Liechtenstein & Frankfurt as financial centers, fund boutiques, family offices, fund domicile, and dialogue in Germany – Markus Hill spoke to David Gamper, Managing Director of the LAFV Liechtenstein Investment Fund Association, on behalf of FINANZPLATZ FRANKFURT about topics such as Liechtenstein’s positioning and cooperation in European competition, trends in alternative investments, and regulation. In addition, given the current importance of fund regulations for family offices and asset managers, he provides a brief overview of the association’s other dialogue offerings in the German financial center in spring 2026 and in London.
Hill: What role does Liechtenstein currently play as a fund location in the European market – is it more of a niche or an up-and-coming fund center?
Gamper: I would describe Liechtenstein as an emerging niche. In Europe, there are two major fund centers, Luxembourg and Ireland, which focus primarily on large, mostly globally active asset managers. White-label funds play a subordinate role there, at least in terms of regulation and supervision. This is exactly where Liechtenstein comes in. The location focuses on optimal conditions for asset managers and fund boutiques that want to launch white-label funds, as well as on asset structuring for wealthy families, often with their own family offices. This is also reflected in the statistics: over 85% of funds domiciled in Liechtenstein are white-label funds, and the trend is rising.
Hill: Are you currently launching many funds for family offices in Liechtenstein?
Gamper: Yes, developments in this area have been very positive in the recent past. We are seeing increasing uncertainty among wealthy individuals, triggered by geopolitical tensions, high government debt in Europe, and discussions about possible tax increases. Liechtenstein, on the other hand, has no national debt, has the lowest public spending ratio in Europe – i.e., the ratio of government expenditure to gross domestic product – and therefore no need to raise taxes. In addition, investment funds are completely tax-exempt. Political continuity and the AAA rating further strengthen confidence and make the location particularly attractive for long-term asset structures.
Hill: How is the fund location developing in the area of alternative investments?
Gamper: The alternative investments sector (investments outside stocks and bonds, such as hedge funds or infrastructure) is growing very strongly. Seven out of ten newly established funds are currently alternative investment funds (AIFs, which may include private equity, real estate, and other non-traditional assets). On the one hand, this is because funds for asset structuring (organizing investments and holdings for legal or tax purposes) are almost exclusively set up in this form. On the other hand, AIFs in Liechtenstein benefit from particularly flexible regulation. Liechtenstein has made use of the leeway deliberately provided by the EU and refrained from so-called „gold plating“ (implementing stricter rules than required by the EU), which is often seen in other fund domiciles. Another decisive factor is the Liechtenstein Financial Market Authority (the local financial regulator). Particularly in the case of complex AIF structures, it is very valuable for fund initiators to be able to enter into dialogue with the supervisory authority at an early stage. This cooperative practice is highly appreciated and has already led to the establishment of several funds.
Hill: What risks could slow down Liechtenstein as a fund location in the medium term?
Gamper: Like all fund locations, we are also dependent on geopolitical developments and their impact on the financial markets. We have only limited influence on this, but we must be prepared accordingly. Another risk lies in increasing regulation at the European level (more rules for financial firms working in the EU). Extensive reporting requirements and constant regulatory changes place a significantly greater burden on smaller fund companies, such as those typically found in Liechtenstein, than on large international providers. We clearly support sensible regulation that strengthens investor protection and transparency (making investments safer and more open). In recent years, however, the goal has been overshot in some cases. We therefore hope that the announced „Simplification Package“ (a legislative effort to reduce unnecessary rules) will bring noticeable relief again. We must also remain particularly vigilant in the areas of money laundering prevention and sanctions implementation (measures to stop illegal financial activity and enforce international restrictions). Despite very good results in recent audits (inspections by authorities), we are continuously working on further improvements, because a strong reputation is essential for a small financial center.
Hill: Do you see the shortage of skilled workers as a limiting factor?
Gamper: We are also affected by the general shortage of labor and skilled workers, but this cannot be considered a limiting factor. There are qualified personnel in other financial sectors in the country who are becoming increasingly aware of the fund industry, not least because of its strong growth. In addition, there is growing interest from highly qualified professionals from the nearby financial center of Zurich and from Germany. Overall, we currently see a balanced mix of demand and available talent.
Hill: Where will Liechtenstein be as a fund location in five to ten years?
Gamper: In my view, specializing in white-label funds was the right strategic move. Optimal, and in some cases even unique, conditions have been created for this target group. The growing interest from foreign fund companies also shows that we are on the right track. Following Luxembourg-based Axxion, Dirk Grosshans from Universal Investment also announced at the „Frankfurt Financial Center Meets Liechtenstein Financial Center“ event in Frankfurt on November 18, 2025, that he would be launching funds in Liechtenstein from the first quarter of 2026. Other providers will follow. I am therefore convinced that Liechtenstein will not only continue its growth course over the next five to ten years, but will even accelerate it in the coming years. There will be a lot more positive news to report.
Hill: What events are coming up soon?
Gamper: We will be attending various events in Germany. On January 28 and 29, 2026, we will once again be inviting visitors to engage in dialogue at the FONDS professionell KONGRESS in Mannheim. Interested parties can find out more about Liechtenstein as a fund location at our stand and talk to structuring experts about specific fund projects. In a presentation, a fund founder will report on his highly successful fund project and his positive experiences in Liechtenstein. On April 21 and 28, 2026, we will once again be presenting ourselves at the LAFV events in Munich and Hamburg. Fund founders will report on the unique location advantages of Liechtenstein, and the tax component of Liechtenstein funds will be highlighted. Verena Schlömer from the Liechtenstein Financial Market Authority will provide insights into the licensing and supervisory practices for funds. The next event in London will take place on June 25, 2026. The detailed program is yet to be announced, but the focus will be on the locational advantages and current developments of Liechtenstein as a fund center.
Hill: Thank you very much for talking to us.
Dialogue & Information:
FINANZPLATZ FRANKFURT AM MAIN auf LINKEDIN – KANAL
FINANZPLATZ FRANKFURT AM MAIN auf LINKEDIN – GRUPPE
FONDSBOUTIQUEN auf LINKEDIN – KANAL
Foto: PIXABAY
Quelle: www.institutional-investment.de
