Fund Setup Liechtenstein: UCITS, AIF and IUG Vehicles with a Licensed Local Partner

No single period covers every fund. A UCITS decision takes 10 working days from complete documents, extendable to two months, and one month for a first self-managed company. An AIF is not authorised itself; its AIFM is, within three months, extendable to six. ABB quotes no time of its own.

It depends on the regime. The FMA authorises a UCITS and, unless the UCITS is self-managed, its management company too. For an AIF it authorises the AIFM and enters the AIF in its public register. An IUG vehicle is neither: its management company is licensed, and the FMA certifies receipt of the auditor's confirmation.

Not necessarily. Nine licensed management companies offer white-label fund set-up, on the Liechtenstein Investment Fund Association list dated 2026-10-08. A self-managed vehicle is possible with higher minimum capital, and a new IUG management company is an AG, Anstalt or SE. ABB names and recommends no firm.

No. Advising on which regime applies is financial and business advice, a trustee activity (TrHG Art. 2(c)), and applying the law is reserved to lawyers (RAG Art. 8). Forming the applicant company is also a trustee activity. ABB coordinates; a licensed trustee or lawyer, named in the engagement letter, advises, and the authorised manager files with the FMA.

The minimums are not the whole rule. Capital is at least EUR 125,000 for a UCITS management company or an externally managed AIFM, and EUR 300,000 for a self-managed UCITS company or AIF; CHF 125,000 or CHF 300,000 under the IUG. It rises above EUR 250 million of managed portfolios and never falls below the Regulation (EU) 2019/2033 Art. 13 amount.

ABB makes no tax statement on this page. Tax treatment depends on the vehicle, the investors and the structure, so it is a question for a licensed adviser before any launch. ABB does not give tax advice itself and promises no tax result. Ask the licensed partner to give you the tax position in writing before you commit.

This page makes no statement on that. The regimes covered here are the UCITS, the AIF through an AIFM and the IUG vehicle. A foundation, a trust or an Anstalt is a different structure with its own pages. Ask the licensed partner to classify yours before you plan around it, and before you describe it to investors.

Three regimes: the UCITS, the AIF through an AIFM, and the IUG investment undertaking. The FMA authorises a UCITS as a product. It authorises the AIFM, not the AIF, and enters the AIF in a register. The IUG vehicle is a third regime under its own act, neither a UCITS nor an AIF, and receives an FMA certificate.

It is the IUG vehicle, open to qualified investors only. The routes are professional investors; a CHF 100,000 minimum with CHF 1 million of financial assets at subscription; a CHF 100,000 minimum after the management company or depositary assesses expertise and experience; and family or group vehicles, where a family vehicle's first subscriber must also qualify by another route.

The statutes fix the FMA's periods and ABB adds none. UCITS: 10 working days from complete documents, extendable to two months. UCITS management company: one month, up to six. AIFM: acknowledgement in 10 working days, decision in three months, up to six. IUG management company: three months, six in special circumstances. Whether 2026 amendments change them is not verified here.

Minimums are EUR 125,000 for a UCITS management company or an AIFM and EUR 300,000 for a self-managed UCITS company or AIF; under the IUG, CHF 125,000 and CHF 300,000. Above EUR 250 million of managed portfolios (CHF 250 million under the IUG) add 0.02% of the excess, with total capital capped at EUR 10 million (CHF 10 million).

A UCITS appoints one depositary under a written contract, and a domestic AIF holds its assets with a depositary in Liechtenstein. An IUG vehicle needs a depositary too; where it does not in principle invest in financial instruments, a licensed trustee is admitted. ABB names no individual bank.

Within 30 calendar days of crossing its threshold. The threshold is EUR 100 million including assets acquired through borrowing and similar means, or EUR 500 million for AIF without such borrowing that allow no redemption rights for five years after the first investment. Assets managed directly or through a connected company count.

In the 2026 text of the fee annex: AIFM authorisation with Liechtenstein as home state CHF 20,000; small AIFM registration CHF 10,000; UCITS management company CHF 20,000; UCITS without sub-funds CHF 2,500; IUG management company licence CHF 20,000; IUG certificate CHF 500. Authorisations with conditions cost more. Adviser, depositary and auditor costs are separate and not given here.