FATCA
Liechtenstein signed a FATCA Model 1 agreement on May 16, 2014. Under the Model 1 agreement, financial institutions report accounts held by U.S. persons to the Fiscal Authority, which forwards this information to the U.S. Internal Revenue Service (IRS). Reporting Liechtenstein financial institutions must register with the IRS and obtain a GIIN (Global Intermediary Identification Number).
In order for reporting Liechtenstein financial institutions to be able to transmit secured electronic reports to the Fiscal Authority, registration with the Fiscal Authority is required in addition to registration with the IRS. Registration with the Fiscal Authority must take place immediately upon completion of the classification and independent of the identification of reportable accounts. For this purpose, among other things, a GIIN is required, which must be requested from the IRS.
Reporting data must be submitted electronically to the Fiscal Authority no later than June 30 following the respective calendar year. Reports can be entered manually via the STV homepage (individual reports) or transmitted using the automated upload function (XML file).
Important
Instructions, guidance, and updates on how to report U.S. accounts under FATCA is available in IRS documentation (e.g., XML User Guide or Instructions for Form 8966), various FAQs, and STV guidance on capturing using an individual reporting template.