Liechtenstein: CRS and FATCA controls for managed legal entities, banks and insurance companies

Guidance items explain the rules for CRS and FATCA controls.

Guidance items explain the rules for CRS and FATCA controls.

The tax authority of Liechtenstein issued guidance relating to the common reporting standard (CRS) and FATCA controls for:

  • Managed legal entities of trust companies, trustees, and individuals who carry out activities—read a June 2021 report [PDF 142 KB] prepared by the KPMG member firm in Liechtenstein
  • Banks and insurance companies—read a June 2021 report [PDF 141 KB] prepared by the KPMG member firm in Liechtenstein

Both guidance items explain the rules for the CRS and FATCA controls. For instance, risk-based controls are to be conducted to meet CRS and FATCA compliance obligations of Liechtenstein financial institutions and bank paying agents. These controls are either conducted by the tax administration (STV) or by third parties (auditors, auditing companies, and statutory auditors) and pursuant to specifications of the STV when using third-party administrators.

 

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