Forslag til RÅDETS AFGØRELSE om indgåelse på Unionens vegne af ændringsprotokollen til aftalen mellem Den Europæiske Union og Fyrstendømmet Liechtenstein om automatisk udveksling af oplysninger om finansielle konti til forbedring af efterrettelighed vedrørende international beskatning

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EUROPEAN
COMMISSION
Brussels, 17.7.2025
COM(2025) 397 final
2025/0214 (NLE)
Proposal for a
COUNCIL DECISION
on the conclusion, on behalf of the Union, of the Amending Protocol to the Agreement
between the European Union and the Principality of Liechtenstein on the automatic
exchange of financial account information to improve international tax compliance
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EN 1 EN
EXPLANATORY MEMORANDUM
1. CONTEXT OF THE PROPOSAL
• Reasons for and objectives of the proposal
The present proposal concerns the conclusion of the Amending Protocol to the Agreement
between the European Union and the Principality of Liechtenstein (Liechtenstein) on the
automatic exchange of financial account information to improve international tax compliance1
(the Agreement).
The Agreement provides the legal basis for the reciprocal automatic exchange of financial
account information between the EU Member States and Liechtenstein, in accordance with
the Common Reporting Standard (CRS) developed by the Organisation for Economic Co-
operation and Development (OECD). The same standard is implemented within the European
Union under Council Directive 2014/107/EU2
(DAC 2 – the first amendment to Directive
2011/16/EU3
on administrative cooperation in the field of taxation – DAC).
Important changes to the CRS were approved at international level on 26 August 20224
and
will apply from 1 January 2026. Council Directive (EU) 2023/22265
(DAC8) already
implemented these changes within the European Union and will also apply from 1 January
2026.
The changes extend the scope of the CRS to ensure the coverage of electronic money products
and central bank digital currencies. They also further improve the due diligence procedures
and reporting outcomes, with a view to increasing the usability of CRS information for tax
administrations and limiting burdens on financial institutions, where possible.
To ensure that the automatic exchange of financial account information between EU Member
States and Liechtenstein is aligned with, and continues to take place in accordance with, the
updated CRS from 1 January 2026, it was necessary to negotiate and agree corresponding
amendments to the Agreement.
In May 2018, Regulation (EU) 2016/679 on the protection of natural persons with regard to
the processing of personal data and on the free movement of such data, and repealing
Directive 95/46/EC (General Data Protection Regulation “GDPR”)6
started to apply.
To ensure that the Agreement reflects these updates, it was necessary to remove the references
to the repealed Directive 95/46/EC and replace these references with references to Regulation
(EU) 2016/679. Simultaneously, the agreement reflects the fact that Liechtenstein has, based
on its EEA membership, implemented the GDPR by means of the Data Protection Act of 4
October 2018.
A Council decision authorising the opening of negotiations for the amendment of the
Agreement concerning the automatic exchange of financial account information to improve
1
OJ L 379, 24.12.2004, p. 84 to 104
2
OJ L359 of 16 December 2014, p. 1 to 29
3
OJ L 64 of 11 March 2011, p. 1 to 12
4
https://www.oecd.org/en/publications/international-standards-for-automatic-exchange-of-information-in-tax-
matters_896d79d1-en.html, pages 62 to 102.
5
Council Directive (EU) 2023/2226 of 17 October 2023 amending Directive 2011/16/EU on administrative
cooperation in the field of taxation (OJ L, 24.10.2023)
6
OJ L119 of 4 May 2016, p. 1 to 88
EN 2 EN
international tax compliance between the European Union and the Principality of
Liechtenstein was adopted on 21 May 20247
.
Several rounds of negotiations were held and a provisional agreement was reached in April
2025. Subsequently, the draft text of the Amending Protocol was initialled by the chief
negotiators in June 2025.
The Council has consistently been informed about the progress in the negotiations in the
Working Party on Tax Questions and in the High Level Working Party. In particular, the text
of the draft Amending Protocol was shared and discussed with the Member States ahead of its
initialling.
The Commission considers that the objectives set out by the Council in its negotiating
directive have been attained and that the negotiated text is acceptable to the Union.
The signing, on behalf of the Union, of the Amending Protocol to the Agreement between the
European Union and the Principality of Liechtenstein on the automatic exchange of financial
account information to improve international tax compliance took place on xxxx.
• Consistency with existing policy provisions in the policy area
The amendment of the Agreement was negotiated in line with the comprehensive negotiating
directive adopted by the Council on 21 May 2024.
The negotiated Amending Protocol ensures that the existing agreement between the European
Union and Liechtenstein remains aligned with Union legislation in the same field, notably the
DAC as amended by DAC8.
DAC8 includes, among other amendments, the latest changes to the OECD CRS. In the light
of the close relationship in this field between the European Union and Liechtenstein, it is
important to strengthen along the same lines the administrative cooperation with their tax
authorities in the field of automatic exchange of financial account information. The timely
update of the Agreement ensures the smooth and effective continuation of this administrative
cooperation beyond 1 January 2026.
The amendments to the Agreement also take account of the Union policies in the field of the
fight against money laundering and terrorist financing, because the Customer Due Diligence
activities to be performed by Financial Institutions, in view of collecting the financial account
information to be exchanged under the Agreement, will be substantially aligned with those
that the same Financial Institutions have to apply as obliged entities under the European
Union legal framework in the fight against money laundering and terrorist financing.
The Amending Protocol also takes account of the Union policies in the field of respect of
fundamental rights, notably on protection of personal data in the case of the outflow of this
data to non-EU and non-EEA countries.
As far as the parts concerning the CRS are concerned, the Agreement itself includes, in
Article 8, a provision requiring the Contracting Parties to consult each other on each occasion
when an important change is adopted at OECD level to any of the elements of the CRS. The
7
Council Decision (EU) 2024/1489 of 21 May 2024 authorising the opening of negotiations for the
amendment of the Agreements concerning the automatic exchange of financial account information to
improve international tax compliance between the European Union and the Swiss Confederation, the
Principality of Liechtenstein, the Principality of Andorra, the Principality of Monaco and the Republic
of San Marino, respectively
EN 3 EN
Article also provides that following these consultations, the Agreement may be amended by
means of a protocol between the Contracting Parties. As important changes to the CRS were
approved within the OECD on 26 August 2022, and in accordance with the Union’s exclusive
competence stemming from the existing Agreement, the Amending Protocol implements all
changes that are necessary to reflect the corresponding changes to the CRS. The
implementation of those changes within the Union has been provided for by means Council
Directive (EU) 2023/2226.
2. LEGAL BASIS, SUBSIDIARITY AND PROPORTIONALITY
• Legal basis
Given the main objective and components of the Agreement, the substantive legal basis of the
present proposal to the Council is Article 115 of the Treaty on the functioning of the
European Union (TFEU).
The Council is to adopt the decision concluding the Amending Protocol after consulting the
European Parliament. Given that Article 115 TFEU is the substantive legal basis, the
European Parliament should give its opinion. Therefore, the procedural legal basis of the
decision concluding the Amending Protocol is Article 218(6), second subparagraph, point (b),
TFEU. As Article 115 TFEU requires unanimity for Union act, the procedural legal basis for
the conclusion of the Amending Protocol should include the second subparagraph of Article
218(8) TFEU.
• Union Competence
Under the case law of the Court of Justice, the Union has exclusive competence where an
agreement may affect common rules or alter their scope8
. This jurisprudence of the Court of
Justice has been enshrined in Article 3(2) TFEU.
Article 3(2) TFEU provides that, in addition to the areas of exclusive Union competence listed
in Article 3(1) TFEU, the Union shall “also have exclusive competence for the conclusion of
an international agreement when its conclusion is provided for in a legislative act of the Union
or is necessary to enable the Union to exercise its internal competence, or in so far as its
conclusion may affect common rules or alter their scope”.
• Proportionality
The amending protocol respects the principle of proportionality and does not go beyond what
is necessary to meet the objective of updating the Agreement to incorporate the changes to the
Common Reporting Standard that shall take effect from 1 January 2026. These amendments
will enable the Member States to continue the automatic exchange of financial account
information with Liechtenstein in an uninterrupted manner, and in a manner that aligns with
the new requirements of the CRS, as already incorporated in the DAC8.
• Choice of instrument
This proposal for a Council decision is submitted in accordance with paragraph 6 of Article
218 TFEU, which envisages the adoption by the Council of a decision concluding an
international agreement. There exists no other legal instrument that could be used in order to
achieve the objective expressed in this proposal. Given the subject matter of the envisaged
agreement, it is appropriate for the Commission to submit a proposal to that effect.
8
Opinion 3/15 of the Court, ECLI:EU:C:2017:114, paragraph 118 and the case law quoted therein
EN 4 EN
3. RESULTS OF IMPACT ASSESSMENTS
• Impact assessment
According to tool 7 of the Better Regulation9
, an impact assessment is not needed, inter alia,
when the Commission has little or no choice in the matter.
This condition is satisfied in the present case as the amendments to the existing Agreements
with respect to the automatic exchange of financial account information fully align with the
changes to the CRS that were agreed at the OECD level and already incorporated into EU law
by means of the DAC8. Finally, the changes on data protection, are merely aimed at updating
references to the EU and Liechtenstein data protection legislation.
• Fundamental rights
The envisaged amending protocol to the Agreement will respect the key values of the
European Union as established in Article 2 of the Treaty on the Functioning of the European
Union and the Charter of Fundamental Rights of the European Union.
4. BUDGETARY IMPLICATIONS
The proposal has no implication for the EU budget.
5. OTHER ELEMENTS
• Detailed explanation of the specific provisions of the proposal
The envisaged amendments cover the following points:
1. Amendments to ensure that the automatic exchange of financial account
information between Member States and Liechtenstein under the existing
Agreement is aligned with and continues to take place in accordance with the
updated CRS from 1 January 2026
The foreseen amendments expand the scope of reporting to include new digital financial
products, such as Specified Electronic Money Products and Central Bank Digital Currencies.
Simultaneously and with the aim of improving the reliability and use of the exchanged
information, the amendments introduce more detailed reporting requirements and
strengthened due diligence procedures.
The amendments also contain provisions to ensure an efficient interaction between the CRS
and the separate Crypto-Asset Reporting Framework (CARF) developed by the OECD10
.
These provisions allow to limit instances of duplicative reporting, while maintaining a
maximum amount of operational flexibility of Reporting Financial Institutions that are also
subject to obligations under the CARF.
Finally, the amendments reflect the new optional category of Non-Reporting Financial
Institutions for genuine non-profit Entities operating for the public benefit (Qualified Non-
Profit Entity), which is provided in the Commentaries to the update to the CRS. Liechtenstein
has exercised this option and is in the process of setting up the legal and administration
mechanisms to ensure that any Entity claiming the status of a Qualified Non-Profit Entity is
9
https://ec.europa.eu/info/sites/default/files/br_toolbox-nov_2021_en_0.pdf
10
https://www.oecd.org/en/publications/international-standards-for-automatic-exchange-of-information-in-tax-
matters_896d79d1-en.html, pages 8 to 61.
EN 5 EN
confirmed to fulfil the relevant conditions laid down in the above-mentioned Commentaries.
On the contrary, EU Member States have not exercised this option, in line with Council
Directive (EU) 2023/2226.These amended reporting and automatic exchange of information
requirements are provided for within Article 1-3 and Annex I. They will apply from 1 January
2026.
2. Update to the legal reference on data protection legislation
All references to Directive 95/46/EC have been replaced with references to the GDPR.
Simultaneously, the legal reference to the national data protection legislation of Liechtenstein
has been updated to the Data Protection Act of 4 October 2018, which implements the GDPR.
• Text of the Amending Protocol, joint declarations and notifications
The text of the Amending Protocol is submitted to the Council together with this proposal.
The text of the joint declarations is submitted together with this proposal.
In accordance with the Treaties, it is for the Commission to proceed, on behalf of the Union,
to make the notification provided for in Article 2 of the Amending Protocol, in order to
express the consent of the Union to be bound by that Amending Protocol.
EN 6 EN
2025/0214 (NLE)
Proposal for a
COUNCIL DECISION
on the conclusion, on behalf of the Union, of the Amending Protocol to the Agreement
between the European Union and the Principality of Liechtenstein on the automatic
exchange of financial account information to improve international tax compliance
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the functioning of the European Union, and in particular
Article 115, in conjunction with Article 218(6), second subparagraph, point (b) and the
second subparagraph of Article 218(8) thereof,
Having regard to the proposal from the European Commission,
Having regard to the opinion of the European Parliament11
,
Whereas:
(1) The Agreement between the European Union and the Principality of Liechtenstein on
the automatic exchange of financial account information to improve international tax
compliance12
(‘the Agreement’) has enhanced mutual assistance in tax matters
between the contracting parties and improved international tax compliance.
(2) Important changes to the Common Reporting Standard (CRS) were approved at
international level on 26 August 202213
and have been introduced in the EU legislation
with the amending of Council Directive 2011/16/EU by Council Directive (EU)
2023/222614
.
(3) Therefore, the Agreement needs to be amended to ensure that the automatic exchange
of financial account information between EU Member States and the Principality of
Liechtenstein is aligned with, and continues to take place in accordance with, the
updated CRS from 1 January 2026.
(4) The text of the Amending Protocol to the Agreement between the European Union and
the Principality of Liechtenstein on the automatic exchange of financial account
information to improve international tax compliance (‘the Amending Protocol to the
Agreement’), which is the result of the negotiations, duly reflects the negotiating
directive issued by the Council.
11
Opinion of X (not yet published in the Official Journal)
12
OJ L 379, 24.12.2004, p. 84 to 104
13
https://www.oecd.org/en/publications/international-standards-for-automatic-exchange-of-information-in-tax-
matters_896d79d1-en.html, pages 62 to 102.
14
Council Directive (EU) 2023/2226 of 17 October 2023 amending Directive 2011/16/EU on administrative
cooperation in the field of taxation (OJ L, 24.10.2023)
EN 7 EN
(5) In accordance with Council Decision (EU) XXXX15
, the Amending Protocol to the
Agreement was signed on XXXX subject to its conclusion at a later date.
(6) The European Data Protection Supervisor was consulted in accordance with Article
42(1) of Regulation (EC) No 2018/1725 of the European Parliament and of the
Council.16
(7) The Amending Protocol to the Agreement and the joint declarations attached to it
should be approved on behalf of the Union,
HAS ADOPTED THIS DECISION:
Article 1
The Amending Protocol to the Agreement between the European Union and the Principality
of Liechtenstein on the automatic exchange of financial account information to improve
international tax compliance is hereby approved on behalf of the Union.
The text of the Amending Protocol to the Agreement is attached to this Decision.
Article 2
The Joint Declaration of the Contracting Parties on Article 5 of the Agreement and the Joint
Declaration of the Contracting Parties on the entry into force and effect of the Amending
Protocol are hereby approved.
Article 3
This Decision shall enter into force on the day following that of its publication in the Official
Journal of the European Union.
Done at Brussels,
For the Council
The President
15
Council Decision (EU) xxxx on the signing, on behalf of the Union, of the Amending Protocol to the
Agreement between the European Union and the Principality of Liechtenstein on the automatic exchange of
financial account information to improve international tax compliance (OJ L XXXX)
16
Regulation (EU) 2018/1725 of the European Parliament and of the Council of 23 October 2018 on the
protection of natural persons with regard to the processing of personal data by the Union institutions,
bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No
45/2001 and Decision No 1247/2002/EC (OJ L 295, 21.11.2018, p.39-98)


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EUROPEAN
COMMISSION
Brussels, 17.7.2025
COM(2025) 397 final
ANNEX
ANNEX
to the
Proposal for a Council Decision
on the conclusion, on behalf of the Union, of the Amending Protocol to the Agreement
between the European Union and the Principality of Liechtenstein on the automatic
exchange of financial account information to improve international tax compliance
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Europaudvalget 2025
AMENDING PROTOCOL
to the Agreement between the European Union and the Principality of Liechtenstein on
the automatic exchange of financial account information to improve international tax
compliance
THE EUROPEAN UNION,
and
THE PRINCIPALITY OF LIECHTENSTEIN, hereinafter referred to as ‘Liechtenstein’,
both hereinafter referred to, individually, as ‘Contracting Party’ and, jointly, as ‘Contracting
Parties’,
WHEREAS the Contracting Parties have a longstanding and close relationship with respect to
mutual assistance in tax matters, which consisted, initially, in the application of measures
equivalent to those laid down in Council Directive 2003/48/EC1
, and which was later
developed into the Agreement between the European Union and the Principality of
Liechtenstein on the automatic exchange of financial account information to improve
international tax compliance2
(‘the Agreement’), as amended by the Amending Protocol to the
Agreement between the European Community and the Principality of Liechtenstein providing
for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of
savings income in the form of interest payments3
, based upon the reciprocal automatic
exchange of information by means of implementing the Organisation for Economic Co-
operation and Development (OECD) Standard for Automatic Exchange of Financial Account
Information in Tax Matters (‘the Global Standard’),
WHEREAS, following the OECD’s first comprehensive review of the Global Standard,
amendments to the Global Standard were approved by the OECD’s Committee on Fiscal
Affairs in August 2022 and were adopted by the OECD Council on 8 June 2023 by means of
its revised Recommendation on the International Standards for Automatic Exchange of
Information in Tax Matters (‘the update to the Global Standard’),
WHEREAS the OECD comprehensive review identified the increasing complexity of financial
instruments and the emergence and use of new types of digital assets and acknowledged the
necessity of adapting the Global Standard to ensure comprehensive and effective tax
compliance,
WHEREAS the update to the Global Standard expanded the scope of reporting to include new
digital financial products, such as Specified Electronic Money Products and Central Bank
Digital Currencies, which offer credible alternatives to traditional Financial Accounts, which
are already subject to reporting under the Global Standard,
WHEREAS the new OECD Crypto-Asset Reporting Framework (’CARF’), which was
introduced in parallel to the update to the Global Standard, serves as a complementary
mechanism at the global level and is specifically designed to address the rapid development
and growth of the Crypto-Asset market,
1
Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments (OJ
EU L 157, 26.6.2003, p. 38).
2
OJ EU L 379 24.12.2004, p. 84.
3
OJ EU L 339, 24.12.2015, p. 3.
WHEREAS it was considered imperative to ensure an efficient interaction between those two
frameworks, in particular to limit instances of duplicative reporting, by: (i) excluding Specified
Electronic Money Products and Central Bank Digital Currencies from the scope of the CARF,
given their coverage under the updated Global Standard; (ii) considering Crypto-Assets within
the scope of the updated Global Standard to be Financial Assets for the purpose of reporting
Custodial Accounts, Equity or Debt Interests in Investment Entities (except in cases of
provision of services effectuating exchange transactions for or on behalf of customers, which
are covered under the CARF), indirect investments in Crypto-Assets through other traditional
financial products or traditional financial products issued in crypto form; and (iii) providing
for an optional provision for Reporting Financial Institutions to switch off gross proceeds
reporting for assets that are classified as Crypto-Assets under both frameworks, when such
information is reported under the CARF, while continuing to report under the Global Standard
all other information, such as account balance,
WHEREAS the CARF has been implemented within the European Union by way of Council
Directive (EU) 2023/22264
, which amended Council Directive 2011/16/EU5
, with those
provisions applying from 1 January 2026, and Liechtenstein is committed to implementing the
CARF in its domestic legislation and applying those provisions from the same date,
WHEREAS with a view to limiting instances of duplicative reporting, the Contracting Parties
should apply the delineation between the Agreement, the CARF and Directive (EU) 2023/2226
in a manner consistent with the delineation between the updated Global Standard and the
CARF,
WHEREAS, with the aim of improving the reliability and use of the exchanged information,
the update to the Global Standard introduces more detailed reporting requirements and
strengthened due diligence procedures,
WHEREAS the update to the Global Standard adds a new ‘Excluded Account’ category for
Capital Contribution Accounts and a de minimis threshold for reporting of Depository
Accounts holding Specified Electronic Money Products,
WHEREAS the Commentaries to the update to the Global Standard include an optional new
‘Non-Reporting Financial Institution’ category for Investment Entities that are genuine non-
profit organisations (’Qualified Non-Profit Entity’) and mandate that, in order to address
concerns of potential circumvention of reporting, the application of that option should be
subject to adequate verification procedures for each Entity by the tax administration of the
jurisdiction in which that Entity is otherwise subject to reporting as an Investment Entity,
WHEREAS Liechtenstein will exercise the option to include the new ‘Qualified Non-Profit
Entity’ category and will set up the legal and administration mechanisms to ensure that any
Entity claiming the status of a ‘Qualified Non-Profit Entity’ is confirmed to fulfil the relevant
conditions before such Entity is treated as a Non-Reporting Financial Institution in
Liechtenstein, and whereas Member States, in line with Directive (EU) 2023/2226, will not
exercise that option,
4
Council Directive (EU) 2023/2226 of 17 October 2023 amending Directive 2011/16/EU on administrative
cooperation in the field of taxation (OJ EU L, 24.10.2023).
5
Council Directive 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation and
repealing Directive 77/799/EEC (OJ EU L 64, 11.3.2011, p. 1).
WHEREAS the Commentaries to the OECD Model Competent Authority Agreement and the
Common Reporting Standard, as amended by the update to the Global Standard, should be used
as sources of illustration or interpretation in order to ensure consistency in application,
WHEREAS the European Union, its Member States and Liechtenstein are Contracting Parties
to the Agreement on the European Economic Area (‘the EEAAgreement’),
WHEREAS the conclusions on a homogenous extended internal market and EU relations with
non-EU Western European countries adopted by the Council of the European Union in June
2024 appreciate the constructive, transparent and open cooperation with Liechtenstein, and
acknowledge Liechtenstein’s high and reliable transposition rates within the EEA, as well as
the legal framework put in place on transparency and the exchange of information for tax
purposes,
WHEREAS Liechtenstein and the Member States of the European Union are longstanding and
reliable partners in the field of tax cooperation, including the exchange of information for tax
purposes, and the global minimum taxation rules. Liechtenstein provides for measures
corresponding to those laid down in European Union legislation, in particular on the automatic
exchange of financial account information,
WHEREAS Directive (EU) 2015/849 of the European Parliament and of the Council6
aims to
prevent the misuse of the single market for the purpose of money laundering and the financing
of terrorism and is, where appropriate, aligned with the International Standards on Combating
Money Laundering and the Financing of Terrorism and Proliferation adopted by the Financial
Action Task Force (FATF) in February 2012 (the ‘revised FATF Recommendations’) and the
subsequent amendments to those standards,
WHEREAS Liechtenstein has, on the basis of its EEA membership, implemented Directive
(EU) 2015/849 by means of the Law on Professional Due Diligence for the Prevention of
Money Laundering, Organised Crime and Financing of Terrorism of 11 December 20087
and
the Ordinance on Professional Due Diligence for the Prevention of Money Laundering,
Organised Crime and Financing of Terrorism of 17 February 20098
,
WHEREAS, as of 10 July 2027, Directive (EU) 2015/849 will be replaced by Directive (EU)
2024/1640 of the European Parliament and of the Council9
and Regulation (EU) 2024/1624 of
the European Parliament and of the Council10
,
WHEREAS Directive (EU) 2024/1640 and Regulation (EU) 2024/1624 lay down the basis for
a robust and harmonised framework, ensuring a cohesive and comprehensive approach in order
to enhance the fight against money laundering, its predicate offences and terrorist financing in
the European Union,
6
Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the
use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU)
No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European
Parliament and of the Council and Commission Directive 2006/70/EC (OJ EU L 141 5.6.2015, p. 73).
7
Liechtenstein Legal Gazette 2009 no. 47.
8
Liechtenstein Legal Gazette 2009 no. 98.
9
Directive (EU) 2024/1640 of the European Parliament and of the Council of 31 May 2024 on the mechanisms to be
put in place by Member States for the prevention of the use of the financial system for the purposes of money
laundering or terrorist financing, amending Directive (EU) 2019/1937, and amending and repealing Directive (EU)
2015/849 (OJ EU L, 2024/1640, 19.6.2024, ELI: http://data.europa.eu/eli/dir/2024/1640/oj).
10
Regulation (EU) 2024/1624 of the European Parliament and of the Council of 31 May 2024 on the prevention of the
use of the financial system for the purposes of money laundering or terrorist financing (OJ EU L, 2024/1624,
19.6.2024, ELI: http://data.europa.eu/eli/reg/2024/1624/oj).
WHEREAS Directive (EU) 2024/1640 and Regulation (EU) 2024/1624 will be implemented
and applied in Liechtenstein in accordance with the procedures of the EEAAgreement,
WHEREAS Regulation (EU) 2016/679 of the European Parliament and of the Council11
lays
down specific data protection rules which apply also to the exchanges of information covered
by this Amending Protocol,
WHEREAS Liechtenstein has, on the basis of its EEA membership, implemented Regulation
(EU) 2016/679 by means of the Data Protection Act of 4 October 2018,
WHEREAS the Member States and Liechtenstein have in place: (i) appropriate safeguards to
ensure that the information received pursuant to the Agreement remains confidential and is
used solely for the purposes of, and by the persons or authorities concerned with, the
assessment, collection or recovery of, the enforcement or prosecution in respect of, or the
determination of appeals in relation to taxes, or the oversight of these, as well as for other
authorised purposes; and (ii) the infrastructure for an effective exchange relationship (including
established processes for ensuring timely, accurate, secure and confidential information
exchanges, effective and reliable communications, and capabilities to promptly resolve
questions and concerns about exchanges or requests for exchanges and to administer the
provisions of Article 4 of the Agreement),
WHEREAS Reporting Financial Institutions, sending Competent Authorities and receiving
Competent Authorities, as data controllers, should retain information processed in accordance
with the Agreement for no longer than necessary to achieve the purposes thereof and whereas,
given the differences in Member States' and Liechtenstein's legislation, the maximum retention
period should be set by reference to the statute of limitations provided by each data controller's
domestic tax legislation,
WHEREAS the processing of information under the Agreement is necessary for and
proportionate to the purpose of enabling Member States' and Liechtenstein's tax
administrations to correctly and unequivocally identify the taxpayers concerned, to administer
and enforce their tax laws in cross-border situations, to assess the likelihood of tax evasion
being perpetrated and to avoid unnecessary further investigations,
HAVE AGREED AS FOLLOWS:
Article 1
The Agreement is amended as follows:
(1) the introductory wording between the title and Article 1 is replaced by the following:
‘THE EUROPEAN UNION,
and
THE PRINCIPALITY OF LIECHTENSTEIN, hereinafter referred to as
“Liechtenstein”,
11
Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of
natural persons with regard to the processing of personal data and on the free movement of such data, and
repealing Directive 95/46/EC (General Data Protection Regulation) (OJ EU L 119, 04.05.2016, p. 1).
both hereinafter referred to, individually, as “Contracting Party” and, jointly, as
“Contracting Parties”,
REAFFIRMING the common interest in further developing the privileged
relationship between the European Union and Liechtenstein,
HAVE AGREED TO CONCLUDE THE FOLLOWING AGREEMENT:’;
(2) in Article 1(1), the following subparagraph is added:
‘(m) the term “Crypto-Asset Reporting Framework” means the international
framework for the automatic exchange of information with respect to Crypto-
Assets (which includes the Commentaries) developed by the OECD with G20
countries and approved by the OECD on 26 August 2022.’;
(3) Article 2 is amended as follows:
(a) paragraph 2 is amended as follows:
(i) subparagraphs (a) and (b) are replaced by the following:
‘(a) the following:
(i) the name, address, TIN(s) and date and place of birth (in the
case of an individual) of each Reportable Person that is an
Account Holder of the account and whether the Account
Holder has provided a valid self-certification;
(ii) in the case of any Entity that is an Account Holder and that,
after application of due diligence procedures consistent with
Annexes I and II, is identified as having one or more
Controlling Persons that is a Reportable Person, the name,
address, and TIN(s) of the Entity and the name, address,
TIN(s) and date and place of birth of each Reportable Person,
as well as the role(s) by virtue of which each Reportable
Person is a Controlling Person of the Entity and whether a
valid self-certification has been provided for each Reportable
Person; and
(iii) whether the account is a joint account, including the number
of joint Account Holders;
(b) the account number (or functional equivalent in the absence of an
account number), the type of account and whether the account is a
Preexisting Account or a New Account;’;
(ii) the term ‘and’ at the end of subparagraph (f) is deleted;
(iii) the following subparagraph is inserted after subparagraph (f):
‘(fa) in the case of any Equity Interest held in an Investment Entity that
is a legal arrangement, the role(s) by virtue of which the Reportable
Person is an Equity Interest holder; and’;
(b) the following paragraph is added:
‘3. Notwithstanding paragraph 2, subparagraph (e), point(ii), and unless the
Reporting Financial Institution has elected otherwise under Section I(F)
of Annex I with respect to any clearly identified group of accounts, the
gross proceeds from the sale or redemption of a Financial Asset are not
required to be exchanged to the extent such gross proceeds from the sale
or redemption of such Financial Asset are exchanged by the Competent
Authority of Liechtenstein with the Competent Authority of a Member
State or by the Competent Authority of a Member State with the
Competent Authority of Liechtenstein under the Crypto-Asset Reporting
Framework.’;
(4) Article 3 is amended as follows:
(a) in paragraph 3, the following subparagraphs are added:
‘Notwithstanding the first and second subparagraphs, for accounts that are
treated as a Reportable Account solely by virtue of the amendments to this
Agreement made by the Amending Protocol of [date of signing], and, with
regard to all Reportable Accounts, for the additional information to be
exchanged pursuant to the changes made to Article 2(2) under that latter
Amending Protocol, information is to be exchanged with respect to the first year
as from the entry into force of that Amending Protocol and all subsequent years.
Notwithstanding the preceding subparagraphs, with respect to each Reportable
Account that is maintained by a Reporting Financial Institution as of 31
December 2025 and for reporting periods ending by the second calendar year
following such date, information with respect to the role(s) by virtue of which
each Reportable Person is a Controlling Person or Equity Interest holder of the
Entity is to be exchanged where reported by the Reporting Financial Institution
in accordance with Section I, subparagraphs A(1)(b) and A(6a), of Annex I.’;
(b) paragraph 4 is replaced by the following:
‘4. The Competent Authorities will automatically exchange the information
described in Article 2 in a common reporting standard schema in
Extensible Markup Language using the Common Transmission System
approved by the OECD or any other appropriate system for data
transmission that may be agreed in the future.’;
(c) paragraph 5 is deleted.;
(5) Article 6 is amended as follows:
(a) paragraph 1 is replaced by the following:
‘1. In addition to the confidentiality rules and other safeguards outlined in this
Article, all exchanges of personal data pursuant to this Agreement, with
regard to Member States and Liechtenstein, shall be subject to Regulation
(EU) 2016/679 of the European Parliament and of the Council*
.
Member States and Liechtenstein shall, for the purpose of the correct
application of Article 5, restrict the scope of the obligations and rights
provided for in Article 13, Article 14(1) to (4), and Article 15 of
Regulation (EU) 2016/679 to the extent required in order to safeguard the
interests referred to in Article 23(1)(e) of that Regulation.
Notwithstanding the second subparagraph, each Member State and
Liechtenstein shall ensure that each Reporting Financial Institution under
their jurisdiction informs each individual Reportable Person concerned
that the information relating to him referred to inArticle 2 will be collected
and transferred in accordance with this Agreement and shall ensure that
the Reporting Financial Institution provides to that individual all
information that he is entitled to under Regulation (EU) 2016/679.
The information under Regulation (EU) 2016/679 shall be provided in
sufficient time for the individual to exercise his data protection rights and,
in any case, before the Reporting Financial Institution concerned reports
the information referred to in Article 2 to the competent authority of its
jurisdiction of residence (being a Member State or Liechtenstein).
Member States and Liechtenstein shall ensure that each individual
Reportable Person is notified of a breach of security with regard to his
personal data when that breach is likely to adversely affect the protection
of his personal data or privacy.
__________
*
Regulation (EU) 2016/679 of the European Parliament and of the Council
of 27 April 2016 on the protection of natural persons with regard to the
processing of personal data and on the free movement of such data, and
repealing Directive 95/46/EC (General Data Protection Regulation) (OJ
EU L 119, 04.05.2016, p. 1).’;
(b) paragraph 2 is replaced by the following:
‘2. Personal data processed in accordance with this Agreement shall be
retained for no longer than necessary to achieve the purposes of this
Agreement, and in any case in accordance with each data controller's
domestic rules on statute of limitations.
Reporting Financial Institutions and the competent authorities of each
Member State and Liechtenstein shall be considered to be data controllers
under this Agreement for the purposes of Regulation (EU) 2016/679.’;
(c) paragraph 3 is replaced by the following:
‘3. Any information obtained by a jurisdiction (being a Member State or
Liechtenstein) under this Agreement shall be treated as confidential and
protected in the same manner as information obtained under the domestic
law of that jurisdiction and, to the extent needed to ensure the necessary
level of protection of personal data, in accordance with the safeguards
which may be specified by the jurisdiction supplying the information as
required under Regulation (EU) 2016/679.’;
(d) paragraph 7 is replaced by the following:
‘7. The processing of personal data under this Agreement shall be subject to
the supervision of the national data protection supervisory authorities
established in the Member States and in Liechtenstein under Regulation
(EU) 2016/679.’;
(6) in Article 7, paragraph 2 is replaced by the following:
‘2. If the consultation relates to significant non-compliance with the provisions of
this Agreement, and the procedure described in paragraph 1 does not provide for
an adequate settlement, the Competent Authority of a Member State or
Liechtenstein may suspend the exchange of information under this Agreement
towards, respectively, Liechtenstein or a specific Member State, by giving
notice in writing to the other Competent Authority concerned. Such suspension
will have immediate effect. For the purposes of this paragraph, significant non-
compliance includes, but is not limited to, non-compliance with the
confidentiality and data safeguard provisions of this Agreement or Regulation
(EU) 2016/679, a failure by the Competent Authority of a Member State or
Liechtenstein to provide timely or adequate information as required under this
Agreement or defining the status of Entities or accounts as Non-Reporting
Financial Institutions and Excluded Accounts in a manner that frustrates the
purposes of this Agreement.’;
(7) Article 9 is replaced by the following:
‘Article 9
Termination
Either Contracting Party may terminate this Agreement by giving notice of
termination in writing to the other Contracting Party. Such termination will become
effective on the first day of the month following the expiration of a period of 12
months after the date of the notice of termination. In the event of termination, all
information previously received under this Agreement will remain confidential and
subject to Regulation (EU) 2016/679.’;
(8) Annex I is amended as follows:
(a) in Section I, paragraph A is amended as follows:
(i) the introductory wording and subparagraphs 1 and 2 are replaced by the
following:
‘Subject to paragraphs C to F, each Reporting Financial Institution must
report to the Competent Authority of its jurisdiction (being a Member
State or Liechtenstein) with respect to each Reportable Account of such
Reporting Financial Institution:
1. the following information:
(a) the name, address, jurisdiction(s) of residence (being a
Member State or Liechtenstein), TIN(s) and date and place of
birth (in the case of an individual) of each Reportable Person
that is an Account Holder of the account and whether the
Account Holder has provided a valid self-certification;
(b) in the case of any Entity that is an Account Holder and that,
after application of the due diligence procedures consistent
with Sections V, VI and VII, is identified as having one or
more Controlling Persons that is a Reportable Person, the
name, address, jurisdiction(s) (being a Member State,
Liechtenstein or other jurisdiction) of residence and TIN(s) of
the Entity and the name, address, jurisdiction(s) (being a
Member State or Liechtenstein) of residence, TIN(s) and date
and place of birth of each Reportable Person, as well as the
role(s) by virtue of which each Reportable Person is a
Controlling Person of the Entity and whether a valid self-
certification has been provided for each Reportable Person;
and
(c) whether the account is a joint account, including the number
of joint Account Holders;
2. the account number (or functional equivalent in the absence of an
account number), the type of account and whether the account is a
Preexisting Account or a New Account;’;
(ii) the term ‘and’ at the end of subparagraph 6 is deleted;
(iii) the following subparagraph is inserted after subparagraph 6:
‘6a. in the case of any Equity Interest held in an Investment Entity that
is a legal arrangement, the role(s) by virtue of which the Reportable
Person is an Equity Interest holder; and’;
(b) in Section I, paragraph C is replaced by the following:
‘C. Notwithstanding subparagraph A(1), with respect to each Reportable
Account that is a Preexisting Account, the TIN(s) or date of birth is not
required to be reported if such TIN(s) or date of birth is not in the records
of the Reporting Financial Institution and is not otherwise required to be
collected by such Reporting Financial Institution under domestic law or
any European Union legal instrument (if applicable). However, a
Reporting Financial Institution is required to use reasonable efforts to
obtain the TIN(s) and date of birth with respect to Preexisting Accounts
by the end of the second calendar year following the year in which
Preexisting Accounts were identified as Reportable Accounts and
whenever it is required to update the information relating to the
Preexisting Account pursuant to domestic AML/KYC Procedures.’;
(c) in Section I, the following paragraph is added:
‘F. Notwithstanding subparagraph A(5)(b), and unless the Reporting
Financial Institution elects otherwise with respect to any clearly identified
group of accounts, the gross proceeds from the sale or redemption of a
Financial Asset are not required to be reported to the extent such gross
proceeds from the sale or redemption of such Financial Asset are reported
by the Reporting Financial Institution under the Crypto-Asset Reporting
Framework.’;
(d) in Section VI, subparagraph A(2)(b) is replaced by the following:
‘(b) Determining the Controlling Persons of an Account Holder. For the
purposes of determining the Controlling Persons of an Account Holder, a
Reporting Financial Institution may rely on information collected and
maintained pursuant to AML/KYC Procedures, provided that such
procedures are consistent with the 2012 FATF Recommendations. If the
Reporting Financial Institution is not legally required to apply AML/KYC
Procedures that are consistent with the 2012 FATF Recommendations, it
must apply substantially similar procedures for the purpose of determining
the Controlling Persons.’;
(e) in Section VII, the following paragraph is inserted after paragraph A:
‘Aa. Temporary lack of self-certification. In exceptional circumstances where
a self-certification cannot be obtained by a Reporting Financial Institution
in respect of a New Account in time to meet its due diligence and reporting
obligations with respect to the reporting period during which the account
was opened, the Reporting Financial Institution must apply the due
diligence procedures for Preexisting Accounts, until such self-certification
is obtained and validated.’;
(f) in Section VIII, subparagraphs A(5) to (7) are replaced by the following:
‘5. The term “Depository Institution” means any Entity that:
(a) accepts deposits in the ordinary course of a banking or similar
business; or
(b) holds Specified Electronic Money Products or Central Bank Digital
Currencies for the benefit of customers.
6. The term “Investment Entity” means any Entity:
(a) which primarily conducts as a business one or more of the following
activities or operations for or on behalf of a customer:
(i) trading in money market instruments (cheques, bills,
certificates of deposit, derivatives, etc.); foreign exchange;
exchange, interest rate and index instruments; transferable
securities; or commodity futures trading;
(ii) individual and collective portfolio management; or
(iii) otherwise investing, administering, or managing Financial
Assets, money, or Relevant Crypto-Assets on behalf of other
persons; or
(b) the gross income of which is primarily attributable to investing,
reinvesting, or trading in Financial Assets or Relevant Crypto-
Assets, if the Entity is managed by another Entity that is a
Depository Institution, a Custodial Institution, a Specified Insurance
Company, or an Investment Entity described in subparagraph
A(6)(a).
An Entity is treated as primarily conducting as a business one or more of
the activities described in subparagraph A(6)(a), or an Entity's gross
income is primarily attributable to investing, reinvesting, or trading in
Financial Assets or Relevant Crypto-Assets for the purposes of
subparagraph A(6)(b), if the Entity's gross income attributable to the
relevant activities equals or exceeds 50 % of the Entity's gross income
during the shorter of: (i) the three-year period ending on 31 December of
the year preceding the year in which the determination is made; or (ii) the
period during which the Entity has been in existence. For the purposes of
subparagraphA(6)(a)(iii), the term “otherwise investing, administering, or
managing Financial Assets, money, or Relevant Crypto-Assets on behalf
of other persons” does not include the provision of services effectuating
Exchange Transactions for or on behalf of customers. The term
“Investment Entity” does not include an Entity that is an Active NFE
because that Entity meets any of the criteria in subparagraphs D(9)(d) to
(g).
This paragraph shall be interpreted in a manner consistent with similar
language set forth in the definition of “financial institution” in the
Financial Action Task Force Recommendations.
7. The term “Financial Asset” includes a security (for example, a share of
stock in a corporation; partnership or beneficial ownership interest in a
widely held or publicly traded partnership or trust; note, bond, debenture,
or other evidence of indebtedness), partnership interest, commodity, swap
(for example, interest rate swaps, currency swaps, basis swaps, interest
rate caps, interest rate floors, commodity swaps, equity swaps, equity
index swaps, and similar agreements), Insurance Contract or Annuity
Contract, or any interest (including a futures or forward contract or option)
in a security, Relevant Crypto-Asset, partnership interest, commodity,
swap, Insurance Contract, or Annuity Contract. The term “Financial
Asset” does not include a non-debt, direct interest in real property.’;
(g) in Section VIII, the following subparagraphs are added after subparagraph A(8):
‘9. The term “Specified Electronic Money Product” means any product that
is:
(a) a digital representation of a single Fiat Currency;
(b) issued on receipt of funds for the purpose of making payment
transactions;
(c) represented by a claim on the issuer denominated in the same Fiat
Currency;
(d) accepted in payment by a natural or legal person other than the
issuer; and
(e) by virtue of regulatory requirements to which the issuer is subject,
redeemable at any time and at par value for the same Fiat Currency
upon request of the holder of the product.
The term “Specified Electronic Money Product” does not include a
product created for the sole purpose of facilitating the transfer of funds
from a customer to another person pursuant to instructions of the
customer. A product is not created for the sole purpose of facilitating the
transfer of funds if, in the ordinary course of business of the transferring
Entity, either the funds connected with such product are held longer than
60 days after receipt of instructions to facilitate the transfer, or, if no
instructions are received, the funds connected with such product are held
longer than 60 days after receipt of the funds.
10. The term “Central Bank Digital Currency” means any digital Fiat
Currency issued by a Central Bank.
11. The term “Fiat Currency” means the official currency of a jurisdiction,
issued by a jurisdiction or by a jurisdiction’s designated Central Bank or
monetary authority, as represented by physical banknotes or coins or by
money in different digital forms, including bank reserves and Central
Bank Digital Currencies. The term also includes commercial bank money
and electronic money products (including Specified Electronic Money
Products).
12. The term “Crypto-Asset” means a digital representation of value that
relies on a cryptographically secured distributed ledger or a similar
technology to validate and secure transactions.
13. The term “Relevant Crypto-Asset” means any Crypto-Asset that is not a
Central Bank Digital Currency, a Specified Electronic Money Product or
any Crypto-Asset for which the Reporting Crypto-Asset Service Provider
has adequately determined that it cannot be used for payment or
investment purposes.
14. The term “Exchange Transaction” means any:
(a) exchange between Relevant Crypto-Assets and Fiat Currencies; and
(b) exchange between one or more forms of Relevant Crypto-Assets.’
(h) in Section VIII, subparagraph B(1)(a) is replaced by the following:
‘(a) a Governmental Entity, International Organisation or Central Bank,
other than:
(i) with respect to a payment that is derived from an obligation
held in connection with a commercial financial activity of a
type engaged in by a Specified Insurance Company, Custodial
Institution, or Depository Institution; or
(ii) with respect to the activity of maintaining Central Bank
Digital Currencies for Account Holders which are not
Financial Institutions, Governmental Entities, International
Organisations or Central Banks;’;
(i) in Section VIII, the term ‘or’ at the end of subparagraph B(1)(d) is deleted;
(j) in Section VIII, the full stop at the end of subparagraph B(1)(e) is replaced by a
semicolon and the term ‘or’ is added thereafter;
(k) in Section VIII, the following subparagraph is added after subparagraph B(1)(e):
‘(f) a Qualified Non-Profit Entity.’
(l) in Section VIII, the following subparagraph is added after subparagraph B(9):
10. The term “Qualified Non-Profit Entity” means an Entity resident in
Liechtenstein that has obtained confirmation by the tax administration of
Liechtenstein that such Entity meets all of the following conditions:
(a) it is established and operated in Liechtenstein exclusively for
religious, charitable, scientific, artistic, cultural, athletic, or
educational purposes; or it is established and operated in
Liechtenstein and it is a professional organisation, business league,
chamber of commerce, labour organisation, agricultural or
horticultural organisation, civic league or an organisation operated
exclusively for the promotion of social welfare;
(b) it is exempt from income tax in Liechtenstein;
(c) it has no shareholders or members who have a proprietary or
beneficial interest in its income or assets;
(d) the applicable laws of Liechtenstein or the Entity’s formation
documents do not permit any income or assets of the Entity to be
distributed to, or applied for the benefit of, a private person or a
noncharitable Entity other than pursuant to the conduct of the
Entity’s charitable activities, or as payment of reasonable
compensation for services rendered, or as payment representing the
fair market value of property which the Entity has purchased; and
(e) the applicable laws of Liechtenstein or the Entity’s formation
documents require that, upon the Entity’s liquidation or dissolution,
all of its assets be distributed to a Governmental Entity or other
Entity that meets the conditions set out in i) to v), or escheat to the
government of Liechtenstein or any political subdivision thereof.’;
(m) in Section VIII, subparagraph C(2) is replaced by the following:
‘2. The term “Depository Account” includes any commercial, checking,
savings, time, or thrift account, or an account that is evidenced by a
certificate of deposit, thrift certificate, investment certificate, certificate of
indebtedness, or other similar instrument maintained by a Depository
Institution. A Depository Account also includes:
(a) an amount held by an insurance company pursuant to a guaranteed
investment contract or similar agreement to pay or credit interest
thereon;
(b) an account or notional account that represents all Specified
Electronic Money Products held for the benefit of a customer; and
(c) an account that holds one or more Central Bank Digital Currencies
for the benefit of a customer.’;
(n) in Section VIII, subparagraph C(9)(a) is replaced by the following:
‘(a) a Financial Account maintained by a Reporting Financial Institution as of
31 December 2015 or, if the account is treated as a Financial Account
solely by virtue of the amendments to this Agreement made by the
Amending Protocol of [date of signing], as of 31 December 2025;’;
(o) in Section VIII, subparagraph C(10) is replaced by the following:
‘10. The term “New Account” means a Financial Account maintained by a
Reporting Financial Institution opened on or after 1 January 2016, or, if
the account is treated as a Financial Account solely by virtue of the
amendments to this Agreement made by the Amending Protocol of [date
of signing], on or after 1 January 2026 unless it is treated as a Preexisting
Account under the extended definition of Preexisting Account in
subparagraph C(9).’;
(p) in Section VIII, the following subparagraph is inserted after subparagraph
C(17)(e)(iv):
‘(v) a foundation or capital increase of a company provided that the account
satisfies the following requirements:
– the account is used exclusively to deposit capital that is to be used
for the purpose of the foundation or capital increase of a company,
as prescribed by law;
– any amounts held in the account are blocked until the Reporting
Financial Institution obtains an independent confirmation regarding
the foundation or capital increase;
– the account is closed or transformed into an account in the name of
the company after the foundation or capital increase;
– any repayments resulting from a failed foundation or capital
increase, net of service provider and similar fees, are made solely to
the persons who contributed the amounts; and
– the account has not been established more than 12 months ago.’;
(q) in Section VIII, the following subparagraph is inserted after subparagraph
C(17)(e):
‘(ea) A Depository Account that represents all Specified Electronic Money
Products held for the benefit of a customer, if the rolling average 90 day
end-of-day aggregate account balance or value during any period of 90
consecutive days did not exceed USD 10 000 or an equivalent amount
denominated in the domestic currency of each Member State or
Liechtenstein at any day during the calendar year or other appropriate
reporting period.’;
(r) in Section VIII, subparagraph D(2) is replaced by the following:
‘2. The term “Reportable Person” means a Reportable Jurisdiction Person
other than: (i) an Entity the stock of which is regularly traded on one or
more established securities markets; (ii) any Entity that is a Related Entity
of an Entity described in clause (i); (iii) a Governmental Entity; (iv) an
International Organisation; (v) a Central Bank; or (vi) a Financial
Institution.’;
(s) in Section VIII, subparagraph D(5)(c) is replaced by the following:
‘(c) any other jurisdiction (i) with which the relevant Member State or
Liechtenstein, as the context requires, has an agreement in place pursuant
to which that other jurisdiction will provide the information specified in
Section I, and (ii) which is identified in a list published by that Member
State or Liechtenstein;‘
(t) in Section VIII, the following subparagraph is added after subparagraph E(6):
‘7. The term “Government Verification Service” is an electronic process
made available by a Reportable Jurisdiction to a Reporting Financial
Institution for the purposes of ascertaining the identity and tax residence
of an Account Holder or Controlling Person.’;
(u) the following section is added after Section X:
‘Section XI:
TRANSITIONAL MEASURES
Notwithstanding subparagraph A(1)(b) and A(6a) of Section I, with respect to
each Reportable Account that is maintained by a Reporting Financial Institution
as of 31 December 2025 and for reporting periods ending by the second calendar
year following such date, information with respect to the role(s) by virtue of
which each Reportable Person is a Controlling Person or Equity Interest holder
of the Entity is only required to be reported if such information is available in
the electronically searchable data maintained by the Reporting Financial
Institution.’;
(9) in Annex II, the following paragraphs are added after paragraph 6:
‘7. The term “Central Bank Digital Currency” shall be interpreted in a manner
consistent with the underlying term “Fiat Currency”, which also includes
official currency issued by a monetary authority other than a Central Bank.
8. The status of an Entity as a Liechtenstein “Qualified Non-Profit Entity” does
not affect the status of such an Entity in a Member State if that Entity is
considered to be a Reporting Financial Institution in that Member State.’
(10) in Annex III, subparagraph (ac) is deleted.
Article 2
Entry into force and application
This Amending Protocol requires ratification or approval by the Contracting Parties in
accordance with their own procedures. The Contracting Parties shall notify each other of the
completion of these procedures. This Amending Protocol shall enter into force on the first day
of January following the receipt of the last notification. The amendments introduced by this
Amending Protocol shall have effect as of that date.
Article 3
Languages
This Amending Protocol shall be drawn up in duplicate in the Bulgarian, Croatian, Czech,
Danish, Dutch, English, Estonian, Finnish, French, German, Greek, Hungarian, Irish, Italian,
Latvian, Lithuanian, Maltese, Polish, Portuguese, Romanian, Slovak, Slovenian, Spanish and
Swedish languages, each text being equally authentic.
IN WITNESS WHEREOF, the undersigned Plenipotentiaries have hereunto set their hands.
Done at … in the year two thousand and twenty-five.
For the European Union
For the Principality of Liechtenstein
JOINT DECLARATIONS OF THE CONTRACTING PARTIES:
JOINT DECLARATION OF THE CONTRACTING PARTIES ON ARTICLE 5 OF THE
AGREEMENT
The Contracting Parties agree that Article 5 of the Agreement is aligned to the latest OECD
standard on transparency and exchange of information in tax matters enshrined in Article 26 of
the OECD Model Tax Convention. Therefore, the Contracting Parties agree, regarding the
implementation of Article 5 of the Agreement, that the commentary to Article 26 of the OECD
Model Tax Convention on Income and on Capital in the version current at the signature of the
Amending Protocol should be a source of interpretation.
Where the OECD adopts new versions of the commentary to Article 26 of the OECD Model
Tax Convention on Income and on Capital in subsequent years, when acting as the requested
jurisdiction, any Member State or Liechtenstein may apply those versions as a source of
interpretation replacing the previous ones. Member States shall notify Liechtenstein and
Liechtenstein shall notify the European Commission when they apply the previous sentence.
The European Commission may coordinate the transmission of the notification from Member
States to Liechtenstein and the European Commission shall transmit the notification from
Liechtenstein to all Member States. The application shall take effect as of the date of the
notification.
JOINT DECLARATION OF THE CONTRACTING PARTIES ON THE ENTRY INTO
FORCE AND EFFECT OF THE AMENDING PROTOCOL
The Contracting Parties declare that they expect that the constitutional requirements of
Liechtenstein and the requirements of European Union law concerning entering into
international agreements will be fulfilled in time to enable the Amending Protocol to enter into
force and have effect as of the first day of January 2026. They will take all the measures in
their power to achieve that goal.