Liechtenstein: Updated FAQs on FATCA

The tax authority of Liechtenstein updated a list of “frequently asked questions” (FAQs) as guidance concerning the FATCA regime.

The updated FAQs address:

• The addition of information regarding deadlines for classification of Liechtenstein legal entities under the FATCA regime
• A trustee cannot use “sponsor GIIN” as “Trustee Document Trust GIIN”
• Implications of a FATCA agreement on accounts of lawyers, law firms, and legal agents
• The use of a self-assessment mechanism obtained under automatic exchange of information (AEOI)
• The validity of the U.S. IRS forms W-8 BEN and W-8 BEN-E, and other similar forms for purposes of the FATCA agreement
• The timeline for compulsory notification of first time reporting to reportable US persons
• The timing for mandatory disclosure of U.S. taxpayer identification number (TIN) for FATCA reporting
• Self-certifications for discretionary distributions of a trust that is a financial institution

Read a February 2020 report [PDF 75 KB] prepared by the KPMG member firm in Liechtenstein

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