Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the FMA decision, including banking and payment rails.
Set up an investment fund in Liechtenstein.
Alpine funds with EEA market access: the FMA authorises alternative investment fund managers under the AIFM Act of 19 December 2012 and its 2016 ordinance, and the funds they manage - alongside UCITS and investment undertakings under the IUA, with authorised managers passporting into other EEA states by notification.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Liechtenstein in brief
The smallest EEA fund centre - and the most attentive.
Liechtenstein's fund framework runs on three regimes. Alternative investment funds and their managers fall under the Law of 19 December 2012 concerning the Managers of Alternative Investment Funds and the Ordinance of 22 March 2016 that implements it; UCITS sit under their own Act; and investment undertakings and their management companies under the Investment Undertakings Act. The FMA authorises both the AIFM and the funds it manages, and separately licenses the surrounding roles the market needs - risk managers, administrators and distributors, which is unusual and means the whole chain around a fund is supervised rather than merely contracted.
Supervision after authorisation is described by the regulator in its own terms: national law and all directly applicable European regulations, enforced through a risk-based supervisory approach with individual supervisory examination programmes. That is a small regulator's advantage - files are read by people who will still be there next year. Because Liechtenstein is in the EEA, an authorised AIFM passports into other member states by notification between authorities, so an Alpine fund reaches union investors that a Swiss vehicle cannot. Add the Swiss franc, a 12.5% corporate rate and the principality's private-banking depth, and the case is specific: EEA access with Alpine administration. We authorise the manager, structure the fund and passport it.
Alpine funds with union reach: the FMA authorises AIFMs under the Law of 19 December 2012 and the 2016 ordinance, and the funds they manage - while separately licensing risk managers, administrators and distributors.
Supervision is risk-based with individual examination programmes, and authorised managers passport into other EEA states by notification. Swiss franc, 12.5% at the entity, private-banking depth.
The two builds
The AIFM and its funds - or a UCITS structure.
The FMA authorises the manager and the fund together under the AIFM Act, with UCITS and the IUA available where the product calls for them.
The AIFM and its funds - or UCITS and IUA structures.
01 - AIFM AND ITS FUNDS
The alternative route
Authorisation as an alternative investment fund manager under the AIFMG and its 2016 ordinance, together with authorisation of the funds managed, and the EEA passport by notification.
Authorisation as an alternative investment fund manager under the AIFMG and its 2016 ordinance, together with authorisation of the funds managed, and the EEA passport by notification.
- ✓AIFMG 2012 · AIFMV 2016
- ✓Manager and funds authorised
- ✓EEA passport by notification
- ✓Risk-based ongoing supervision
- ✓Individual examination programmes
- ✓European regulations directly applied
02 - UCITS · IUA STRUCTURES
The other regimes
UCITS management companies and funds under the UCITS Act, and investment undertakings with their management companies under the IUA. The routes for retail-facing and legacy structures.
UCITS management companies and funds under the UCITS Act, and investment undertakings under the IUA. The routes for retail-facing and legacy products.
- ✓UCITS Act framework
- ✓Investment undertakings under the IUA
- ✓Management companies authorised
- ✓Retail-facing distribution possible
- ✓Same FMA supervision model
- ✓Chosen on product, not habit
Reflects the AIFM Act of 19 December 2012, the AIFM Ordinance of 22 March 2016 and the FMA's published authorisation framework as of 2026. Capital requirements are confirmed against the AIFMG and its ordinance at filing.
Why Liechtenstein
Six reasons managers choose the principality.
✓
EEA access, Alpine base
An authorised AIFM passports into other EEA states by notification. The union reach a Swiss fund cannot have.What Switzerland lacks.
✓
The whole chain licensed
Risk managers, administrators and distributors are licensed under the AIFM Act. The ecosystem around the fund is supervised, not just contracted.Providers supervised too.
✓
A regulator that reads
Risk-based supervision with individual examination programmes, in a jurisdiction small enough that files reach actual people.Individual programmes.
✓
Swiss franc and stability
The currency and customs union with Switzerland, with EEA market rights on top.Swiss integration.
✓
Private-banking depth
Generations of wealth administration in a place whose banks and trustees know fund structures intimately.Generations of practice.
✓
12.5% at the entity
Among Western Europe's lowest corporate rates for the management company layer.Western Europe's low end.
How it compares
How Liechtenstein differs from other fund domiciles.
The comparison that matters: EEA access with Alpine administration - from the smallest fund centre in the union's orbit.
Liechtenstein vs other fund domiciles
| Feature |  Liechtenstein | Other domiciles |
|---|---|---|
| Framework | AIFMG · UCITSG · IUA | RAIF, CISA, AIFMG |
| Chain licensing | Risk, admin, distribution licensed | Contracted providers |
| Passport | EEA by notification | EU, or none in Switzerland |
| Scale | Smallest EEA centre | Luxembourg, Ireland |
Framework
LiechtensteinAIFMG · UCITSG · IUA
Other domicilesRAIF, CISA, AIFMG
Chain licensing
LiechtensteinRisk, admin, distribution licensed
Other domicilesContracted providers
Passport
LiechtensteinEEA by notification
Other domicilesEU, or none in Switzerland
Scale
LiechtensteinSmallest EEA centre
Other domicilesLuxembourg, Ireland
Country by country
| Country | Vehicle | Regulator | Notes |
|---|---|---|---|
| Liechtenstein | AIF · UCITS · IU | FMA Liechtenstein | EEA passport, chain licensed |
 Switzerland | L-QIF · FCP · SICAV | FINMA supervises the manager | No EU passport |
 Luxembourg | RAIF · SIF | CSSF supervises the AIFM | EUR 1.25M in 24 months |
 Austria | AIF · UCITS | FMA Austria | Licence or registration |
LiechtensteinVehicleAIF · UCITS · IU
RegulatorFMA Liechtenstein
NotesEEA passport, chain licensed
SwitzerlandVehicleL-QIF · FCP · SICAV
RegulatorFINMA supervises the manager
NotesNo EU passport
LuxembourgVehicleRAIF · SIF
RegulatorCSSF supervises the AIFM
NotesEUR 1.25M in 24 months
AustriaVehicleAIF · UCITS
RegulatorFMA Austria
NotesLicence or registration
Before you launch
What a Liechtenstein fund actually requires.What a launch requires.
The manager and the fund are authorised together. The checklist below is what a passing file contains.
01
Regime choice. AIFM Act, UCITS Act or the IUA, decided on the product and its investors.
02
Liechtenstein entity. The management company established with real operations in the principality.
03
Capital and own funds - per the AIFMG and its ordinance for the chosen route, evidenced.
04
Management bench. Portfolio and risk management functions staffed and separated.
05
Fit-and-proper officers. Directors and key-function holders assessed individually.
06
Fund authorisation. The funds managed authorised by the FMA alongside the manager.
07
Supporting licences. Risk manager, administrator and distributor roles licensed where they apply.
08
Depositary. Appointed as the framework requires.
09
Risk, liquidity and valuation. AIFMD processes documented and operating.
10
Ongoing supervision. Readiness for the FMA's individual supervisory examination programme.
11
Passporting plan. EEA notifications prepared for the states actually being served.
01
Regime chosen on product.
02
Liechtenstein entity built.
03
Capital per AIFMG/AIFMV.
04
Portfolio and risk staffed.
05
Officers assessed.
06
Funds authorised too.
07
Supporting roles licensed.
08
Depositary appointed.
09
AIFMD processes live.
10
Examination readiness.
11
EEA notifications prepared.
Reflects the AIFMG, the AIFMV 2016 and FMA practice as of 2026. Figures are read from the law and ordinance at filing.AIFMG 2012 + AIFMV 2016, as of 2026.
How it works
From first call to a live Liechtenstein fund.
01
Regime and product
Investors, strategy and distribution. The inputs that choose between the AIFM Act, UCITS and the IUA.Investors decide.
02
Entity and bench
Liechtenstein management company established, capital arranged, functions staffed.Functions staffed.
03
The application
Manager and fund authorisation filed together, with the supporting roles licensed as needed.Filed together.
04
FMA review
Questions answered on schedule, with the supervisory examination programme anticipated.Programme anticipated.
05
Passport and launch
EEA notifications filed, depositary and banking live, subscriptions open.Subscriptions open.
Quick facts
RegulatorFMA Liechtenstein
AIF lawAIFMG, 19.12.2012
OrdinanceAIFMV, 22.03.2016
AuthorisedManager and funds
Also licensedRisk · admin · distribution
SupervisionRisk-based, individual programmes
PassportEEA by notification
Corporate tax12.5% flat
Liechtenstein licenses the roles around the fund as well as the manager, which is why the ecosystem is small but unusually clean.
On the ground in Liechtenstein
Run from our Vaduz office.
Prifinance - Liechtenstein
Vaduz · Liechtenstein
Vaduz, Liechtenstein
01
Regime and product
AIFM, UCITS or IUA. Decided on what is actually being sold and to whom.Decided on facts.
02
The FMA file
Manager and fund authorisation prepared as one submission, with capital read from the ordinance.Manager and fund together.
03
The licensed chain
Risk manager, administrator and distributor roles arranged with the licences they require.Arranged, not discovered.
04
Passporting and launch
EEA notifications, depositary and banking sequenced with the authorisation.Sequenced with grant.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Good to know
Taxation of Liechtenstein funds.
A flat 12.5% at the management layer inside the EEA, with fund treatment following the vehicle.
12.5% corporate tax
The flat rate at the management company level. Among Western Europe's lowest, inside an EEA member state.Management layer.
Fund-level treatment
Liechtenstein fund vehicles are treated according to their form. Confirmed per structure rather than assumed.By vehicle, confirmed.
No dividend withholding
Distributions leave without local withholding. Rare among European jurisdictions.Rare in Europe.
Investor-level analysis
Subscribers are taxed in their own residence, and the documentation is built with that in mind.Residence decides.
Swiss franc operations
The franc and Swiss customs integration alongside EEA market rights. The principality's structural combination.Swiss integration.
Reporting applies
AIFMD reporting and exchange-of-information obligations apply. The structure is built to file.AIFMD and exchange.
Tax summary
Management company12.5% flat
Fund levelBy vehicle, confirmed
Dividend withholdingNone
Investor levelResidence-based
ReportingAIFMD · exchange of information
*Position as of 2026 per the Liechtenstein tax administration. Fund and investor-level outcomes are confirmed per structure.
Turnkey professional support
Experienced lawyers and international consultants.
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.
Oleksii Kindratenko
Builds the application itself: Liechtenstein vehicle, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live fund.
Follow Prifinance
Active across our channels.
Liechtenstein · FMA
Launch your Liechtenstein fund with expert support.
Full-service assistance - from regime choice and AIFM authorisation to depositary, supporting licences and EEA passporting - run through our Vaduz office.
Get a consultation →Free legal opinion
Is Liechtenstein the right domicile for your fund?
Our legal team will analyze your case at no cost and provide a written legal opinion: which vehicle, jurisdiction, or route fits your fund.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Liechtenstein fund: quick answers.
Which laws govern Liechtenstein funds?+
Alternative investment funds and their managers under the Law of 19 December 2012 concerning the Managers of Alternative Investment Funds and the Ordinance of 22 March 2016; UCITS under the UCITS Act; and investment undertakings and their management companies under the Investment Undertakings Act.
Does the FMA authorise the fund as well as the manager?+
Yes - the FMA authorises alternative investment fund managers and the funds they manage, and separately licenses risk managers, administrators and distributors operating under the AIFM Act framework.
What capital is required?+
Capital requirements follow the AIFMG and its 2016 ordinance for the route chosen. We read them from the law and ordinance at filing rather than quoting a figure that may have moved.
Does a Liechtenstein fund passport into the EU?+
Yes - Liechtenstein is in the EEA, so an authorised AIFM can operate in other member states through the passport mechanism, using notification procedures between national authorities.
What does ongoing supervision look like?+
The FMA applies national law and all directly applicable European regulations through a risk-based supervisory approach with individual supervisory examination programmes - supervision tailored to the firm rather than applied by template.
Why does licensing the whole chain matter?+
Because risk managers, administrators and distributors under the AIFM Act are licensed rather than merely contracted, the parties around your fund are supervised too. In a small market, that materially reduces counterparty risk.
Liechtenstein or Switzerland?+
Switzerland's L-QIF is faster and exempt from FINMA approval, but it carries no EU passport. Liechtenstein is in the EEA, so union distribution works. If EU investors matter, the principality; if only Swiss and global ones do, either.
Liechtenstein or Luxembourg?+
Luxembourg has far greater scale, depth of administration and the RAIF's speed. Liechtenstein offers a smaller, more attentive regulator, the Swiss franc and Alpine private-banking proximity. Fund size and investor base decide.
How are the structures taxed?+
The management company sits at Liechtenstein's flat 12.5% corporate rate with no dividend withholding; fund-level treatment follows the vehicle and is confirmed per structure. Investors are taxed where they live.
Why Prifinance for Liechtenstein?+
Regime chosen on the actual product, manager and fund authorisation prepared as one submission, and the supporting licences arranged rather than discovered late - from our Vaduz office.
Which laws?+
AIFMG, UCITSG, IUA.
Fund authorised?+
Yes - with the manager.
Capital?+
Per AIFMG and ordinance.
EU passport?+
Yes - EEA notification.
Supervision?+
Risk-based, individual.
Chain licensing?+
Lower counterparty risk.
Or Switzerland?+
Passport decides.
Or Luxembourg?+
Scale vs attention.
Taxes?+
12.5%; no dividend WHT.
Why you?+
One submission, all roles.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
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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: which Liechtenstein regime fits your fund and what it will cost.
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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 FMA Liechtenstein or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.