Gibraltar
Serbia
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AlbaniaNikolai 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.
Get an investment license in Liechtenstein.
An investment license in Liechtenstein is an FMA licence for an asset management company under the Asset Management Act, with initial capital of at least €75,000 or the equivalent in Swiss francs or US dollars. It covers portfolio management, advice, order handling and execution, while client assets stay with custodian banks. The firm needs at least two managing directors working at its Liechtenstein seat, and at least one of them must hold EEA or Swiss citizenship and have three years of full-time experience. The prize is the EEA passport.
30 yrs
of experienceof experience
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Liechtenstein in brief
Investment license in Liechtenstein: alpine and inside the EEA at once.
Liechtenstein licenses asset management companies under the Vermögensverwaltungsgesetz, and the design is deliberately manager-shaped: initial capital of at least €75,000 or the equivalent in Swiss francs or US dollars, fully paid in when the licence is granted, permission to run discretionary portfolios, give investment advice, receive and transmit orders and execute them - while client assets stay with custodian banks rather than the firm. Ancillary research, financial analysis and M&A advisory sit inside the licence. Governance is where the principality is exacting: at least two managing directors who genuinely work at the Liechtenstein seat, at least one of them with EEA or Swiss citizenship, three years of relevant full-time experience and appropriate qualifications, and no individual may run more than two asset management companies at once.
The commercial case is a combination nobody else offers: Alpine private-banking culture, the Swiss franc, a AAA-rated state and a customs union with Switzerland - inside the European Economic Area, so the licence passports into the other twenty-nine markets under freedom of establishment and freedom to provide services by simple notification between authorities. A Swiss manager cannot passport; a Liechtenstein one can, from twenty minutes down the valley. For wealth managers serving both Swiss and EU clients, family offices institutionalising and boutiques that want the Alpine address with union access attached, Vaduz is the structural answer. We build the file end to end.
Alpine and inside the EEA: FMA asset management company under the VVG - at least €75,000 of initial capital, portfolio management, advice, RTO and execution, custody left with banks; two managing directors at the seat, one with three years' experience, none running more than two companies.
12.5% flat tax with an equity deduction, no dividend withholding, Swiss VAT system, and a full EEA passport Switzerland cannot offer. Built end to end from Vaduz.
The two builds
The asset management company - or the investment firm.
Two doors at the FMA: the VVG asset management company for manager-shaped models, the MiFID investment firm where dealing or client assets enter. We fix the perimeter first.
The €75,000 asset management company - or the investment firm.
01 - ASSET MANAGEMENT COMPANY
The manager's licence
Portfolio management, advice, reception-transmission and execution on initial capital of at least €75,000, or the CHF or USD equivalent. Assets held at custodian banks, the boutique's route to an EEA passport from an Alpine address.
Portfolio management, advice, reception-transmission and execution on initial capital of at least €75,000, or the CHF or USD equivalent. Assets held at custodian banks, the boutique's route to an EEA passport from an Alpine address.
- ✓Discretionary portfolio management
- ✓Investment advice
- ✓Reception, transmission, execution
- ✓At least €75,000 initial capital
- ✓Custody stays with banks
- ✓Research and M&A advisory included
02 - INVESTMENT FIRM
The wider licence
The MiFID-scoped investment firm supervised by the FMA where the model deals, underwrites or touches client assets. The heavier frame for businesses the VVG perimeter does not cover.
The wider FMA-supervised investment firm where dealing, underwriting or client assets enter. Heavier frame, same EEA passport, upgrade path built in.
- ✓Dealing and underwriting scope
- ✓Client-asset permissions
- ✓MiFID-derived requirements
- ✓Capital per the wider regime
- ✓Same EEA passport
- ✓Upgrade path from the AMC
Capital and services per the Asset Management Act as of 2026. Investment-firm capital and permissions are scoped against the FMA's regime at filing.
Why Liechtenstein
Six reasons managers choose Vaduz.
✓
Alpine, and in the EEA
Swiss franc, Swiss customs union, Alpine banking culture. With the EU passport a Swiss licence can never give you.The pair nobody else has.
✓
€75,000 entry
At least €75,000, or the equivalent in francs or dollars, for a passported manager that never holds client assets. A floor that lets a boutique start properly.Or the CHF/USD equivalent.
✓
Custody stays with banks
The firm manages, custodian banks hold. A structure allocators trust and a compliance load the boutique can carry.Proportionate compliance.
✓
AAA-rated state
A debt-free principality with a top sovereign rating. The counterparty question answers itself.Counterparty question closed.
✓
Serious governance
At least two managing directors working on site, one with three years' full-time experience, none leading more than two companies. Scarcity that keeps the licence meaningful.Two MDs, on site.
✓
Passport by notification
Freedom of establishment and services across the EEA through authority-to-authority notification. Twenty-nine markets, minimal bureaucracy.29 states, little friction.
How it compares
How Liechtenstein differs from other routes.
The comparison, side by side: the Alpine address that passports. At the cost of a management bench that genuinely works in the principality.
Liechtenstein vs other jurisdictions
| Feature |  Liechtenstein | Other jurisdictions |
|---|---|---|
| Regime | VVG - FMA | MiFID or FinIA |
| Capital | €75,000 or CHF/USD equivalent | €75k-€750k EU tiers |
| Passport | Full EEA | EEA, or none (Swiss) |
| Governance | Two MDs on site, max 2 firms each | Two managers or SO |
Regime
LiechtensteinVVG - FMA
Other jurisdictionsMiFID or FinIA
Capital
Liechtenstein€75,000 or CHF/USD equivalent
Other jurisdictions€75k-€750k EU tiers
Passport
LiechtensteinFull EEA
Other jurisdictionsEEA, or none (Swiss)
Governance
LiechtensteinTwo MDs on site, max 2 firms each
Other jurisdictionsTwo managers or SO
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Liechtenstein | AMC - FMA (VVG) | 12.5% corporate | €75k, two MDs on site |
 Switzerland | Portfolio manager - FINMA·SO | ≈12% in Zug | CHF 100k + SO affiliation |
 Luxembourg | Investment firm - CSSF | ≈23.9% aggregate | €75k-€750k, four eyes |
 Cyprus | CIF - CySEC | 12.5% · 15% large | IFD tiers, EU passport |
LiechtensteinLicense typeAMC - FMA (VVG)
Taxation12.5% corporate
Requirements€75k, two MDs on site
SwitzerlandLicense typePortfolio manager - FINMA·SO
Taxation≈12% in Zug
RequirementsCHF 100k + SO affiliation
LuxembourgLicense typeInvestment firm - CSSF
Taxation≈23.9% aggregate
Requirements€75k-€750k, four eyes
CyprusLicense typeCIF - CySEC
Taxation12.5% · 15% large
RequirementsIFD tiers, EU passport
Europe outside the EU
Investment licences in neighbouring jurisdictions
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Investment license cost: capital, official fees and timelines by country →
How to get an investment license: types, requirements and process →
Asset management and fund management license: regimes compared →
Broker-dealer and securities dealer license: regimes compared →
Before you apply
Investment license requirements in Liechtenstein: what the FMA checks.Investment license requirements in Liechtenstein.
The FMA examines the bench as closely as the balance sheet. The checklist below is what a passing file contains.
01
Liechtenstein company. Incorporated for the licence with real premises in the principality.
02
Initial capital - at least €75,000 or the equivalent in CHF or USD, fully paid in when the licence is granted and evidenced with source of funds; own funds may never fall below it.
03
Qualified management. At least two managing directors; at least one with EEA or Swiss citizenship, three years' relevant full-time experience and appropriate qualifications.
04
Genuine working presence. The managing directors actually work at the Liechtenstein office, with the time commitment to prove it.
05
The two-company limit - no managing director may run more than two asset management companies at once.
06
Fit-and-proper shareholders. Qualifying holdings vetted to ultimate-owner level.
07
Business plan. Services, client base and three-year projections the FMA can interrogate.
08
Custodian arrangements. Client assets placed with custodian banks, documented.
09
Organisation and compliance. Risk, compliance and internal control proportionate to the model.
10
AML/CFT programme. Liechtenstein's framework with a named responsible officer.
11
Passporting plan. EEA notifications prepared for the markets actually being served.
01
Liechtenstein company, premises.
02
€75,000+ paid in, sourced.
03
Two MDs; one EEA/Swiss, 3 years.
04
MDs genuinely work there.
05
Max two companies per MD.
06
Holdings vetted to UBO.
07
Interrogable business plan.
08
Custodian banks documented.
09
Risk and compliance sized.
10
AML officer named.
11
EEA notifications planned.
Reflects the Asset Management Act and FMA practice as of 2026. Fees and processing times are confirmed against the Authority's current schedule at filing.Asset Management Act + FMA practice, 2026.
Verify it yourself
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- RegulatorFMA Liechtenstein - Asset management companies: authorisation under the Asset Management Actfma-li.li
- LawAsset Management Act (Vermögensverwaltungsgesetz, VVG), LGBl. 2005 No. 278, version of 1 September 2026 - gesetze.li (in German)gesetze.li
- RegisterFMA Liechtenstein - Asset management companies: register of licenseesfma-li.li
- FeesFinancial Market Supervision Act (FMAG), version of 1 September 2026, annexes 1 and 2: FMA fees of asset management companies - gesetze.li (in German)gesetze.li
How it works
From first call to the FMA register.
01
Perimeter
AMC or investment firm, services and capital fixed against the actual business.Model decides.
02
The bench
The qualified managing directors secured. Citizenship, experience and place of residence evidenced before anything else.MDs evidenced.
03
Company and capital
Liechtenstein entity, at least €75,000 paid in, premises and organisation in place.€75,000 paid in.
04
The application
The FMA file with plan, organisation and custodian arrangements. Complete at submission.Complete at filing.
05
Licence and passporting
Register entry, custodian banking live, EEA notifications filed. The Alpine manager selling into the union.Twenty-nine markets.
Quick facts
RegulatorFMA Liechtenstein
FrameworkAsset Management Act
Initial capital€75,000 or CHF/USD equivalent
ServicesPM · advice · RTO · execution
CustodyCustodian banks
Managing directorsTwo, on site · 3 years
Company limitMax 2 per director
PassportEEA by notification
The managing directors are the bottleneck: qualified, able to work at the seat day to day, and running no more than one other asset management company. We start that search on day one, not after the file is drafted.
On the ground in Liechtenstein
Run from our Vaduz office.
Prifinance - Liechtenstein
Vaduz · Liechtenstein
Vaduz, Liechtenstein
01
Perimeter and structure
AMC or investment firm decided against the real model. Capital and permissions sized in the same conversation.Sized in one talk.
02
The managing directors
Two qualified MDs who will work at the seat, sourced and evidenced. The scarcest input in any Liechtenstein file, secured first.Secured first.
03
The FMA application
Business plan, organisation and capital evidence. Complete at submission, defended through questions.Complete at filing.
04
Custody and passporting
Custodian bank relationships and EEA notifications sequenced with the licence. Twenty-nine markets from the valley.Sequenced with grant.
We also have offices in
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 investment firms in Liechtenstein.
A flat 12.5% inside the EEA. Alpine rates with union access attached.
12.5% corporate tax
The flat rate on profits. Among Western Europe's lowest, and inside an EEA member state.Western Europe's low end.
Notional interest deduction
An equity-based deduction lowers the effective rate for well-capitalised firms. Planned into the capital structure.Rewards capitalisation.
No capital gains tax on holdings
Qualifying participation gains sit outside the charge. The holding layer above the manager stays clean.Rare in Europe.
No withholding on dividends
Distributions leave without local withholding. A rarity for a European jurisdiction.Participation gains out.
Swiss franc and customs union
The franc as operating currency with Swiss customs integration. Alpine stability, EEA market rights.Swiss integration.
VAT shared with Switzerland
Liechtenstein applies the Swiss VAT system at Swiss rates, with the finance exemption on core services.Exempt finance core.
Tax summary
Corporate tax12.5% flat
Equity deductionNotional interest
Dividend withholdingNone
VATSwiss system · exempt core
Market accessEEA passport
*Figures as of 2026 per the Liechtenstein tax administration. Group and holder-level outcomes are modelled 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 company, 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, licensed manager.
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Liechtenstein · FMA
Get your investment license in Liechtenstein with expert support.
Full-service assistance - from the managing-director search to FMA authorisation, custody and EEA passporting - run through our Vaduz office.
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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.
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Request a free conclusion →FAQ
The Liechtenstein investment licence - what clients ask.
What licence does an asset manager need in Liechtenstein?+
An asset management company licence from the FMA under the Asset Management Act (VVG) - covering discretionary portfolio management, investment advice, reception and transmission of orders and execution, plus ancillary research and M&A advisory.
What capital is required?+
At least €75,000 of initial capital, or the equivalent in Swiss francs or US dollars (VVG art. 8(2)), fully paid in when the licence is granted. Own funds may never fall below that amount afterwards, and the FMA can require more capital or professional liability insurance where the business calls for it.
Does the firm hold client assets?+
No - asset management companies do not provide custody. Client assets sit with custodian banks while the firm manages them, which keeps both the risk profile and the compliance load proportionate.
What does the FMA require of management?+
At least two managing directors of good repute who are qualified for the job and genuinely work at the Liechtenstein office; at least one of them with EEA or Swiss citizenship and three years of relevant full-time experience. No one may manage more than two asset management companies at once, and the FMA accepts a single managing director only temporarily, in justified cases.
Does the licence passport into the EU?+
Yes. Liechtenstein is in the EEA, so the licence carries freedom of establishment and freedom to provide services across the other twenty-nine states through notification between authorities - the passport a Swiss licence cannot give.
Liechtenstein or Switzerland?+
A similar order of capital - €75,000 here, CHF 100,000 for a Swiss portfolio manager under FinIA art. 22 - and the same Alpine credibility, but Liechtenstein passports into the EEA and Switzerland does not. If any meaningful part of your client base is in the union, the valley wins.
How are Liechtenstein firms taxed?+
12.5% flat corporate tax with a notional interest deduction on equity, no withholding on dividends, and the Swiss VAT system with the finance exemption on core services.
What substance is expected?+
Real premises in the principality and managing directors who actually work there. The FMA verifies presence rather than assuming it, which is precisely why the licence is respected.
How long does an investment license in Liechtenstein take?+
Realistically 6-12 months including preparation, with the managing-director search usually setting the pace rather than the FMA.
Why Prifinance for Liechtenstein?+
The managing-director search started on day one, the perimeter sized before the file is drafted, and custody plus passporting sequenced with the licence - from our Vaduz office.
What licence?+
FMA AMC under the VVG.
Capital?+
€75,000 or CHF/USD equivalent.
Custody?+
Banks hold, firm manages.
Management?+
Two MDs on site.
EU passport?+
Yes - EEA member.
Or Switzerland?+
Passport decides.
Taxes?+
12.5% flat, no WHT.
Substance?+
Real presence verified.
How long?+
6-12 months realistic.
Why you?+
MD search from day one.
Client notes
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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.