Currently Britons only have to show a meaningful connection to Liechtenstein in order to open a bank account there and take advantage of the Liechtenstein Disclosure Facility (LDF); with there being no minimum amount for using the LDF; although some banks do specify their own conditions.
Now the Liechtenstein Bankers’ Association is talking to the Liechtenstein government about tightening the criteria for using the Liechtenstein Disclosure Facility which has been used by more than two thousand people since it was set up in 2009.
The banks propose Britons should pay a minimum of 30% of their overseas assets into a Liechtenstein bank account and keep it open for at least two years.
Britons who have a company structure or trust in Liechtenstein will have to pay 20% of their overseas assets and also keep the account open for two years.
Although the details of the proposals haven’t been finalised, Liechtenstein's banks want to stop British investors opening bank accounts in the country, depositing a small proportion of their assets, and closing the account three or four months later after settling their tax liabilities with the UK taxman.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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