Liechtenstein at a Glance
Language
Standard German is the official language; the colloquial language is an Alemannic dialect
Population
Approx. 36'000 inhabitants (as of the end of 2008), of which 33% are foreigners, mainly Swiss, Austrians; Italians and Germans
Capital
The Capital of Liechtenstein is Vaduz with about 5'100 inhabitants.
System of State, Constitution
Liechtenstein is a constitutional, hereditary monarchy on a democratic and parliamentary basis. The power of State is embodied in the Reigning Prince and the People and is exercised by them in accordance with the provisions of the Constitution (article 2 of the Constitution of 1921).
Area
160.0 square kilometers (Liechtenstein is the fourth-smallest state in Europe, after Vatican, Monaco and San Marino)
Liechtenstein at a Glance
Head of State
Prince Hans-Adam II of Liechtenstein, Duke of Troppau and Jägerndorf, Court of Rietberg. Upon the death of his father, Prince Franz Josef II, Hereditary Prince Hans-Adam took over the regency on 13 November 1989.
On August 15th 2004 H.S.H. Prince Hans-Adam II entrusted his son H.S.H. Hereditary Prince Alois as his representative with the exercise of all sovereign rights pertaining to him, in accordance with the Liechtenstein Constitution.
Parliament
The Liechtenstein Parliament (Landtag) is composed of 25 representatives. It exercises its rights in the sessions of the Parliamentary Plenary. The Liechtenstein Parliament is relatively small on an international scale.
Government
According to the Constitution, the Government is a collegial body composed of the Prime Minister and four other Ministers. The Prime Minister and the other Ministers are appointed by the Reigning Prince on recommendation of the Liechtenstein Parliament.
Courts
Jurisdiction in civil and criminal matters is exercised in the first instance by the Court of Justice, in the second instance by the Court of Appeal, and in the third and last instance by the Supreme Court. The Administrative Court and the Constitutional Court are courts of public law. The courts sit in Vaduz.
National Day
Liechtenstein's National Day is on the 15th of August
Currency
The national currency is the Swiss franc although Euros are generally accepted
Principality of Liechtenstein
Liechtenstein
Liechtenstein is a sovereign and modern small state with an area of 160 square kilometres (62 square miles) located the centre of Europe. It is embedded between Switzerland and Austria.
The country is formed by eleven communities, with Vaduz as the capital. The Standard German is the official language; the colloquial language is an Alemannic dialect
The Principality of Liechtenstein is an hereditary monarchy on a parliamentary democratic basis. Sovereignty is shared between the Prince Hans-Adam II of Liechtenstein, as the head of state and the populace. Around 35,000 people live in this small state, about 1/3 of whom are foreigners.
The economy of Liechtenstein offers approximately 33,000 jobs. Around 15,000 employees from Austria and Switzerland commute to Liechtenstein every day to work in approximately 4,200 enterprises, most of which are from the industrial and from the services sectors.
European Economic Area
Liechtenstein is a member of the European Economic Area (EEA). The Liechtenstein Life Insurance therefore benefits from the right of free trade in services within the European Union (Art 5 (1) of Directive 2002/83/EC on life insurance) and in Switzerland (on the basis of the insurance treaty with Liechtenstein). The assets for the policies are separated from the assets of the insurance company and do not form part of the insolvency assets.
Stability and experience
The Principality of Liechtenstein is known for its political continuity, its stable legal and social order and its liberal economic system. Among other factors the low level of State intervention, the solid financial policy of the public budget, the constricted tax legislation and the low interest rate make the country very interesting for the financial services sector. This is why the Principality of Liechtenstein is one of the worldwide leading financial centres that attract international enterprises from the financial services sector.
Confidentiality
The Principality of Liechtenstein stands for confidentiality. Due to insurance secrecy the privacy of policyholders is completely protected. This discretion is associated with very strict safety instructions and numerous legal regulations to combat financial crime. The Due Diligence Act and the Due Diligence Ordinance play a decisive role therein. The Principality of Liechtenstein is continuously adjusting and strengthening its laws to ensure that they are modern and always up to date.
Security
The combination of all these factors means that Liechtenstein is an exceptionally attractive commercial and financial centre. The International Monetary Fund gave Liechtenstein very good grades regarding compliance and it is rated with top creditworthiness ("AAA") by Moody's and Standard & Poor's. Liechtenstein is totally debt free. In addition life insurance fall under the provisions for protection against creditors in Liechtenstein's Insurance Law Capital investors can continue to rely on Liechtenstein's first-class qualities as a place to do business, now and in the future.
Tax efficient environment
According to Liechtenstein's law all insurance contract benefits that are paid out to policyholders or beneficiaries are tax free. However, it is possible that taxes are imposed in their home country. The policyholders and the beneficiaries themselves are responsible for all necessary declarations in connection with these taxes.
more over Liechtenstein http://www.liechtenstein.li/