their owners remain the trump card of Liechtenstein banks. It has become a law, and the disclosure of information about deposits and their owners is a criminal violation. The only exception concerns investigation of grave crimes. In this case a special legislative act must be adopted for the information to be disclosed.

Opening an account in Liechtenstein banks

A bank account can be opened in one of Liechtenstein banks. This procedure is quite simple and will take about two weeks. To open an account the business owner needs the following documents:

the passport;
documents verifying the place of residence;
registration documents of the company;
a number of additional documents depending on peculiarities of the registration procedure.

If the company was registered earlier than 180 days before opening the account, the owner of the company must provide documents concerning the present state of the company. If necessary, bank officials can enquire for details of company activity. It is impossible to open an anonymous account in Liechtenstein banks.

Such practice existed until recently, but Liechtenstein banks had to abandon it because of public pressure. Anonymous accounts attracted a lot of dirty money, and Liechtenstein was on the black list of organizations standing up against money laundering. To save the reputation of the country the authorities had to improve banking legislation.

At present Liechtenstein has been removed from this list and the principality is one of the most attractive European countries for business owners. Goldblum and Partners will help you open an account in Liechtenstein banks and give you necessary advice on all attendant issues.