AIFM passporting in Liechtenstein

1. EEA AIFMs

Pursuant to the Liechtenstein Law on of Alternative Investment Fund Manager (AIFMG-L), AIFMs authorised in their EEA home member state may establish and manage AIFs in Liechtenstein on a cross-border and / or branch basis, provided that the AIFMs are authorised to manage the relevant type of AIFs.

The requirements for cross-border notification or branch establishment notification are stipulated in the AIFMG-L. The HMSA shall forward a cross-border notification or a branch establishment notification to the Liechtenstein Financial Market Authority (“FMA”) of the EEA AIFM. In both cases the EEA AIFM may commence management of an AIF once FMA has received proper information from the HMSA.

Authorised EEA AIFMs may market EEA AIFs in Liechtenstein to professional investors (as defined under Annex II of Directive 2004 / 39 / EC (MiFID)). In order to commence marketing in Liechtenstein, a notification must be forwarded to the FMA from the respective EEA HMSA. After FMA has received proper information, the marketing to professional investors may be commenced. A Non-EEA AIF managed by the EEA AIFMs can be marketed in Liechtenstein subject to authorisation by FMA, which is conditional on certain requirements (e.g. cooperation agreement between FMA and HMSA of the respective AIF, the respective Non-EEA member state should not be included on the FATF list of non-cooperative countries etc.)

Marketing and placement of AIFs to retail investors in Liechtenstein is possible. The requirements are laid down in Article 151 AIFMG-L. In order to commence marketing in Liechtenstein, the HMSA shall forward a notification to the FMA. After the FMA has acknowledged receipt, the marketing to retail investors may be commenced.

2. Third country AIFMs

Non-EEA AIFMs, which have been authorised in another EEA state of reference, are entitled to the same passporting rights as EEA AIFMs. Marketing in Liechtenstein of Non-EEA AIFs managed by Non-EEA AIFMs are subject to cooperation agreements between the FMA and the HMSA of the AIF. Additionally, the third country should not be listed as non-cooperative country by FATF and the third country has signed an agreement with the EEA reference state and each EEA state of marketing that fully complies with Art. 26 of the OECD Model Tax Agreement for the avoidance of double taxation of income and assets and ensures an effective exchange of information in tax matters, including any multilateral tax agreements.

3. Fees

The fee is depending on whether the AIF is marketed to professional investors only or to retail investors.

In the case the AIF is marketed to professional investors only, the notification fee is CHF 500 for a single fund or for each sub-fund of an umbrella-fund.

In the case the AIF is marketed also to retail investors, the notification fee is CHF 750 for single funds and CHF 1’125 for umbrella funds including one sub-fund and additional CHF 375 for each additional sub-fund.

The FMA also invoices an annual supervisory fee of CHF 1’250 for single funds and for each sub-fund of an umbrella fund.