In this article we are going to explain about private banking, the advantages, and disadvantages of Liechtenstein banks, and what services they usually offer.
We introduce 5 Liechtenstein banks that we think you can get an account there and a few e-money institutions.
In fact, this information helped our clients to learn more about Liechtenstein banks and make a better decision. We have successfully opened bank accounts for more than 500 of our wealthy clients.
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- Outline of Liechtenstein
- Liechtenstein Economy and Taxation
- Liechtenstein bank and private banking
- Advantage and Disadvantage
- Liechtenstein bank’s statistical analysis
- Cryptocurrency and blockchain
- Pseudonym account
- List of Liechtenstein banks
- List of Liechtenstein e-money institutions
- Initial Deposit and minimum balance
- References
- General FAQ
Outline of Liechtenstein
Lichtenstein is located in Central Europe, surrounded by Switzerland and Austria. It is the fourth smallest country in Europe with a population of almost 39,000. Its capital city is Vaduz and the largest municipality is Schaan. The official language is German; however, English is also widely spoken within the country. Liechtenstein has a strong relationship with Switzerland and employs swiss franc as its main currency.
Liechtenstein Economy and Taxation
Liechtenstein is one of the richest countries in the world. Due to its low corporate tax (12.5% on profit), the country has become an interesting place for wealthy business people. In contrast, currently, the number of registered companies is far more than its population. It was known as a tax-haven jurisdiction for wealthy people before; however, in 2017, Liechtenstein has Joined the common reporting standard (CRS) and it is no longer a tax-haven country.
The tax authority of Liechtenstein is practically participating in CRS. In March 2020, the tax authority announced that the reporting deadline will be extended until 31 July 2020 due to the COVID-19 pandemic.
Liechtenstein exchanges information with the countries that have direct agreements. Thus, your information will be safe if you are a resident of a country that has no direct contract with Liechtenstein.
You can use the Country-by-Country exchange relationships page from OECD website to check if your country of residence has any direct contract with Liechtenstein.
Liechtenstein bank and private banking
Traditionally, banks in Liechtenstein are more focused on private banking and asset management. Most banks are family-owned banks and were in this sector for decades. Some Liechtenstein banks engage in other businesses such as blockchain, e-commerce, and payment systems. For example, Bank Frik has been very active in e-commerce and blockchain businesses for the last few years.
Similar to Switzerland banks, Liechtenstein banking systems are following ISO 20022 payment transaction standards and they are also part of the Single Euro Payments Area (SEPA).
Sustainability is a key strategy in long term investment in Liechtenstein and LGT is playing as a role model of it. As a result, sustainable investments are increasing continuously in Liechtenstein for last few years.
Liechtenstein obtained AAA-rating again by Standard & Poor in June 2019. This rating along with a stable economy makes Liechtenstein an attractive jurisdiction for foreign investors and businesses to bring their businesses and funds into Liechtenstein. Many wealthy companies and investment companies have branches or foundations in Liechtenstein.
Practically 14 licensed banks are active in Liechtenstein and the largest Liechtenstein private bank is LGT Group.
Liechtenstein banks are internationally-oriented and they have representatives in more than 20 countries.
Advantage and Disadvantage
Advantage
- Stable economy
- Rich banks in a rich country
- AAA-rating in the banking sector
- Providing outstanding asset management and private banking services
- Accept e-commerce, cryptocurrency, and blockchain-related businesses.
- Pseudonym account is available
Disadvantage
- Banking in Liechtenstein are not cheap
- Require a large amount of deposit
- No longer a tax haven country
- Very difficult to get a bank account
Liechtenstein bank’s statistical analysis
According to financial market authority (FMA), CHF 349.8 billion assets were under the management of 14 banks (Liechtenstein banks including foreign group companies) as of December 2019 so that 49.8% (CHF 174.2 billion) of them managed by the banks in Liechtenstein. The following picture shows the statistic analysis from 2015 to the end of 2019:
As the chart below shows, the balance sheet total of Liechtenstein bank including foreign companies have increased intermittently each year so that reach CHF 92.8 billion at the end of 2019.
The earnings before tax (EBT) of Liechtenstein bank including foreign companies have increased about CHF 6.5 billion from 2018 to 2019. Liechtenstein banks have the EBT of CHF 92.8 billion at the end of 2019.
Cryptocurrency and blockchain
The Liechtenstein government has announced its Blockchain Acts and officially become a crypto hub. It seems they want to be a center for wealthy cryptocurrency owners too.
Liechtenstein is now one of the most important cryptocurrency centers that attract investors in this field to move to this Jurisdiction. Currently, bank Frik is a pioneer among Liechtenstein banks.
Here we list why Liechtenstein is a suitable place for Cryptocurrency businesses:
1. Liechtenstein banks accept cryptocurrency-related transactions and initial coin offerings and open bank account for such activities;
2. Initial coin offerings (ICOs), cryptocurrencies, and Blockchain businesses are regulated in Liechtenstein and have legal framework;
3. They are working to a network of cryptocurrency ATMs;
Pseudonym account
There is a possibility to get a pseudonym account in Liechtenstein banks. This is a way in which you open an account in the name of alias.
Kindly inform us If you are interested in this kind of account.
List of Liechtenstein banks
There are 14 banks in Liechtenstein. Here we try to introduce some of those banks that we think might be good to have an account there:
1. Bank frick & Co. AG
3. Bank Alpinum AG
3. Banque Havilland (Liechtenstein) AG
4. BENDURA BANK AG
5. LGT Bank AG
1. Bank Frick & Co. AG
The bank was established in 1998. Bank Frick & Co.is the 6th largest bank in Liechtenstein and its total assets were CHF 1,062.00 million with a market share of 1.27% at the end of 2019.
Bank Frick provides a range of consultancy services, modern asset management, investment management in real estate, corporate banking, blockchain banking, fund administration, and fund management.
Bank Frick is one of the first banks that offer trading and custodian services for Bitcoin (BTC) and bitcoin cash (BCH).
Along with their normal products like current accounts, trading accounts, and custody accounts the bank also offers crypto-trading and crypto-custody accounts.
For international transfers, the bank only offers SWIFT transfers and SEPA credit transfers at the moment.
Contacts
Landstrasse 14, 9496, Balzers, Liechtenstein43
+423 388 21 21
+423 388 21 22
http://www.bankfrick.li
bank@bankfrick.li
How to open bank account in Bank Frick?
To open a bank account in Bank Frick you can simply click on the “Open an account” menu at the top of the website.
Then you will reach to a page as following:
Enter your name and email address you would like to have contact with the bank then click on the Register button. After that you will receive an email as follows:
You need to click on the link and enter your username and password. Then you will receive another email that gives you a verification code which you need to enter to the following page:
Once you click the submit button, you will see the change password page. Please make sure to put at least 8 characters long passwords including Letters, numbers, and special characters.
Once you submit your new password, you will get into the following page where you need to follow the procedure step by step.
Once you click on the continue button, you will see the following page:
In this step, you can select which service you would like to apply for. The bank offers blockchain banking, corporate banking, and private banking.
If you want to have a personal account, you will need to select private banking service. Then click on the next button to get to the next step:
You can select a blockchain solution if you deal with cryptocurrencies. Here, we chose the classic solutions and go to the next step:
The bank offers private professional bundle and private starter bundle services. You can select any one of them which is suitable for you.
Here you need to give some basic information about the purpose of a bank account, initial deposit, incoming and outgoing transactions, and method of the transactions. By submitting the form, the bank will ask about your personal information (see following picture):
You need to answer all questions and finish the registration. Then the bank will contact you about documentation and so on. Please contact us If you are not sure how to answer the questions. Sometimes, we think that all our answers are accurate and relevant while they bring more confusion. Our team will assist you to get the bank account easier.
2. Bank Alpinum AG
The bank was established in 2001. The total amount of CHF 685.00 million assets was under the management of the bank in 2019. That made Bank Alpinum as the 12th largest bank in Liechtenstein.
The bank provides a range of private banking services such as investment advice, financial planning, asset structuring, and portfolio management. They offer online banking and products like debit cards, credit cards, and lombard loans.
For international transfers, the bank only offers SWIFT transfers and SEPA credit transfers at the moment.
Contacts
Austrasse 59, 9490, Vaduz, Liechtenstein1528
+423 239 62 11
+423 239 62 21
http://www.bankalpinum.com
info@bankalpinum.com
How to open bank account in Bank Alpinum?
To open an account in this bank you need to contact the bank directly or walk into their bank.
A remote account opening is possible via bank agents and the personal meeting is not mandatory; however, we strongly recommend you to visit them once.
At the first stage, before the bank starts to review your application, the bank requires you to fill out and sign the “Application for transaction account” form and transfer a non-refundable application fee of CHF 5,000 (five thousand Swiss francs).
The whole review process usually takes 3-4 weeks. The payment of the application fee is not a guarantee that the account will be opened; this is the fee you pay to the bank to evaluate your application. In case of approval by compliance, the account will be opened. The whole review process usually takes 3-4 weeks.
Can't do it alone? No Problem!
Contact us if you wish to have an account in Liechtenstein.
Contact Us NOW!3. Banque Havilland (Liechtenstein) AG
Banque Havilland is a private bank that was established in 2014.
It is the 10th largest bank in Liechtenstein and its total assets were CHF 297.70 million with a market share of 0.36% at the end of 2019.
Banque Havilland is focusing on private banking, wealth management, asset management, portfolio management, custody services, and wealth structuring.
You can open a current account and get a credit card.
Contacts
Austrasse 61, 9490, Vaduz, Liechtenstein
+423 239 33 33
+423 239 33 00
http://www.banquehavilland.li
info.lie@banquehavilland.li
How to open a bank account in Banque Havilland?
To open a bank account in Banque Havilland, you need to visit them personally. They will verify the documents at the counter.
4. BENDURA BANK AG
BENDURA BANK was founded in 1997 as a licensed private bank in the Principality of Liechtenstein.
It was known as Valartis bank and it was famous among offshore companies for its security and privacy.
The total amount of CHF 1,634.00 million assets were under the management of BENDURA BANK in 2019. That made Bank Alpinum as the 4th largest bank in Liechtenstein.
The bank provides transaction banking, investment advice, and asset management for wealthy individuals, families, and medium-sized companies. BENDURA BANK's advisors are from different countries. Thus they can provide services in more than 20 different languages.
For international transfers, the bank only offers SWIFT transfers and SEPA credit transfers at the moment.
Contacts
Schaaner Strasse 27, 9487, Gamprin-Bendern, Liechtenstein
+423 265 56 56
+423 265 56 99
http://www.bendura.li
info@bendura.li
How to open a bank account in BENDURA BANK?
BENDURA BANK accepts opening an account remotely; however, they require you visit them at least once. It is not necessary to visit them at Liechtenstein. Their advisors are usually traveling around the world. You can make an appointment to visit one of them when they are visiting your country. To open a bank account you need to contact them directly or contact one of their agents. Please contact us if you like us to assist you in this matter.
5. LGT Bank AG
LGT Bank AG was established in 1920 and has been managed by the Princely Family of Liechtenstein for more than 80 years.
It is the largest bank in Liechtenstein with more than 3660 employees and its total assets were CHF 49,400.00 million with a market share of 59.16% at the end of 2019.
In addition to private banking and asset management, LGT Bank provides services such as portfolio management, investment advisory, retail banking, wealth planning.
You can open a current account, saving account, time deposit account, precious metals account, and custody account. You can use their products including debit/credit card, safe deposit boxes, Lombard loan, and mortgage loan.
Contacts
Herrengasse 12, 9490, Vaduz, Liechtenstein 85
+423 235 11 22
+423 235 15 22
http://www.lgt.com
info@lgt.com
How to open a bank account in LGT bank?
To open a bank account in this bank you can contact them directly or visit any of their branches.
List of Liechtenstein e-money institutions
Currently, there are only 4 licensed e-money institutions (EMIs) in Liechtenstein. These EMIs are licensed by the Financial Market Authority (FMA) and can operate within EEA countries. Unfortunately, they cannot provide services for non-EEA member residents. The following are the list of EMIs:
1. Swiss Bankers Prepaid Services AG
2. Pintail AG
3. DOCOMO Digital Payment Services AG
4. Cornèr Europe AG
Initial Deposit and minimum balance
Private banks in Liechtenstein generally require a big initial deposit and a large amount of balance. They are generally interested in wealthy clients. So, we suggest you open an account in Liechtenstein if you plan to deposit more than CHF 500,000 in Liechtenstein bank.
References
1. https://en.wikipedia.org/wiki/Liechtenstein
2. Banking in Europe, retrieved from https://www.ebf.eu/wp-content/uploads/2020/01/EBF-Facts-and-Figures-2019-Banking-in-Europe.pdf
3. Financial Market Authority (FMA), Liechtenstein Financial Centre (2020 edition), retrieved from https://www.fma-li.li/files/fma/liechtenstein-financial-centre-2020.pdf
4. The banks, https://thebanks.eu/banks-by-country/Liechtenstein
General FAQ
Can I open a bank account as a non-resident of Liechtenstein?
Yes, Liechtenstein banks are providing various private banking services to non-resident investors. Usually, banks require a high volume minimum balance. They are more interested in wealthy individuals and families.
What are the required documents for a foreigner to open a bank account?
The required documents vary between banks and they are usually related to the type of account you choose. Certified copy of Passport, Certified copy of proof of address (Utility bill, e-government print out), Bank balance certificate or bank reference letter, resume (CV) is the most common documents that banks usually ask.
