Financial Services License in Liechtenstein: FMA Licensing
Find the FMA licence your activity needs, with its act and, where the acts set them, its capital and statutory fee. We coordinate; a licensed trustee or lawyer advises and submits.
- Statutory periods counted from a complete application
- Seat and head office in Liechtenstein
- FMA fees from the FMAG annex, 2026 state
- Advice by a licensed trustee or lawyer
FMA licensing at a glance
A financial services license in Liechtenstein is granted by the FMA, the independent Financial Market Authority. Banks, investment firms, asset managers, insurers, fund managers, payment and e-money institutions each fall under their own act, and each needs its licence before business starts. The tables below set out the act and, where the acts and the FMAG annex state them, the capital, the FMA fee and the statutory period.
LFF Heritage Trusts collects the documents and coordinates the file. A licensed Liechtenstein trustee or lawyer, named in your engagement letter, advises and submits. For the family's own holding structure, see our foundation structuring service.
What LFT coordinates
Activity intake
We collect your business description: what you offer, to whom, from where and with whose money. The licensed trustee or lawyer decides the regime with you.
The applicant entity
Banks: AG or SE. Insurers: AG, SE, cooperative or SCE. Seat and head office in Liechtenstein. A licensed trustee forms it, as with the share company that a family group registers in Liechtenstein.
Documents
Business plan, group chart, qualifying shareholders, management CVs and capital evidence, gathered to the list each act sets.
Coordination of the file
Application advice is a trustee activity (TrHG Art. 2(c)) or legal advice (RAG Art. 8). The licensed trustee or lawyer prepares and submits; we coordinate.
After the licence
Audit firm, conditions kept permanently, notices and FMA approval of changes, coordinated with the licensee.
Which activity needs which licence
Find your activity in the first column. The licensed adviser confirms the regime with you.
Each financial activity and the rule that shapes the applicant
Bank
Act: BankGRule for the applicant: AG or SE; seat and head office in LiechtensteinInsurer
Act: VersAGRule for the applicant: AG, SE, cooperative or SCEAsset manager
Act: VVGRule for the applicant: Seat and head office in LiechtensteinAIFM management company
Act: AIFMGRule for the applicant: Public register, updated monthlyUCITS management company
Act: UCITSGRule for the applicant: Public register, updated monthlyIUG management company
Act: IUGRule for the applicant: Public register, updated monthlyPayment and e-money institutions
Act: ZDG, EGGRule for the applicant: Public register
Activity, act and licence rule in Liechtenstein
| Activity | Act | Licence rule | Legal form and seat |
|---|---|---|---|
| Bank | BankG (LGBl. 2025 Nr. 085) | Licence before business starts; branches of EEA institutions under Art. 44 to 47 need none; no shell banks | AG or SE; seat and head office in Liechtenstein |
| Investment firm | WPFG | Licence under the WPFG; the act's conditions are not stated here | Not stated here |
| Asset management company | VVG | Licence before business starts; recognised audit firm; no second licence under the Trustee, Lawyers, Patent Attorneys or Auditors Acts | Seat and head office in Liechtenstein |
| Insurance undertaking | VersAG | Licence to start insurance business; EEA insurers meeting the special conditions need none | AG, SE, cooperative or SCE (a special-purpose vehicle also as a trust enterprise); seat and head office in Liechtenstein |
| AIFM | AIFMG | FMA authorisation; small AIFMs register instead; public register updated monthly | Not stated here |
| UCITS management company | UCITSG | FMA authorisation; public register updated monthly | Not stated here |
| IUG management company | IUG | Licence for the management company; the fund gets a certificate, not a product authorisation | Not stated here |
| Payment institution | ZDG | Licence; account-information-only providers register instead; public register | See the payment licence page |
| E-money institution | EGG | Licence; public register | See the payment licence page |
| Crypto-asset services | MiCAR, EWR-MiCA-DG | Separate regime | See the CASP licence page |
Source: BankG, VVG, VersAG, AIFMG, UCITSG, IUG, ZDG, EGG (2026 texts).
Crypto-asset services under MiCAR have their own page. For VT services outside MiCA, read the blockchain act guide.
How an FMA licence application runs
The acts we read do not fix the order of these steps; the sequence below is practice.
Eight steps of an FMA licence application
Settle the regime
Who acts: Client with a licensed adviser
Set up the applicant
Who acts: Licensed trustee; LFT prepares the draft
Appoint the people and the auditor
Who acts: Client; FMA assesses
Pay in the capital
Who acts: Shareholders
Submit in writing
Who acts: Licensed trustee or lawyer
Pay the FMA fee
Who acts: Applicant
FMA decision, counted from a complete application
bank six months; rejected if still incomplete after twelve months; insurer no fixed deadline; investment firm none stated
Who acts: FMA
After the licence
Who acts: Licensee
The FMA decision period runs from a complete application; no price is stated here.
Settle the regime
You and the licensed trustee or lawyer place the activity: bank, investment firm, asset manager, insurer, fund manager, payment or e-money, or crypto-asset service.
Set up the applicant
A licensed trustee forms the entity in the form the act requires, with seat and head office in Liechtenstein. We prepare the draft; you sign.
Appoint the people and the auditor
Bank: board of three or more, management of two or more. These board members and managers, and the head of internal audit, must offer the guarantee of proper business conduct (BankG Art. 63(1)), and the FMA approves them before they take up the role (Art. 64(1)), board and qualified-member mandates through a licensed trustee included.
Pay in the capital
A bank pays in before business starts; an asset manager by the time the licence is granted. The amounts are in the requirements table.
Submit in writing
The licensed trustee or lawyer submits the application with proof of each condition. A bank reports any change in the facts without delay. We do not submit.
Pay the FMA fee
The applicant owes the annex fee, which for most items covers a refusal too. A proceeding closed without a ruling can also be charged.
FMA decision
Counted from a complete application: bank six months, and still incomplete after twelve months it is rejected; insurer no fixed deadline; investment firm none stated. Conditions can be attached.
After the licence
Conditions kept permanently, FMA approval of changes to a bank's statutes and business regulations, bank wording reserved to licensees.
Not sure which regime fits your activity?
Send us a short business description. We return the regime question, the documents and who acts.
Documents you will need
What the application file needs. If staff will relocate, read about the permits and quotas that govern a move to Vaduz.
- A business description precise enough to place the activity
- Group chart, qualifying shareholders and beneficial owners
- Board and management CVs with evidence of good standing
- A business plan, or an activity plan for an insurer
- Capital evidence for the regime
- The audit firm to be appointed or named
- A prompt report of any change while the proceeding runs
FMA licence requirements by type: capital, fee and decision period
Statutory figures per licence, from the acts and the FMAG annex, 2026 state. These are not LFT's price.
Initial capital, FMA fee and statutory decision period by licence
| Licence | Initial capital | FMA fee (FMAG annex, 2026 state) | Statutory decision period |
|---|---|---|---|
| Bank | At least EUR 10 million, paid in before business starts; where the FMA sets another amount, never below EUR 5 million | CHF 100,000 (CHF 50,000 under the Art. 16 with Art. 17 BankG item) | Six months from a complete application; rejected if still incomplete twelve months after receipt |
| Investment firm | Not stated here | CHF 35,000, plus CHF 10,000 with an MTF or OTF; small non-interconnected firm CHF 30,000, same add-on | Not stated here |
| Asset management company | At least EUR 75,000, paid in when the licence is granted; the FMA may prescribe more | CHF 15,000 (class 2), CHF 10,000 (class 3) | Six months from complete documents |
| Insurance undertaking | Not stated here | CHF 80,000; captive CHF 40,000 | No fixed deadline; appeal after six months |
| AIFM | At least EUR 125,000 (internally managed AIF EUR 300,000), plus 0.02% of portfolios above EUR 250 million, capped at EUR 10 million | CHF 20,000 with Liechtenstein as state of reference; CHF 25,000 if granted with conditions | Three months, extendable to six |
| UCITS management company | At least EUR 125,000 (self-managed investment company EUR 300,000), plus the same add-on | Not stated here | One month, extendable to six |
| IUG management company | At least CHF 125,000, plus 0.02% of portfolios above CHF 250 million, capped at CHF 10 million; never below a quarter of last year's fixed overheads | CHF 20,000 | Three months after the FMA confirms completeness; up to six in complex cases |
| Payment institution | Not stated here | CHF 30,000 | Three months from a complete application |
| E-money institution | At least EUR 350,000 | CHF 30,000 | Three months from a complete application |
Source: BankG Art. 18, 25; VVG Art. 6, 8; VersAG Art. 12, 14, 15; AIFMG Art. 31, 32; UCITSG Art. 16, 17; IUG Art. 23, 24; ZDG; EGG; FMAG Anhang 1 (2026 text).
For unusually large proceedings the FMA may bill by time, at CHF 100 to 400 an hour, and add up to 50% for urgent work (FMAG Art. 30(4), (5)). Licensed firms also pay an annual supervisory levy (FMAG Art. 30a).
Problems we solve
"Bank" in the company name
Without a bank licence, a firm may not use names that suggest it is a bank, in its company name or stated purpose. Settle the name first.
No needs test is not approval
The FMA cannot refuse because the market needs no further bank. It still grants only a complete application that meets every condition of Art. 18 to 23.
Forex and CFD business
We found no act named for forex or CFD business. The licensed adviser assesses which regime your model falls under; we promise no forex licence.
A ready-made company as applicant
No source says a ready-made company shortens or replaces the licence. The licensed partner confirms whether one of the shelf companies LFT keeps available can be the applicant.
Checking a licence holder
The FMA keeps public registers for banks, asset managers, fund managers, payment and e-money institutions, and a register page of licence holders.
Ready to scope the application file?
One plan: the regime question for the licensed adviser, the applicant entity, the documents and the FMA's fees. Pricing on request.
Why work with us
Corinne Sele, our tax, accounting and licensing lead in Vaduz, keeps the file on one desk. LFT holds no FMA licence. We collect the documents and coordinate; a licensed Liechtenstein trustee or lawyer, named in your engagement letter, advises and submits; the FMA decides. The capital, fee and period figures in the requirements table are cited to their act in the source line under it.
Frequently asked questions
Who advises on the licence I need, and can an intermediary submit the application for me?
Financial and business advice for third parties is a trustee activity (TrHG Art. 2(c)), and legal advice is reserved to lawyers (RAG Art. 8). A licensed Liechtenstein trustee or lawyer, named in your engagement letter, advises and submits the application. LFT collects the business description and documents and coordinates the file; it does not submit as agent.
May a company call itself a bank before it holds a licence?
No. Under the Banking Act of 5 December 2024 (LGBl. 2025 Nr. 085), a firm without a bank licence may not use names that suggest it is a bank, in its company name or its stated purpose. Settle the name with the licensed partner before the entity is formed, so it does not have to change later.
Does the absence of a needs test mean the FMA must grant a bank licence?
No. The FMA may not refuse on the ground that the market needs no further bank. The licence is granted only if a complete application was submitted and every condition of BankG Art. 18 to 23 is met, and it may carry conditions and requirements. The absence of a needs test is not approval on request.
Is the FMA application fee returned if the application is refused?
Plan on paying it either way. The FMAG annex fee covers granting or, for most items, refusing a licence; for IUG management companies it names the grant only, for an AIFM also a CHF 20,000 refusal. A proceeding that ends without a ruling, or is closed, can also be charged (FMAG Art. 30, Anhang 1, 2026 state).
Does LFT hold an FMA licence or manage a portfolio?
No. LFF Heritage Trusts holds no FMA licence and manages no portfolio. Asset management for third parties needs an FMA licence under the VVG (Art. 5). LFT collects the documents and coordinates the application file; a licensed Liechtenstein trustee or lawyer, named in your engagement letter, advises and submits, and the FMA decides.
How long does the FMA take to decide on a licence application?
The acts set maxima from a complete application: banks and asset managers six months, payment and e-money institutions three, AIFMs three (extendable to six), UCITS management companies one (extendable to six). Insurers have no fixed deadline, with an appeal after six months. No period is stated here for investment firms.
Which activities in Liechtenstein need an FMA licence?
Banking, investment-firm services, asset management, insurance, managing AIFs, UCITS or IUG funds, payment services and e-money each need an FMA licence or authorisation under their own act. Crypto-asset services fall under MiCAR. Small AIFMs register with the FMA instead, and so do providers of account information services only. A licensed adviser confirms which regime applies.
What initial capital does each type of licence need?
A bank needs at least EUR 10 million, paid in before business starts; where the FMA sets another amount, never below EUR 5 million. An asset manager needs at least EUR 75,000, an AIFM EUR 125,000 (EUR 300,000 for an internally managed AIF), and an e-money institution EUR 350,000. No figure is stated here for investment firms or insurers.
What does the FMA charge for a bank, an investment firm, an asset manager and an insurer?
Under the FMAG annex, 2026 state: a bank licence CHF 100,000, an investment firm CHF 35,000 (plus CHF 10,000 with an MTF or OTF), an asset management company CHF 15,000 (class 2) or CHF 10,000 (class 3), and an insurer CHF 80,000. Licensed firms also pay an annual supervisory levy. LFT's own pricing is on request.
What does an insurance licence in Liechtenstein cost, and what are the requirements?
The FMA fee is CHF 80,000, or CHF 40,000 for a captive (FMAG annex, 2026 state). The insurer must be an AG, SE, cooperative or SCE with seat and head office in Liechtenstein. The application shows eligible own funds, qualifying shareholders, management bodies, the external auditor and an activity plan. No capital figure is stated here.
What does an investment firm licence require, and is there a test?
Investment firms are licensed under the WPFG. The FMA fee is CHF 35,000, plus CHF 10,000 if an MTF or OTF is included; a small non-interconnected firm pays CHF 30,000 with the same add-on (FMAG annex, 2026 state). No capital figure, condition article, decision period or test is stated here; the licensed adviser reads the act for your case.
Is there a forex or CFD licence in Liechtenstein, and under which act?
We found no act named for forex or CFD business, so this page names no act, article or licence for it. Which regime applies depends on what you offer and to whom. A licensed Liechtenstein trustee or lawyer assesses that from your business description. We do not promise that a forex licence exists.
Where can I check whether a firm holds an FMA licence?
The FMA keeps a public register of banks (BankG Art. 168), and public registers of AIFMs, asset management companies, UCITS and IUG management companies (each updated monthly) and of payment and e-money institutions. It also publishes a register page of licence holders. For insurers and investment firms no statutory register was verified here: use that page or ask the FMA.
Request a licensing plan
Tell us the activity you plan. We return a licensing plan with the regime question, the documents and who acts.
Phone +423 210 0004 (Wealth Management department), Monday to Friday 09:00-17:30 · Schlossplatz 5, 9490 Vaduz · info@foundation-liechtenstein.com