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The Liechtenstein Declaration
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Short Description: Mar 12, 2009 ... Through this Declaration, Liechtenstein commits to, ... With this Declaration, Liechtenstein clarifies its position regarding privacy and ...
Content Inside: The Liechtenstein Declaration Through this Declaration, Liechtenstein commits to, and will implement, global standards of transparency and exchange of information as developed by the OECD and will advance its participation in international efforts in order to counteract non-compliance with foreign tax laws. With this Declaration, Liechtenstein clarifies its position regarding privacy and banking secrecy and confirms its readiness to speed up the negotiation of tax information exchange and other agreements with a view to having a network of such arrangements in place as soon as reasonably possible in order to address the global issue of tax fraud and tax evasion as well as double taxation. In this process, Liechtenstein will emphasise its responsibilities to address both the tax claims of other jurisdictions and the trust of its clients. A Commitment to be a responsible and reliable partner also in difficult times The Government and the Liechtenstein business community recognise that we are living in a time of fundamental and rapid development and change and that every country is obliged to act in a proactive and forward looking way, not least to support efforts of the global community to meet unparalleled challenges in many areas. Leaders around the world are calling for immediate action designed to stabilise the global economy and financial system. The necessity of such action is widely accepted and is also acknowledged by Liechtenstein. Liechtenstein has always had a diversified economy and is home to a number of companies in all sectors that are highly respected in the international business community. While the industrial sector is still the economy’s main pillar, Liechtenstein’s financial sector has developed well and has helped to diversify Liechtenstein’s economy. Thus, the financial centre plays an important role in the prosperity of Liechtenstein, as clients from around the world have placed their trust in Liechtenstein, in some cases for generations. Liechtenstein is a Member State of the European Economic Area and also takes part in the European single market for financial services. Liechtenstein and its internationally integrated financial centre have a strong desire to continue to be recognised and accepted within the global community as a leading location for investment and wealth management according to its high standards of regulation and its high quality of services. Liechtenstein has undertaken numerous initiatives to combat illicit activities and has legislation and an administrative practice that have been evaluated positively by the FATF, the IMF and others. Moreover, Liechtenstein has ratified and implemented an agreement with the EU on the taxation of savings. Recently, it has concluded a tax agreement with the US following globally accepted OECD standards. Currently, it is in negotiations with the EU in relation to an anti-fraud agreement and is in discussions with certain OECD and EU Member States regarding closer cooperation in tax matters. As with other financial centres, Liechtenstein will continue to protect the legitimate privacy rights of its clients from around the world. To this end, the Government is ensuring that Liechtenstein maintains solid and modern bank secrecy laws. A Commitment to global standards of transparency and exchange of information as developed by the OECD Liechtenstein is committed to act as a responsible member of the global community and wishes to contribute to the global effort to help foster long-term economic prosperity and the social well-being of everybody. Liechtenstein’s central location in Europe, its integration in the European Economic Area and the global community as well as the openness of markets, not just in the financial area, encourage Liechtenstein to strive towards far-reaching cooperation in tax matters according to OECD standards and
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