Investment Fund Structuring in Liechtenstein

No. The statutes set a period per regime and allow the FMA to extend it. A UCITS is decided within 10 working days of complete documents (one month for a first self-managed Investmentgesellschaft), extendable. An AIF is not authorised; its AIFM is, within three months, extendable to six. One figure for every fund does not match the acts.

It depends on the regime. A UCITS is authorised, and so is its management company, unless it is a self-managed Investmentgesellschaft. For an AIF, the FMA authorises the AIFM and enters the AIF in its register. An Investmentunternehmen under the IUG receives a certificate once the auditor's confirmation is in.

Either route exists. The Liechtenstein fund association lists licensed management companies that offer white-label fund set-up; we name the association, not its members. A management company of your own under the IUG takes the form of an AG, an Anstalt or an SE, formed by the licensed trustee.

No. Financial and business advice for third parties is a trustee activity under the Trustee Act, and legal advice is reserved to lawyers. We coordinate the application; the licensed partner named in your engagement letter advises, and the management company or AIFM submits. Operating without FMA authorisation is a criminal offence.

The figures are minimums. Above EUR 250 million of managed portfolios (CHF 250 million under the IUG) capital rises by 0.02% of the excess, capped at EUR 10 million (CHF 10 million). A UCITS management company or AIFM must also hold at least the Reg. (EU) 2019/2033 Art. 13 amount; an IUG management company, a quarter of its fixed overheads.

This page does not state a tax treatment for funds. The tax position of the vehicle and the management company is a question for the licensed tax adviser named in your engagement letter. Our tax advisory page covers that service.

The IUG lets an Investmentunternehmen take the contractual form, collective trusteeship (Kollektivtreuhänderschaft), the company form (Investmentgesellschaft) or a partnership form. A foundation or Anstalt is not among them, though the FMA may recognise another domestic form in a justified individual case (IUG Art. 6(3)). Foundation, Anstalt and trust have their own pages here; this page covers investment funds only.

Three regimes: a UCITS under the UCITSG, an AIF managed by an AIFM under the AIFMG, and an Investmentunternehmen under the IUG, which is neither a UCITS nor an AIF. An Investmentunternehmen can take the contractual form, collective trusteeship, the company form or a partnership form.

A UCITS is authorised by the FMA, and its management company needs its own authorisation unless it is a self-managed Investmentgesellschaft. An AIF is not authorised itself: its AIFM is, and the FMA enters the AIF in a public register of AIFM and the AIF they manage, updated monthly.

Neither a UCITS nor an AIF, open to qualified investors: professional investors; investors with a CHF 100 000 minimum and CHF 1 million in financial assets; investors with a CHF 100 000 minimum whose expertise is assessed; family or group vehicle investors (a family vehicle's first subscriber must also pass the professional or CHF 100 000 test), IUG Art. 4(1).

A UCITS: 10 working days from complete documents (a first self-managed Investmentgesellschaft: one month), extendable to two months (six in that case). A UCITS management company: one month, up to six. An AIFM: acknowledgement in 10 working days, decision in three months, up to six. An IUG management company: completeness notice in 10 working days, decision three months after it.

EUR 125 000 for a UCITS management company or AIFM; EUR 300 000 for a self-managed Investmentgesellschaft or AIF; CHF 125 000 and CHF 300 000 under the IUG. Above EUR 250 million of portfolios it rises by 0.02% of the excess. Floors: the Reg. (EU) 2019/2033 Art. 13 amount (UCITS management company, AIFM); a quarter of fixed overheads (IUG).

A UCITS appoints a single depositary under a written contract. A domestic AIF holds its assets with a depositary in Liechtenstein. For an Investmentunternehmen, a licensed trustee or trust company is admitted as depositary where the vehicle does not in principle invest in financial instruments. The depositary is chosen with the licensed partner.

Within 30 calendar days of crossing its threshold. The threshold is EUR 100 million including assets acquired through borrowing, or EUR 500 million where the AIF use no borrowing and grant no redemption rights for five years after the first investment. Assets managed through a connected company count towards it.

The FMA fees for 2026 are CHF 20 000 for an AIFM authorisation, a UCITS management company or an IUG management company licence; CHF 10 000 to register a small AIFM; CHF 2 500 for a UCITS without sub-funds; and CHF 500 for an IUG certificate. Pricing of our service is on request.