In Liechtenstein, a licence from the Financial Market Authority (FMA) is required to perform the profession of trustee. This licence is only granted to persons who have acquired the necessary knowledge through several years of qualified practice in the trust sector, and who have successfully passed the examination required by law.
Liechtenstein offers advantages with regard to the establishment and administration of companies, but refuses to accept any abusive use of anonymity and applies high ethical and professional standards in the acceptance of mandates and the conduct of business.
This approach calls for the appropriate knowledge, and the profession of trustee is therefore regulated by law. Prospective professionals must pass a demanding examination in order to qualify.
According to the Liechtenstein ordinance concerning the Examination of Professional Trustees and Fiduciaries (Treuhänderprüfungsverordnung – TrHPV) dated 3 December 2013, LR 2013 No. 438), the following areas of competence are examined in detail:
- Accounting and auditing
- Personal and company law, commercial register law, professional law, supervision by the FMA, due diligence and commercial law
- Tax law
- Contract law
- Inheritance law
- Financial consulting
In addition to the areas defined for the written examination, the oral examination also includes:
- Description of the activity, powers and responsibilities of the trustee and of the trustee operations
- Securities law
- Debt collection and judicial dismissal of objection, execution and bankruptcy law, and composition agreements
- Property law
- Employment law
- Organisation and jurisdiction of the courts and administrative authorities
- International tax law (double taxation agreements, tax information agreements and EU taxation of savings agreements)
The Financial Market Authority (FMA) decides on admission to the trustee examination.
More information can be found on the FMA website.