BREXIT

Due to the still uncertain outcome of the BREXIT process, the Liechtenstein Government has prepared for all possible scenarios. This includes as well a no-deal withdrawal of the United Kingdom (UK) from the European Union (EU). For such a case, the Government has prepared a national package of measures designed to enable both products and services from the UK to continue to be sold and provided on a temporary basis in Liechtenstein under the same framework as currently in force.

A no-deal withdrawal from the EU would in principle mean that companies domiciled in the UK, which have until now been able to provide cross-border services in Liechtenstein on the basis of their EU passport, would lose this right to market access after the withdrawal. With regard to the financial sector, the prepared measures in the event of a no-deal withdrawal provides that financial services already offered through an EU passport in Liechtenstein before BREXIT may continue to be provided on that basis during a transitional period of 21 months. Most other EU/EEA countries have adopted similar national arrangements.

From the perspective of the LBA, the measures prepared by the Government are important and necessary safeguards for maintaining existing business relationships or adapting them to the new situation. The LBA therefore welcomes and endorses these measures.