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All individuals, trusts and business entities which are domiciled, or possessing property or business premises, in Liechtenstein are subject to either personal income tax or corporate (profit) tax.

There is no income tax levied against any company which is domiciled in Liecht- enstein if the company does not receive local source income. Special tax rates apply to domiciliary and holding companies, founda- tions and trusts.

Liechtenstein has only one double taxation treaty, and this is with Austria.

Business entities

Liechtenstein's company law currently permits the establishment of any type of legal entity which can be found anywhere in the world. The two most popular categories of companies are holding companies and domiciliary companies. The number of registered companies in Liechtenstein outnumbers its population by almost two to one.

Holding companies

A holding company is defined in Liechtenstein as a company which is organized for the administration of capital or assets, such as shares or bonds of one or more other companies. It may own local or foreign property, including copyrights, licenses, patents and trademarks.

Domicillary companies

A domiciliary company has only a corporate seat, but no business . activities, in Liechtenstein.

The most common corpo- rate forms to obtain are the stock corporations Aktienge- sellschaft (AG) and the Anstalt, which is a corporate hybrid.

Anstalt

Also known as Establish- ment or Establissement, this legal entity combines the best of corporate and trust features. It is unique to Liechtenstein and is the utmost in financial secrecy.

Stiftung

The Stiftung is the Liechtenstein version of the trust, and it permits great flexibility in both its structure and purpose.

If structured to the partic- ular needs of the individual client, the foundation should not generally cause any prob- lems with any home country tax authorities.

Treuunternehmen

This is yet another hybrid corporate trust concoction from the creative lawyers in Liechtenstein.

Investor protection

There is no fixed investor's compensation scheme in operation at present. Any agreement made is up, to every client and their partner.

Any complaints can be filed with either the government, the Banking Commission, the regular courts or finally with the Liechtenstein Associations of Professional Trustees.

If a complaint is to be made against a lawyer, then it needs to be directed to the Liechtenstein Bar Association.