With his considerable ability and extensive knowledge the Liechtenstein trustee is qualified to place himself at the disposal of private persons and undertakings as the authority for answering all the questions relating to finance and economics.
In Liechtenstein a licence issued by the Financial Market Authority (FMA) is required in order to practice as a trustee. This concession is granted only to persons who have acquired the necessary knowledge as the result of many years of qualified practice in the sphere of trusteeships and have passed the legally required examination.
The licenced trustee is entitled to exercise the following activities:
- The formation of legal entities, companies and trusts for third parties, in the trust company's own name and for third-party account also the mediation with authorities and official offices associated therewith
- The assumption of administration mandates in accordance with Art. 180a of the law on persons and companies, also the assumption of trusteeships
- Financial, economic and tax consultancy
- Accountancy and auditing activity
In addition the professional associates and their staff members are committed by the ethics of the profession to keep their specialised knowledge completely up-to-date. In this way they ensure that the tasks entrusted to them are dealt with in a conscientious and exact manner. Moreover, trustees must observe Liechtenstein's strict professional secrecy. In the exercise of their professional activity trustees and trust companies must be insured against claims for compensation, The sum insured must be at least one million Swiss francs for each claim and at least two million Swiss Francs for all claims of a year.