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Forex license in Liechtenstein: FMA investment-firm licence (WPFG).
A forex license in Liechtenstein is an investment-firm licence (Wertpapierfirma) from the Financial Market Authority Liechtenstein (FMA) under the Investment Firms Act (WPFG), in force only since 1 February 2025. A CFD market maker needs €750,000 of initial capital and pays the FMA CHF 35,000; the decision comes within six months of complete documents. Two managers must actually work in Liechtenstein. We build the file from Vaduz.
Updated · Reviewed by the Prifinance team
Forex license in Liechtenstein: an EEA dealing licence under the new WPFG.
Liechtenstein has licensed investment firms under a statute of their own since 1 February 2025: the Investment Firms Act of 5 December 2024 (Wertpapierfirmengesetz, WPFG, LGBl. 2025 Nr. 72), which transposes MiFID II and the IFD and applies the IFR by national law. Until then MiFIR was implemented through the Banking Act of 21 October 1992 and the Asset Management Act (Vermögensverwaltungsgesetz, VVG). A forex or CFD broker that takes the other side of its clients' trades is a Wertpapierfirma licensed for dealing on own account, service A(3) of Annex 1 WPFG. Its initial capital is €750,000 or the equivalent in Swiss francs or US dollars (Art. 16(3)). An agency broker holding client money needs €150,000 (Art. 16(5)). There is no forex or CFD category of its own. The FMA decides within six months of receiving complete documents (Art. 6(5)), and the licence is valid in every EEA state (Art. 8(4)).
The WPFG is strict about people and place. The firm must be an AG or an SE with its seat and head office in Liechtenstein. At least two managers with three years' full-time experience must actually work at that seat, and one of them must hold Liechtenstein, EEA or Swiss citizenship (Art. 13); nobody may manage more than two investment firms. Core activities stay in-house, and the application is written in German. Two boundaries then shape the business model. An agency broker that never holds client money gets no WPFG licence (Art. 6(4)(c)) and is licensed under the VVG at €75,000 instead. Spot currency dealing as such remains banking business under the new Banking Act (BankG, LGBl. 2025 Nr. 85), so FX is sold as CFDs and other derivatives. Capital is set in euro, the FMA's fees in Swiss francs. On the FMA's own account, most CFDs sold in Liechtenstein come from providers passporting in.
A Wertpapierfirma licence from the FMA under the WPFG, in force since 1 February 2025: €750,000 for dealing on own account, €150,000 with client money, a CHF 35,000 fee, six months from complete documents, valid EEA-wide.
Two managers working at the seat, one an EEA or Swiss citizen; an AG or SE; the application in German. Agency firms without client money go to the VVG at €75,000. Tax 12.5%, no coupon tax.
A WPFG licence for dealing or client money, the VVG without them.
In Liechtenstein the business model chooses the statute. A firm that deals on own account or holds client money needs a WPFG licence at €750,000 or €150,000; an agency firm that will never hold client assets is licensed under the VVG at €75,000 instead.
Dealing or client money: WPFG at €750k or €150k. Neither: VVG at €75k.
The dealing Wertpapierfirma
A CFD or FX market maker in Liechtenstein holds service A(3), dealing on own account, usually beside A(1) reception and transmission, A(2) execution and Section B ancillary services. The FMA wants €750,000 of capital, or its Swiss-franc or US-dollar equivalent, fully paid in on the day it grants the licence, and charges CHF 35,000 for the grant.
A CFD or FX market maker in Liechtenstein holds service A(3), dealing on own account, usually beside A(1) reception and transmission, A(2) execution and Section B ancillary services. The FMA wants €750,000 of capital, or its Swiss-franc or US-dollar equivalent, fully paid in on the day it grants the licence, and charges CHF 35,000 for the grant.
- ✓Dealing on own account - A(3)
- ✓€750,000, CHF or USD equivalent
- ✓CHF 35,000 FMA licence fee
- ✓IFR class 2: K-factor own funds
- ✓EAS cover up to CHF 30,000
- ✓Valid in all EEA states (Art. 8(4))
The agency broker, with or without client money
An STP broker in Liechtenstein that holds client money is a Wertpapierfirma for A(1) and A(2) at €150,000 of initial capital (Art. 16(5) WPFG). One that will never accept client assets is refused a WPFG licence (Art. 6(4)(c)) and becomes an asset management company under the VVG: €75,000, no dealing on own account and no client assets at any time (Art. 3(3) VVG).
A(1) and A(2) at €150,000 with client money; without it, the VVG at €75,000.
- ✓RTO and execution - A(1) and A(2)
- ✓€150,000 where client money is held
- ✓No client money: the VVG route
- ✓VVG capital €75,000 (Art. 8(2))
- ✓Three months to switch (Art. 10(1)(h))
- ✓89 VVG firms, CHF 57.7bn managed (2025)
Costs and timelines are confirmed for your case before any work begins. Two running costs are confirmed in the quote: the annual FMA levy under Art. 30a of the Financial Market Supervision Act (FMAG, LGBl. 2004 Nr. 175), a fixed base plus a variable part with a yearly cap, and contributions to the EAS, the statutory investor compensation foundation.
An EEA licence at 12.5% tax, for a firm that can staff its seat.
Liechtenstein offers an EEA licence at 12.5% tax and asks in return for a real company whose managers work in the country.
A Liechtenstein WPFG licence is valid in every EEA state (Art. 8(4) WPFG), and the FMA notifies each new licence to ESMA and the EFTA Surveillance Authority (Art. 5(3)). Liechtenstein is in the EEA but not the EU; MiFIR entered the EEA Agreement by Joint Committee Decision No 78/2019 of 29 March 2019.Valid in every EEA state.
Joint Committee Decision No 70/2025 of 14 March 2025, which brings IFR and IFD into the EEA Agreement, was still pending at EEA level in October 2026, although Liechtenstein had met its constitutional requirements on 21 October 2025. The WPFG did not wait. IFR own funds and IFD capital levels have applied in Liechtenstein since 1 February 2025.National law since February 2025.
Liechtenstein taxes company profit at 12.5%, with a minimum of CHF 1,800, and its coupon tax on dividends ended after a transition from 2011 to 2016. That is lower than Austria's 23% and Cyprus's 15%.No coupon tax on dividends.
Art. 30 FMAG and its Annex 1 put the FMA fee for a Wertpapierfirma licence at CHF 35,000, or CHF 30,000 for a small and non-interconnected firm, with CHF 10,000 more for each MTF or OTF and CHF 2,000 for a later extension. Extraordinary work is billed at CHF 100-400 an hour, up to 50% more when urgent.CHF 35,000 under the FMAG.
For its periodic checks the FMA relies in general on reports by external audit firms, which it calls a de facto extension of the FMA. A recognised audit firm is also a licence condition (Art. 6(1)(g) WPFG), and its acceptance letter goes into the application.The FMA relies on audit reports.
The FMA itself notes that CFDs and binary options reach Liechtenstein mostly through providers using the freedom to provide services. Its general ruling of 1 February 2025 binds business from Liechtenstein too, so a local firm cannot offer retail clients abroad more than 30:1. The revenue plan has to look across the EEA.CFDs arrive mostly by passport.
How Liechtenstein differs from other routes.
Austria's FMA and FMA Liechtenstein share an acronym, and both countries have a Wertpapierfirmengesetz (WPFG). Fees, tax, manager rules and investor cover are where they part, with Luxembourg and Cyprus marking the wider range.
| Feature | Liechtenstein | Other jurisdictions |
|---|---|---|
| Licence fee | CHF 35,000 · FMA Liechtenstein | €10,000 Austria · €50,000 Luxembourg |
| Corporate tax | 12.5% · CHF 1,800 minimum | 23% Austria · 23.87% Luxembourg City · 15% Cyprus |
| Managers | Two at the seat, one LI/EEA/Swiss citizen | Austria: one in Austria, one German-speaking · Luxembourg: two resident |
| Investor cover | CHF 30,000 per investor · EAS | €20,000 minimum under Directive 97/9/EC |
| Country | License type | Taxation | Requirements |
|---|---|---|---|
Liechtenstein | FMA Liechtenstein - WPFG Wertpapierfirma | 12.5% · minimum CHF 1,800 | €150k-€750k, CHF 35,000 fee, 2 managers at the seat |
Austria | Austria's FMA - § 3 WAG 2018 | 23% CIT · 24% above €1m (2028) | IFD €75k-€750k, €10,000 fee, 2 managers |
Luxembourg | CSSF investment firm - Art. 24-3 | 23.87% aggregate (city) | IFD tiers, €50,000 fee, 2 resident managers |
Cyprus | CySEC CIF | 15% CIT (2026) | IFD €75k-€750k, EU passport |
Liechtenstein
Austria
Luxembourg
CyprusForex licences in neighbouring jurisdictions
All 79 forex licence jurisdictions →
How to start a forex brokerage: license, capital and steps →
Forex license requirements in Liechtenstein: what the FMA checks.Liechtenstein forex license requirements.
The FMA tests an application against Art. 6(1) WPFG and its Guideline 2025/3, and the conditions must hold permanently, from the day of grant on (Art. 6(2)). The application goes in German, with documents in German or English as originals no older than three months (Art. 6(3)).
Reflects the WPFG (LGBl. 2025 Nr. 72) in its version of 1 September 2026, the VVG, the Deposit Guarantee and Investor Compensation Act (EAG, LGBl. 2019 Nr. 103) and FMA Guideline 2025/3, as of October 2026.WPFG + VVG + EAG + FMA Guideline 2025/3, as of October 2026.
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawInvestment Firms Act (Wertpapierfirmengesetz, WPFG) - gesetze.ligesetze.li
- LawAsset Management Act (Vermögensverwaltungsgesetz, VVG) - gesetze.ligesetze.li
- RegulatorFMA Liechtenstein - Investment firmsfma-li.li
- GuidanceFMA Liechtenstein - Guideline 2025/3 on the authorisation of investment firmsfma-li.li
- RegulatorFMA Liechtenstein - Product intervention on binary options and CFDsfma-li.li
From the Part I form to the FMA register.
Market maker, agency with client money or agency without: the answer decides between the WPFG and the VVG, the capital and the FMA fee, so we fix it in writing first.WPFG or VVG, class, fee.
The FMA's first form (Teil I) goes to its Asset Management and Markets division; once it is complete, the FMA answers within three weeks and may propose a meeting.FMA answer within three weeks.
The AG formed, two managers placed at the seat, a board of two appointed, the capital paid in, the audit firm's letter and EAS membership in hand.AG, managers, auditor, EAS.
The German application with the Part II form and its annexes. A formal review, an improvement order where something is missing, then the decision within six months of complete documents.German file; six-month clock.
The firm enters the FMA's public register, which is updated monthly; ESMA and the EFTA Surveillance Authority are told, and the licence must be used within a year.Register entry; ESMA notified.
The FMA's guideline ties the length of the procedure first to how coherent, sound and complete the documents are, and its practice with CFD market makers under the WPFG is young. We plan for 9-12 months from the Part I form to the licence.
Run from our Vaduz office.

The AG with its seat, head office and premises in the country, a Verwaltungsrat of at least two, and the €750,000 or €150,000 paid in before the FMA grants the licence.Seat, premises, board of two.
We complete the FMA's Part I form, take its answer within three weeks of completeness and use the meeting it may offer to settle services and capital class.Form, three-week answer, meeting.
Two managers found or confirmed for work at the seat, one with Liechtenstein, EEA or Swiss citizenship, and the application drafted in German with annexes in German or English.Two at the seat.
A recognised audit firm signed up and EAS membership arranged before Part II goes in, because the FMA leans on that auditor's reports once the firm is live.Signed up before Part II.






Taxation of forex brokers in Liechtenstein.
12.5% on profit with a CHF 1,800 minimum and no coupon tax on dividends. Currency and derivatives dealing is VAT-exempt inside the customs union with Switzerland.
Liechtenstein taxes the net profit of a company at 12.5% under the Tax Act (Steuergesetz, SteG, LGBl. 2010 Nr. 340), the rate the Fiscal Authority states in 2026.Tax Act, LGBl. 2010 Nr. 340.
Beside the 12.5% rate the Tax Act sets a minimum income tax of CHF 1,800 for legal persons, as the Fiscal Authority states, so a company's income tax does not fall below that figure.Income tax floor.
Liechtenstein abolished its coupon tax, the withholding tax on dividends. During the transition from 2011 to 2016, distributions of old reserves still produced special revenue.Abolished, 2011-2016 transition.
Art. 21(2) No. 19 of the VAT Act (Mehrwertsteuergesetz, MWSTG) exempts dealing in legal tender and foreign currency (lit. d) and spot and forward transactions in securities and derivatives (lit. e), brokerage included, and Art. 22(2)(a) rules out opting to tax them.Art. 21(2) No. 19 MWSTG.
Safekeeping and administration of securities stay outside the exemption and carry the standard VAT rate of 8.1% (Art. 25(1) MWSTG).Standard VAT rate.
A customs treaty of 1923 ties Liechtenstein to Switzerland, a currency treaty makes the Swiss franc its currency, and indirect taxes such as VAT are levied jointly under separate agreements. Capital thresholds stay in euro, while FMA fees and investor cover are set in francs.Swiss franc, joint VAT.
*As of 2026 per the Tax Act (SteG, LGBl. 2010 Nr. 340) as stated by the Fiscal Authority and the VAT Act (MWSTG, LGBl. 2009 Nr. 330). Group and founder-level outcomes are modelled per structure.
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We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Builds the application itself: Liechtenstein company limited by shares (AG), AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
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Get your forex license in Liechtenstein with expert support.
Full-service assistance - from the Part I form and the AG to the FMA licence, EAS membership and the EEA notifications - run through our Vaduz office.
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Questions about the FMA Liechtenstein licence.
What licence does a forex broker need in Liechtenstein?+
A Wertpapierfirma licence from the FMA under the Investment Firms Act (WPFG), in force since 1 February 2025. The licence lists the services: A(3) dealing on own account for a market maker, A(1) and A(2) for an agency broker. Liechtenstein has no separate forex or CFD licence, and a WPFG licence has no fixed term.
What does a forex license in Liechtenstein cost?+
CHF 35,000 in FMA licence fees for a broker, CHF 30,000 only for a small and non-interconnected firm, on top of €750,000 of initial capital for dealing on own account or €150,000 for an agency firm holding client money. The annual FMA levy and the EAS contributions are confirmed in the quote.
How long does a forex license in Liechtenstein take?+
Six months at most from complete documents, under Art. 6(5) WPFG. The Part I form, the FMA's answer within three weeks and the build of the company and its people come first, so we plan for 9-12 months from the first form to the licence.
Does an FX broker need a bank licence in Liechtenstein?+
No, not for CFDs and FX derivatives. Spot currency dealing for own or third-party account is banking business under Art. 6(1)(g) of the Banking Act (BankG), but the BankG does not apply to a WPFG firm acting within its licence (Art. 2(6)(i)). A bank licence would mean €10 million of capital and a CHF 100,000 fee.
Can an agency broker without client money get a WPFG licence?+
No. The FMA refuses a WPFG licence to a firm that will offer only services within the VVG's scope and never accept client assets (Art. 6(4)(c) WPFG). Such a broker becomes an asset management company under the VVG at €75,000, and a Wertpapierfirma that drifts into that profile has three months to apply for a VVG licence.
Who has to manage a Liechtenstein investment firm?+
At least two managers with three years' full-time experience who actually work at the seat in Liechtenstein (Art. 13(1) WPFG), one of them a Liechtenstein, EEA or Swiss citizen. The act sets no express residence rule. One person may manage at most two investment firms, and the board (Verwaltungsrat) needs at least two members.
Which retail CFD rules apply in Liechtenstein?+
The FMA general ruling of 1 February 2025, which replaced the 2019 rules of the Banking Ordinance. Retail CFDs need initial margin from 3.33% on major currency pairs (30:1) to 50% on crypto (2:1), close-out at half the initial margin, negative balance protection, no incentives and a risk warning. The ruling binds business in or from Liechtenstein.
Does a Liechtenstein licence passport into the EU?+
Yes. A WPFG licence is valid in all EEA states (Art. 8(4) WPFG), so a Liechtenstein firm can serve clients in the other 29 EEA states after notification through the FMA. Liechtenstein is an EEA state outside the EU: MiFIR reached it through Joint Committee Decision No 78/2019, and IFR/IFD apply there by its own law.
Liechtenstein or Austria for a CFD market maker?+
Austria does better on entry cost and time in force: Austria's FMA charges €10,000 for the €750,000 class against CHF 35,000 at FMA Liechtenstein, and Austria's market-maker regime has applied since 1 February 2023. Liechtenstein does better on tax, 12.5% against 23%; its managers need no Austrian-style centre of vital interests, but both must work at the seat. We model both.
Why Prifinance for Liechtenstein?+
We run the file from our Vaduz office: the Part I form and the FMA meeting, the AG and its board of two, managers who will work at the seat, the German application, the audit firm and EAS membership. On the first call we also tell you whether your model belongs under the WPFG or the VVG.
What licence?+
FMA Wertpapierfirma under the WPFG.
Cost?+
CHF 35,000 fee; €750k or €150k capital.
How long?+
6 months statutory; 9-12 planned.
Bank licence?+
Not for CFDs and FX derivatives.
No client money?+
VVG asset manager at €75,000.
Managers?+
Two at the seat, one EEA or Swiss.
Retail CFDs?+
30:1 to 2:1, in or from Liechtenstein.
Passport?+
Valid in all EEA states.
Vs Austria?+
Their €10,000 fee; your 12.5% tax.
Why you?+
Vaduz office, file in German.
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One message away from your Liechtenstein forex licence.
Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: whether your model belongs under the WPFG or the VVG, and what it will cost.
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Financial Market Authority Liechtenstein (FMA) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.