Liechtenstein provides for expansion of its AEOI partner countries under automatic exchange of information for financial accounts as of 1 January 2021
In 2016, Liechtenstein introduced automatic exchange of information on financial accounts (AEOI) vis-à-vis the European Union. With countries and jurisdictions outside the EU, Liechtenstein is successfully implementing AEOI via the Multilateral Convention on Mutual Administrative Assistance (MAC) and the Multilateral Competent Authority Agreement (MCAA). The MCAA requires explicit bilateral activation of AEOI with the partner countries.
With this expansion, the number of Liechtenstein AEOI partners will increase to a total of 114 countries.
Liechtenstein seeks to implement AEOI with all interested and suitable countries. For that reason, the Government of Liechtenstein continuously expands the list of AEOI partner countries in line with its Financial Centre Strategy published in February 2019, with the aim of securing a "consistently high level of compliance".
To determine which countries may become AEOI partner countries, those with a confirmed commitment to AEOI and a fixed implementation date are considered. Four preconditions must then be met for AEOI to be activated bilaterally between these countries and Liechtenstein:
- The MAC must be in force in both countries.
- Both countries must have signed the MCAA.
- Both countries must have confirmed their implementation of the AEOI standards in the necessary national legislation.
- Both must have notified the secretariat of the OECD coordination body that they wish to exchange information with another country on an automatic basis.
According to the updated OECD overview of AEOI commitments, 160 countries and jurisdictions have currently committed to implementing AEOI.
With the planned expansion starting on 1 January 2021, Liechtenstein will have activated AEOI with 114 partner countries.