With the mounting level of tax compliance and the increasing degree of transparency, service quality and especially performance are gaining in importance. Banks and asset managers must clearly distinguish themselves through their product and service offering, and concentrate on their strengths. In its private banking activities the LLB Group is continuing to invest in advisory competence, as well as in new investment products and services to provide its clients with genuine added value. In a detailed portfolio analysis, we present clients with a clear, comprehensive and informative statement of their assets. We also convince our clients with individual, innovative solutions because we consistently design our services to meet their requirements. We possess extensive experience in this process. Another crucial success factor for cross-border private banking in the future will also be the legal and planning security offered by the Liechtenstein financial center.
On 29 January 2013, Liechtenstein and Austria signed a withholding tax agreement which regularizes previously untaxed assets. This came into effect on 1 January 2014, and goes further than the agreement with Switzerland, which came into force on 1 January 2013 and served as the basis for the agreement with Austria. Austrian clients of a Liechtenstein bank now have the possibility of regularizing assets up to an unlimited amount. This applies to capital assets and the subsequent taxation of assets throughout the world which are managed from Liechtenstein (see the chapter «»). An agreement between Liechtenstein and the United Kingdom regarding cooperation in tax matters has been in force since 1 January 2010. This includes the so-called «Liechtenstein Disclosure Facility».
In the meantime, at an international level the focus has moved to the automatic information exchange (AIE). On 21 November 2013, Liechtenstein also signed the multi-lateral convention of the OECD and the Council of Europe on mutual assistance in tax matters. This convention is regarded as being a possible legal basis for agreements concerning an automatic information exchange. Liechtenstein is assuming that the AIE will become the international standard of the future and is actively participating in the definition of this standard.