Fund Setup in Liechtenstein: UCITS, AIF and IUG Vehicles
A Liechtenstein fund runs as a UCITS, an AIF or an IUG vehicle. The FMA decides; we collect the documents and coordinate the file.
- Three regimes: UCITS, AIF through an AIFM, IUG vehicle
- Decided by the FMA
- Advice on the regime: a licensed trustee or lawyer
Fund set-up in Liechtenstein, coordinated with licensed partners
A Liechtenstein fund runs under one of three regimes: a UCITS, an AIF managed by an AIFM, or an Investmentunternehmen under the IUG. The FMA authorises a UCITS and its management company, authorises an AIFM and enters its AIFs in a register, or licenses an IUG management company and certifies receipt of the auditor's confirmation. We collect the documents and coordinate the file. Licences for an investment firm, insurer or asset manager authorised in Liechtenstein are on their own page.
A licensed Liechtenstein trustee or lawyer, named in your engagement letter, advises on the regime, and the management company or AIFM files. Foundations, trusts and the Anstalt as family or holding vehicles have their own pages: family foundation, charitable foundation, trust and Anstalt.
What's included
Regime intake
We collect the facts on investors, assets and qualified-investor status, and hand them to the licensed trustee or lawyer, who settles the regime.
The route to a management company
Where you do not found your own, licensed management companies offer white-label set-up, as the Liechtenstein Investment Fund Association describes. We name no firm.
The applicant company
Where a new management company or self-managed vehicle is needed, the licensed trustee forms it. Under the IUG a self-managed investment company (Investmentgesellschaft) is an AG or SE (Art. 9(1)), and a management company is an AG, Anstalt or SE (Art. 23(1)(b)).
The depositary
One depositary for a UCITS, a Liechtenstein depositary for a domestic AIF, and a depositary for every IUG vehicle. We coordinate the appointment.
The application file
The management company or AIFM files, or a self-managed vehicle for itself, with the auditor's confirmations for an IUG vehicle. We collect the documents; we never file.
Contact with the FMA
The management company or AIFM deals with the FMA; we coordinate and keep the file together until the authorisation, register entry or certificate, and then the EEA marketing notice for a UCITS.
Who it is for
Sponsors of a UCITS or an AIF
Planning a vehicle run by a licensed management company or AIFM in Liechtenstein.
Sponsors weighing the IUG vehicle
For qualified investors only, under its own act, with an FMA certificate instead of a product authorisation.
Families and their advisers
Asking how the IUG treats a family vehicle, often alongside the family office that keeps the structure, the bankers and the advisers in one place. The first subscriber to a family vehicle must still qualify.
Buying units?
This page is for sponsors. It gives no investment advice and markets no fund.
UCITS, AIF and the IUG vehicle compared
What the FMA acts on differs by regime; the licensed adviser chooses, and this page ranks none of them.
The three Liechtenstein fund regimes compared
| Aspect | UCITS | AIF through an AIFM | IUG vehicle |
|---|---|---|---|
| What the FMA acts on | authorises the UCITS and its management company, unless a self-managed Investmentgesellschaft acts through its own organs (UCITSG Art. 8(1), 8(3), 13(1)) | authorises the AIFM (AIFMG Art. 28(1)); the AIF is entered in the register (Art. 28(1a)) | licenses the management company (IUG Art. 23); certifies receipt of the auditor's confirmation (Art. 17(2)); does not check the prospectus content (Art. 17(7)) |
| Product authorisation | yes | no, a register entry | none, a certificate |
| Management | an authorised management company, or a self-managed Investmentgesellschaft (UCITSG Art. 8(3)) | an AIFM with head office and seat in Liechtenstein, directed by at least two natural persons (AIFMG Art. 30(1)); an AIF may also be self-managed (Art. 32(1)(a)) | a management company as AG, Anstalt or SE (IUG Art. 23(1)(b)); a self-managed Investmentgesellschaft as AG or SE (Art. 9(1), 22(2)) |
| Depositary | one, under a written contract (UCITSG Art. 32(1)) | a depositary in Liechtenstein for a domestic AIF (AIFMG Art. 57(1)(a)) | required; a licensed trustee is admitted where the vehicle does not in principle invest in financial instruments (IUG Art. 18(1), 42(2)(c)) |
| Investors | not covered on this page | not covered on this page | qualified investors only (IUG Art. 4(1)) |
Source: UCITSG; AIFMG; IUG.
Who counts as a qualified investor under IUG Art. 4(1), in the act's routes:
- Professional investors
- CHF 100 000 invested, with CHF 1 million of financial assets at subscription
- CHF 100 000 invested, where the management company or depositary has assessed the investor's expertise, experience and knowledge, is satisfied, and confirms this in writing, and the investor has stated the risks in a separate document
- Investors in a family vehicle or a group vehicle; the first subscriber to a family vehicle must also meet one of the first three routes
How the set-up runs
No period is promised; the statutory periods are in the table below.
Eight steps of a Liechtenstein fund set-up
Describe the project
investors, assets, qualified-investor status
Who acts: Client; LFT collects
Regime and structure decision
Who acts: Licensed trustee or lawyer
Route: existing management company or a new one
Who acts: Licensed trustee forms a new one
Appoint the depositary
Who acts: Management company for a UCITS or an IUG vehicle; LFT coordinates
Assemble and file
Who acts: Management company or AIFM, or a self-managed vehicle; auditor for an IUG vehicle
FMA review within the statutory periods
Who acts: FMA
Authorisation, register entry or certificate
business starts
Who acts: FMA
EEA marketing notice for a UCITS
Who acts: Management company
The FMA's periods run from complete documents; for an IUG management company, from the FMA's completeness confirmation.
Describe the project
Investors, assets and, for an IUG vehicle, qualified-investor status. Who: you; we collect the facts and do not advise on the regime.
Regime and structure
The licensed trustee or lawyer settles UCITS, AIF or IUG vehicle with you. No official period applies. Who: the licensed partner.
Route
Use a licensed management company or found one, formed by the licensed trustee. Whether a ready-made Liechtenstein company transferred to a new owner meets the form and capital rules of the regime is for the licensed partner. Who: the licensed partner.
Depositary
One for a UCITS, a Liechtenstein depositary for a domestic AIF, and the IUG rule for an IUG vehicle. Who: for a UCITS or an IUG vehicle the management company appoints the depositary under a written contract; we coordinate.
Assemble and file
The management company files for a UCITS (a self-managed Investmentgesellschaft files for itself), the AIFM for an AIF, and for an IUG vehicle the management company with the auditor's confirmation. Who: the management company or AIFM, or the self-managed Investmentgesellschaft.
FMA review
Within the statutory periods in the table; most run from the receipt of complete documents, and for an IUG management company the three months run from the FMA's completeness confirmation (IUG Art. 23(4)-(5)). Who: the FMA.
Authorisation, register entry or certificate
Business starts only then. Who: the FMA.
EEA marketing
The UCITS and AIFM authorisations are valid in all EEA states; a UCITS that intends to market units in another EEA state notifies the FMA in advance (UCITSG Art. 98(1)). Who: the management company.
Not sure which regime fits your fund?
Tell us about the investors, the assets and the manager you have in mind. We collect the facts and pass them to the licensed partner, who settles the route and the document list.
What to bring, statutory periods, capital and FMA fees
- The investor profile; for an IUG vehicle, the qualified-investor status
- A licensed management company, or the data for founding one
- A depositary
- Identity and AML documents for the licensed partner
The licensed partner confirms the FMA's document list for the chosen regime.
Statutory FMA periods
Working days
- 10 working daysUCITS authorisation; AIFM acknowledgement; IUG management company completeness notice
Months
- 1 monthUCITS management company, extendable to six
- 3 monthsAIFM decision, extendable to six; IUG management company decision, counted from the confirmation
- 6 monthsIUG management company in special circumstances, from receipt
Starts from complete documents; for an IUG management company, from the completeness confirmation. One month for the first authorisation of a self-managed Investmentgesellschaft. The IUG vehicle has no product approval.
The statutes fix the FMA's periods; most run from complete documents, and for an IUG management company the three months run from the FMA's completeness confirmation (Art. 23(4)-(5)).
Statutory FMA periods for Liechtenstein funds and their managers
| # | Route | What the statute sets | Source |
|---|---|---|---|
| 1 | UCITS authorisation | decision within 10 working days of complete documents; one month for the first authorisation of a self-managed Investmentgesellschaft; the period stands still while requested documents are outstanding; extendable to two months, six for that first case, where investor protection and the public interest require it | UCITSG Art. 10(4), 10(5) |
| 2 | UCITS management company | decision within one month of complete documents; extendable to at most six months | UCITSG Art. 16(4), 16(5) |
| 3 | AIFM | acknowledgement within 10 working days of a complete application; decision within three months; extendable to at most six months | AIFMG Art. 31(4)-(6) |
| 4 | IUG management company | completeness notice within 10 working days; decision at the latest three months after the confirmation; six months from receipt of the documents in special circumstances | IUG Art. 23(4)-(6) |
| 5 | IUG vehicle | no product approval; business starts once the FMA certifies receipt of the auditor's confirmation | IUG Art. 17(2) |
An AIF is not authorised itself: it is entered in the FMA register (AIFMG Art. 28(1a)).
Capital amounts are minimums; the FMA fees are the 2026 fees of the FMA, not ours.
Minimum capital and FMA fees for Liechtenstein fund managers and vehicles
| # | Item | What the law sets | Source |
|---|---|---|---|
| 1 | UCITS management company, capital | at least EUR 125 000 | UCITSG Art. 17(1)(b) |
| 2 | UCITS self-managed Investmentgesellschaft, capital | at least EUR 300 000 | UCITSG Art. 17(1)(a) |
| 3 | AIFM, capital | at least EUR 125 000 | AIFMG Art. 32(1) |
| 4 | Self-managed AIF, capital | at least EUR 300 000 | AIFMG Art. 32(1) |
| 5 | IUG management company, capital | at least CHF 125 000 | IUG Art. 24(1)(b) |
| 6 | IUG self-managed vehicle, capital | at least CHF 300 000 | IUG Art. 24(1)(a) |
| 7 | Surcharge | 0.02% of the managed portfolios above EUR 250 million (CHF 250 million under the IUG), total capped at EUR 10 million (CHF 10 million) | UCITSG Art. 17(2); AIFMG Art. 32(2); IUG Art. 24(2) |
| 8 | Floors | never below the amount of Reg. (EU) 2019/2033 Art. 13; under the IUG never below a quarter of the fixed overheads of the last financial year | UCITSG Art. 17(3); AIFMG Art. 32(3); IUG Art. 24(3) |
| 9 | FMA fee, 2026: AIFM authorisation (Liechtenstein home state) | CHF 20 000 | FMAG Annex 1 |
| 10 | FMA fee, 2026: registration of a small AIFM | CHF 10 000 | FMAG Annex 1 |
| 11 | FMA fee, 2026: UCITS management company; UCITS without sub-funds | CHF 20 000; CHF 2 500 | FMAG Annex 1 |
| 12 | FMA fee, 2026: IUG management company licence; IUG certificate | CHF 20 000; CHF 500 | FMAG Annex 1 |
Source: UCITSG, AIFMG, IUG and FMAG as linked above. The fees shown are one-off; the FMA's annual supervisory levies (FMAG Art. 30a, Annex 2) come on top and are not shown. Fees "with conditions" and the UCITS fee with sub-funds are not shown either. Adviser, depositary and auditor costs are separate.
Problems we solve
A foundation is not a fund by default
The IUG names its fund forms, and a foundation or Anstalt is not among them. Those structures have their own pages: family foundation, charitable foundation, trust and Anstalt.
The third regime
An IUG vehicle is neither a UCITS nor an AIF. Business starts once the FMA certifies receipt of the auditor's confirmation, and we coordinate the file around that step.
Approval times that do not match the statute
The statutory periods run from complete documents. An AIF is not authorised, its AIFM is. The licensed partner works from the statute, and we promise no practice time.
Capital figures that do not match the statutes
Every amount is a minimum, and it rises above EUR 250 million of managed portfolios. We take the figures from the act for the chosen regime.
Tax comes after the regime
This page states no fund tax treatment. Tax questions go through the licensed adviser; see tax advice for a foundation, a trust or a company in Liechtenstein.
Ready to scope your fund?
Send us the investors and the assets. We set out who does what; the licensed partner advises. Pricing on request.
Why work with us
We collect the documents and coordinate. A licensed Liechtenstein trustee or lawyer, named in your engagement letter, advises; the management company or AIFM files; the FMA decides. Carrying out trustee activities without a licence is an offence (TrHG Art. 80), and legal advice is reserved to lawyers (RAG Art. 8).
Frequently asked questions
Is there one fixed approval time for a Liechtenstein fund, and how long does the FMA take?
No single period applies. The statutory periods run from complete documents: 10 working days for a UCITS (one month for the first authorisation of a self-managed Investmentgesellschaft), one month for a UCITS management company, three months for an AIFM, extendable to six, and for an IUG management company three months from the completeness confirmation. An AIF is registered, not authorised. No practice time is promised.
Does the FMA authorise the fund itself or its manager?
It depends on the regime. A UCITS is authorised as a product, together with its management company. For an AIF the AIFM is authorised and the AIF is entered in the FMA register. For an IUG vehicle the management company is licensed and the FMA certifies receipt of the auditor's confirmation.
Do I need my own management company, or can I use an existing one?
A UCITS needs a management company or is a self-managed Investmentgesellschaft; an AIF needs an AIFM or is self-managed; an IUG vehicle needs a management company or is self-managed. A sponsor can have one founded by the licensed trustee, or work with a licensed one. This page names no firm. LFT coordinates; the licensed partner settles the route.
Can LFT set up the fund without a licensed partner?
No. LFT collects documents and coordinates. A licensed Liechtenstein trustee or lawyer, named in your engagement letter, advises on the regime, the management company or AIFM files, and the FMA decides. Carrying out trustee activities without a licence is an offence, so LFT does not offer them itself.
What capital does a management company or AIFM need, and does it rise with the portfolio?
Minimums: EUR 125 000 for a UCITS management company or an AIFM and EUR 300 000 when self-managed; CHF 125 000 and CHF 300 000 under the IUG. Above EUR 250 million of managed portfolios, 0.02% of the excess is added; total capital is capped at EUR 10 million (CHF 250 million and CHF 10 million under the IUG).
Is a fund taxed in Liechtenstein?
This page states no fund tax treatment and promises no tax figure, exemption or rate. Tax questions go to the licensed adviser named in your engagement letter, ideally before the regime is chosen. The statements of the industry association are not repeated here, and the page does not rank the three regimes by tax.
Is a foundation, Anstalt or trust a fund vehicle?
For the IUG the act names the contractual form, the collective trusteeship, the Investmentgesellschaft and a partnership form. The FMA may recognise another domestic form in a justified case. A foundation or an Anstalt is not named, although an Anstalt can be the management company. For a UCITS or an AIF this page makes no statement.
Which fund types can be set up in Liechtenstein?
Three regimes apply: a UCITS, an AIF managed by an AIFM, and the Investmentunternehmen under the IUG, which is neither a UCITS nor an AIF. Which regime fits depends on the investors and the assets, and the licensed trustee or lawyer settles it with you. This page does not rank the regimes.
What is the difference between a UCITS and an AIF in Liechtenstein?
A UCITS is authorised as a product and through its management company, and the authorisation is valid in all EEA states. An AIF is not authorised itself: its AIFM is, also valid in all EEA states, and the AIF is entered in the FMA register, which is updated monthly. The page recommends neither.
What is an Investmentunternehmen under the IUG, and who may invest?
A third regime, neither UCITS nor AIF; business starts once the FMA certifies receipt of the auditor's confirmation. Qualified investors only: professional investors; CHF 100 000 with CHF 1 million of financial assets; CHF 100 000 where the management company or depositary assesses and confirms expertise; family or group vehicles, where a family vehicle's first subscriber must also qualify.
Who can be the depositary of a Liechtenstein fund?
A UCITS has a single depositary, appointed by its management company under a written contract. A domestic AIF holds its assets with a depositary in Liechtenstein. An IUG vehicle needs a depositary too, appointed by its management company, and a licensed trustee is admitted where the entity does not in principle invest in financial instruments. LFT coordinates.
When must a small AIFM apply for full authorisation?
Within 30 calendar days of crossing its threshold: EUR 100 million of managed assets, including assets from borrowing and similar means, or EUR 500 million where the portfolios consist of AIFs using no borrowing and whose investors may exercise no redemption rights for five years after the first investment in each AIF. Assets managed through a connected company count.
What do the FMA fees amount to?
One-off FMA fees, 2026: CHF 20 000 for an AIFM authorisation, CHF 10 000 for registering a small AIFM, CHF 20 000 for a UCITS management company, CHF 2 500 for a UCITS without sub-funds, CHF 20 000 for an IUG management company and CHF 500 for an IUG certificate. Annual supervisory levies and other costs come on top.
Can a family hold its own investment vehicle under the IUG, and who must meet the investor test?
The IUG investor test names a family vehicle and a group vehicle, but the first subscriber to a family vehicle must still be a professional investor or meet one of the CHF 100 000 routes. Whether such a vehicle suits a particular family is a matter for the licensed adviser, and this page draws no conclusion.
Take the next step
Tell us about the fund you plan. We collect the documents; the licensed partner advises and the manager files.