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.
Get a payment license in Liechtenstein.
A Swiss-franc jurisdiction inside the EEA passport: the FMA licenses payment institutions under the Payment Services Act and e-money institutions under the E-Money Act, with capital from CHF 20,000, a three-month decision clock, a CHF 30,000 authorisation fee, 12.5% corporate tax - and the Blockchain Act that made Vaduz the seat of Europe's token economy.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Liechtenstein in brief
The EEA passport in Swiss francs, at 12.5%.
Liechtenstein is in the European Economic Area but not the European Union, uses the Swiss franc and shares a customs and currency union with Switzerland - which is why a licence granted in Vaduz is unlike any other in Europe. Payment institutions are licensed under the Payment Services Act of 6 June 2019, the ZDG, with its 2025 ordinance; e-money institutions under the E-Money Act of 2011, the EGG. Article 10 ZDG sets initial capital at CHF 20,000 for money remittance, CHF 50,000 for payment initiation and CHF 125,000 for the other services, or the euro equivalent; Article 8(2) EGG sets €350,000 or its franc equivalent for an e-money institution, fully paid in and the floor below which own funds may never fall. The FMA must grant or refuse within three months of a complete application, and an applicant who has not completed the file within twelve months is refused. The authorisation fee is CHF 30,000; registering an account information provider costs CHF 15,000.
The form is prescribed: an AG or a European company, head office and management in Liechtenstein, a management board of at least two members employed at no less than two full-time equivalents between them, a supervisory board of at least three. Customer funds are safeguarded under Article 20 ZDG and Article 11 EGG. In return the licence passports across the whole EEA under Article 5 EGG and its ZDG twin, sits in a jurisdiction taxed at a flat 12.5% with a minimum of CHF 1,800, and lives next door to the Blockchain Act of 2020 - the Token and Trusted Technology Service Provider Act that gives token issuers, custodians and exchanges a registration of their own. An e-money licence paired with a TVTG registration is the structure behind several European stablecoin and tokenised-payment projects. Forty thousand residents make it a passport jurisdiction rather than a market; we build the FMA file from our Central Europe desk in Prague.
The FMA licenses payment institutions under the ZDG (Art. 10 capital CHF 20k / 50k / 125k) and e-money institutions under the EGG (Art. 8(2) €350,000). AG or SE, management board ≥ 2, supervisory board ≥ 3. Three months from a complete file; fee CHF 30,000, AISP CHF 15,000. Safeguarding Art. 20 ZDG / Art. 11 EGG.
EEA passport in Swiss francs, 12.5% flat tax, no withholding, VAT 8.1% - and the Blockchain Act for tokenised money. A seat, not a market. We build from our Central Europe desk.
The two routes
Payment institution - or e-money institution.
Two acts, one authority: the payment institution under the ZDG for moving money, the e-money institution under the EGG for also issuing it. Both passport across the EEA; both run on a three-month clock. We fix the route first, then build once.
PI for moving money - EMI for also issuing it, tokens included.
01 - PAYMENT INSTITUTION
PI licence · ZDG Art. 10
The licence for acquiring, transfers, remittance, payment initiation and account information without issuing e-money - capital from CHF 20,000 to CHF 125,000, safeguarding under Article 20, professional indemnity for initiation, and the EEA passport.
The licence for acquiring, transfers, remittance, payment initiation and account information without issuing e-money - capital from CHF 20,000 to CHF 125,000, safeguarding under Article 20, professional indemnity for initiation, and the EEA passport.
- ✓Other payment services: CHF 125,000 initial capital
- ✓Money remittance: CHF 20,000
- ✓Payment initiation: CHF 50,000 · PII required
- ✓Account information: registration · CHF 15,000
- ✓Authorisation fee CHF 30,000
- ✓Decision within three months of a complete file
02 - E-MONEY INSTITUTION
Wallets, tokens and issuance - FMAEMI licence · EGG Art. 7-8
Everything the payment institution does plus e-money issuance - €350,000 initial capital under Article 8(2), safeguarding under Article 11, a three-month clock under Article 7(3), and the pairing with a Blockchain Act registration for tokenised money.
EMI: issuance plus the full service list; €350,000 capital; Art. 11 safeguarding; TVTG pairing; EEA passport.
- ✓E-money issuance and redemption
- ✓The full payment-service list
- ✓Initial capital €350,000 or CHF equivalent
- ✓Safeguarding under Article 11 EGG
- ✓Small-issuer exemption: ≤ CHF 1M · ≤ CHF 100 per instrument
- ✓EEA passport under Article 5
Costs and timelines are confirmed for your case before any work begins. Capital sits in Article 10 ZDG and Article 8 EGG and the fees in the FMA's schedule; the file cost, boards and substance are itemised in your quote.
Why Liechtenstein
A passport jurisdiction with a franc, a flat tax and a token law.
Not a market - a seat. The reasons to hold a Liechtenstein licence are the currency, the tax, the passport and the Blockchain Act.
✓
EEA passport in Swiss francs
The only payment licence that passports into every EEA state from a Swiss-franc balance sheet - for groups serving Swiss and German-speaking clients alongside the EU, that is the whole point.Every EEA state from a CHF balance sheet.
✓
12.5% flat
One corporate rate with a CHF 1,800 minimum, no capital gains tax on shareholdings and a notional interest deduction on equity - among the lowest tax bills of any passporting jurisdiction.Min. CHF 1,800, no withholding.
✓
The Blockchain Act
The TVTG of 2020 registers token issuers, custodians and exchanges; an e-money licence paired with it is the structure behind tokenised-money projects that could not be built elsewhere in Europe.TVTG alongside the EMI.
✓
Three months, in the act
Article 7(3) EGG and the ZDG give the FMA three months from a complete file to decide - a small regulator that keeps its statutory clock and meets applicants in person.In the acts, kept in practice.
✓
A published fee
CHF 30,000 for authorisation and CHF 15,000 for an account information registration - printed in the FMA's guidance, so the regulatory budget is known before the first meeting.CHF 30,000 · AISP 15,000.
✓
Swiss banking next door
Liechtenstein's banks clear in francs and euros and sit inside the Swiss payment system - the treasury and safeguarding accounts a licence needs are native, not bridged.Francs and euros, native.
How it compares
How Liechtenstein differs from other routes.
Liechtenstein trades a domestic market for a currency, a tax rate and a token law nobody else in the EEA combines. The honest comparison is below.
Liechtenstein vs other jurisdictions
| Feature |  Liechtenstein | Other jurisdictions |
|---|---|---|
| Currency | Swiss franc, EEA passport | Euro or national currency |
| Corporate tax | 12.5% flat | 16-25% |
| Token law | TVTG registration alongside EMI | MiCA only |
| Home market | 40,000 residents - a seat | Millions - a market |
Currency
LiechtensteinSwiss franc, EEA passport
Other jurisdictionsEuro or national currency
Corporate tax
Liechtenstein12.5% flat
Other jurisdictions16-25%
Token law
LiechtensteinTVTG registration alongside EMI
Other jurisdictionsMiCA only
Home market
Liechtenstein40,000 residents - a seat
Other jurisdictionsMillions - a market
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Liechtenstein | PI / EMI (FMA) | 12.5% flat | CHF 125k PI · €350k EMI · fee CHF 30,000 |
 Switzerland | FINMA fintech licence | Cantonal 12-21% | No EEA passport |
 Lithuania | PI / EMI (Bank of Lithuania) | 17% CIT | €125k PI · €350k EMI |
 Gibraltar | PI / EMI (GFSC) | 15% local | €125k PI · €350k EMI · UK access |
LiechtensteinLicense typePI / EMI (FMA)
Taxation12.5% flat
RequirementsCHF 125k PI · €350k EMI · fee CHF 30,000
SwitzerlandLicense typeFINMA fintech licence
TaxationCantonal 12-21%
RequirementsNo EEA passport
LithuaniaLicense typePI / EMI (Bank of Lithuania)
Taxation17% CIT
Requirements€125k PI · €350k EMI
GibraltarLicense typePI / EMI (GFSC)
Taxation15% local
Requirements€125k PI · €350k EMI · UK access
Before you apply
Requirements for the FMA licence.Requirements for the licence.
The FMA publishes its guidance and checklists - 2019/8 for payment institutions, 2018/18 for e-money - and expects the prescribed form to be met before it reads the plan. The checklist below is what a passing application contains.
01
A Liechtenstein AG or a European company (SE) with head office and actual management in Liechtenstein - the form is prescribed, not chosen.
02
Initial capital under Article 10 ZDG - CHF 20,000, 50,000 or 125,000 by service - or €350,000 under Article 8(2) EGG for an e-money institution, fully paid in and unencumbered.
03
A management board of at least two members employed at a combined minimum of two full-time equivalents, and a supervisory board of at least three - each member of good repute and proven experience.
04
Qualifying holders identified to the ultimate beneficial owner and assessed under the FMA's prudential guidance on qualifying holdings.
05
Safeguarding under Article 20 ZDG or Article 11 EGG: customer funds kept apart and deposited or invested in secure assets, or covered by insurance or a comparable guarantee, with the FMA notified before any material change.
06
Governance and risk management appropriate to the complexity of the services, with internal control, compliance and risk functions and ICT risk management under the EEA's digital resilience rules.
07
A business plan with three years of projections a supervisor can stress - volumes, own funds, liquidity and the capital plan behind them.
08
AML/CFT framework under the Due Diligence Act: customer due diligence, monitoring, reporting to the Financial Intelligence Unit and a resident compliance officer.
09
Professional indemnity insurance or an equivalent guarantee for payment initiation and account information services.
10
The authorisation fee - CHF 30,000, or CHF 15,000 for an account information registration - and a complete file within twelve months, or the application is refused.
01
AG or SE, head office and management in Liechtenstein.
02
Capital CHF 20k / 50k / 125k; EMI €350k.
03
Management board ≥ 2 (200% FTE); supervisory ≥ 3.
04
Qualifying holders assessed to UBOs.
05
Safeguarding Art. 20 ZDG / Art. 11 EGG.
06
Governance, risk, ICT resilience.
07
Three-year plan a supervisor can stress.
08
Due Diligence Act AML with resident officer.
09
PII for PIS/AIS.
10
Fee CHF 30,000; complete within 12 months.
Reflects the Zahlungsdienstegesetz of 6 June 2019 (Article 10, Article 20), the Zahlungsdiensteverordnung, the E-Geldgesetz (Articles 5, 7, 8, 11 and 30) and FMA Guidance 2019/8 and 2018/18, as of 2026.ZDG 2019 (Arts. 10, 20), ZDV, EGG (Arts. 5, 7, 8, 11, 30), FMA Guidance 2019/8, 2018/18.
How it works
From first call to the FMA register.
01
Route and strategy
PI or EMI, TVTG pairing or not, service list and safeguarding method - the route and budget fixed in writing.PI, EMI, TVTG pairing - in writing.
02
Liechtenstein AG and boards
Incorporation, capital evidence and the management and supervisory boards the FMA will assess.Incorporation, capital, assessed boards.
03
The application file
Every item of the FMA checklist answered before filing, because the three-month clock runs from a complete application.Complete starts the three-month clock.
04
FMA review
Three months by statute from completeness - plan on six to nine months end to end including preparation and board recruitment.Three months statutory; 6-9 months total.
05
Licence and launch
Register entry, safeguarding live, EEA passport notifications filed - and the reporting calendar running.Registered, safeguarded, passported.
Quick facts
RegulatorFMA Liechtenstein
LawZDG 2019 · EGG 2011
Capital PICHF 20k · 50k · 125k
Capital EMI€350,000 or CHF equivalent
Authorisation feeCHF 30,000 · AISP 15,000
Decision clock3 months · 12 to complete
BoardsManagement ≥ 2 · supervisory ≥ 3
Corporate tax12.5% · VAT 8.1%
The form is prescribed and the numbers are printed. The file that meets the FMA's checklist line by line - and the boards that make it real - is the entire game, and our job.
Your Liechtenstein desk
Run from our Central Europe desk.
Prifinance - Central Europe desk
Prague · coordinating Liechtenstein mandates
Vlkova 532/8, Žižkov, Prague
01
Liechtenstein AG formation
AG incorporation, capital to the Article 10 or Article 8 figure and the two-board structure the acts prescribe - built for the licence from day one.Capital, two boards, corporate layer.
02
The FMA file
Business plan, own-funds model, safeguarding design, governance and due-diligence policies to FMA Guidance 2019/8 and 2018/18 - drafted by us and defended through the question rounds.Checklists answered line by line.
03
Boards and substance
Resident management-board members, a supervisory board of three, a compliance officer and premises in Vaduz or Schaan - the actual management the acts require.Resident members, Vaduz premises.
04
The token layer
Where the product is tokenised money, the TVTG registration built alongside the e-money licence so issuance, custody and payments launch under one structure.TVTG built alongside the EMI.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Liechtenstein.
A flat 12.5% rate, no tax on capital gains from shareholdings, a notional interest deduction on equity and Swiss VAT at 8.1%.
Corporate tax 12.5%
One flat rate on a payment institution's fee and margin income, with a minimum tax of CHF 1,800 a year - no cantonal layer, no surcharges.Flat, min. CHF 1,800.
Capital gains and dividends
Gains and dividends on shareholdings are tax-exempt in the ordinary case - Liechtenstein holdings sit above many Swiss and European groups.Shareholdings untaxed.
Notional interest deduction
A deemed interest deduction on qualifying equity lowers the effective rate for well-capitalised institutions - the capital the licence requires works for the tax bill.Deduction on equity.
VAT 8.1%
Swiss VAT applies under the customs union; payment services are exempt - the lowest standard rate of any passporting jurisdiction.Swiss rate, payments exempt.
No withholding
No withholding tax on dividends, interest or royalties leaving Liechtenstein - outbound flows are planned without treaty gymnastics.Dividends, interest, royalties.
Swiss-franc accounts
Books, capital and safeguarding may run in francs - a natural fit for groups whose clients and costs are Swiss or German-speaking.Capital and safeguarding in CHF.
Tax summary
Corporate tax12.5% · min. CHF 1,800
Capital gains on sharesExempt
Notional interest deductionOn qualifying equity
VAT8.1% · payments exempt
Withholding taxNone
CurrencySwiss franc
*Figures as of 2026 per the Liechtenstein Fiscal Authority. Deductions are assessed 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 AG, 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 institution.
Follow Prifinance
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Liechtenstein · FMA
Launch your payment project in Liechtenstein with expert support.
Full-service assistance - from AG incorporation and board recruitment to the FMA licence, safeguarding design, EEA passporting and ongoing compliance.
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The Liechtenstein payment licence, answered.
What licence does a payment business need in Liechtenstein?+
An authorisation from the FMA - as a payment institution under the Payment Services Act (ZDG) for moving money, or an e-money institution under the E-Money Act (EGG) for also issuing it. Account information providers register for CHF 15,000 rather than license.
How much capital is required?+
Article 10 ZDG: CHF 20,000 for money remittance only, CHF 50,000 for payment initiation only, CHF 125,000 for the other services, or the euro equivalent. Article 8(2) EGG: €350,000 or its franc equivalent for an e-money institution - fully paid in and the permanent floor for own funds.
What does the licence cost?+
The FMA's authorisation fee is CHF 30,000; registration of an account information provider CHF 15,000. Annual supervisory levies follow once licensed, and the two boards the acts require are the main operating cost.
How long does the FMA take?+
Three months from a complete application, under Article 7(3) EGG and the ZDG. An applicant who has not completed the file within twelve months is refused. With preparation and board recruitment, plan on six to nine months end to end.
What corporate form is required?+
An AG or a European company (SE) with head office and actual management in Liechtenstein, a management board of at least two members at no less than two full-time equivalents combined, and a supervisory board of at least three.
How are customer funds protected?+
Under Article 20 ZDG and Article 11 EGG: kept apart from the institution's own funds and deposited or invested securely, or covered by insurance or a comparable guarantee - with the FMA told in advance of any material change.
Can I passport across the EEA?+
Yes - Article 5 EGG states that the licence is valid in all EEA member states, and the ZDG mirrors it for payment institutions. Liechtenstein is EEA, not EU: the passport reaches the EU and Norway and Iceland; it does not reach Switzerland.
How does the Blockchain Act fit?+
The TVTG of 2020 registers token issuers, custodians and exchanges with the FMA. An e-money licence paired with a TVTG registration lets a group issue tokenised e-money, hold the tokens and run the payments under one supervised structure - the reason stablecoin projects look at Vaduz.
How are payment companies taxed?+
A flat 12.5% corporate tax with a CHF 1,800 minimum, no tax on gains and dividends from shareholdings, a notional interest deduction on equity, no withholding tax and Swiss VAT at 8.1% with payment services exempt.
Why Liechtenstein rather than Switzerland or Lithuania?+
Switzerland has the franc and no EEA passport; Lithuania has the passport and no franc. Liechtenstein has both, plus 12.5% tax and the Blockchain Act - for a group whose clients are Swiss and German-speaking and whose ambitions are European, it is the only seat that fits.
Which licence?+
FMA: PI under the ZDG or EMI under the EGG.
Capital?+
CHF 20k / 50k / 125k; EMI €350k.
Fee?+
CHF 30,000; AISP CHF 15,000.
How long?+
3 months from complete; 12 to complete; 6-9 months total.
Form?+
AG/SE, two boards (≥ 2 and ≥ 3).
Safeguarding?+
Art. 20 ZDG / Art. 11 EGG.
Passport?+
EEA - not Switzerland.
Blockchain Act?+
TVTG registration alongside the EMI.
Taxes?+
12.5%, no WHT, VAT 8.1%.
vs Switzerland / Lithuania?+
Franc plus passport - only here.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
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Google
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Google
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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 the Financial Market Authority Liechtenstein or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.