For Liechtenstein, the compliance is a contrast with an era when foreigners parked wealth in foundations and trusts beyond the purview of tax authorities.
In 2008, Liechtenstein’s Crown Prince Alois called a German tax investigation an “attack” on the principality following revelations that German agents had purchased a disk with stolen bank client data. A year later, Liechtenstein agreed to scrap bank secrecy and sign onto OECD tax standards.
Tribelhorn said there has been an outflow of “old money,” though new investors had also opened accounts. He declined to speculate where the old money had gone.
“Wherever the money goes, the rules of the game will be the same everywhere,” Tribelhorn said. “The OECD standards will come, then there will be no point in moving money out.”