Planned 2026 Amendments to Liechtenstein's Professional Trustees Act: Practical Compliance Guide for Trustees & Foundations

The proposed amendments to the Professional Trustees Act Liechtenstein, published for consultation on 10 March 2026, represent the most significant trustee regulatory update the principality has seen in over a decade. At their core, the proposals would materially expand the Financial Market Authority’s (FMA) supervisory and sanctioning powers over licensed trustees, trust companies, and foundation administrators. For practitioners, the consultation window is a narrow opportunity to audit internal controls, update governance documentation, and prepare for an inspection regime that will demand faster response times and deeper documentary access. This guide translates the proposed legislative changes into an actionable, inspection-ready compliance playbook structured around 30-day, 90-day, and 180-day milestones.

Executive Summary and 7-Point Quick Compliance Checklist

The 2026 consultation paper proposes expanding the FMA’s authority to conduct unannounced onsite inspections, compel production of client files on shortened timelines, impose significantly higher administrative fines, and temporarily suspend licences where material breaches are identified. For foundation administrators, the amendments tighten beneficiary-information obligations and strengthen the enforcer’s reporting role. Every licensed trustee and foundation administrator in Liechtenstein should treat the consultation period as an operational readiness window, not a waiting period.

The following trustees compliance checklist for Liechtenstein summarises the seven most urgent actions to complete within the next 30 days:

1. Audit your entity portfolio. Compile a complete register of every trust, foundation, and administered entity, flagging higher-risk structures for priority review.
2. Confirm licence currency. Verify that your FMA licence and those of all qualified staff are current, correctly scoped, and reflect the activities you actually perform.
3. Designate an FMA liaison. Appoint a named individual (and a deputy) responsible for receiving and responding to all FMA inspection requests within the shortened proposed response windows.
4. Centralise client files. Ensure every active entity file, including beneficial-ownership records, AML/KYC documentation, and board minutes, is accessible from a single, indexed location.
5. Review AML/KYC records. Confirm that due-diligence files for every client relationship meet current standards and that no periodic reviews are overdue.
6. Brief your board. Schedule an extraordinary board or management meeting to present the proposed amendments, their operational impact, and a preliminary remediation plan.
7. Subscribe to official updates. Register for FMA press releases and Regierung consultation updates to track the adoption timeline in real time.

Each of these steps feeds into the detailed 30/90/180-day playbook set out below. Trustees who complete this initial triage will be materially better positioned when the FMA begins exercising its expanded powers, which industry observers expect could commence within months of the amendments’ formal adoption.

What the 2026 Professional Trustees Act Amendments Propose

The consultation paper published by the Regierung des Fürstentums Liechtenstein on 10 March 2026 sets out a package of Professional Trustees Act amendments touching supervision, sanctions, licensing, and reporting. The proposals are driven by Liechtenstein’s alignment with evolving OECD and FATF standards, as well as findings from domestic supervisory experience indicating gaps in the FMA’s enforcement toolkit. The following summary identifies each material change and its practical effect for trustees.

• Expanded FMA inspection authority. The proposals would grant the FMA the power to conduct unannounced onsite inspections of licensed trustees and trust companies. Currently, inspections typically follow prior notification. The practical effect is that trustees must maintain inspection-ready files at all times, not merely in advance of scheduled audits.
• Shortened document-production timelines. Trustees would be required to produce requested records, including client files, beneficial-ownership registers, and internal correspondence, within compressed timeframes. This replaces the current regime where reasonable response periods are negotiated on a case-by-case basis.
• Higher administrative fines. The proposed amendments significantly increase the maximum fines the FMA can impose for non-compliance with Liechtenstein fiduciary obligations, record-keeping requirements, and reporting duties.
• Temporary licence suspension. For material or repeated breaches, the FMA would gain the authority to impose temporary licence suspensions without a full revocation proceeding, a faster, more disruptive enforcement tool.
• Enhanced beneficiary-information obligations for foundations. Foundation administrators would face tighter requirements to maintain and disclose up-to-date beneficiary information, reinforcing the enforcer’s reporting obligations.
• Strengthened reporting duties. Trustees would be required to file periodic compliance reports to the FMA, covering AML/CTF controls, risk assessments, and any material changes to governed entities.
• Alignment with international standards. Several provisions explicitly reference OECD transparency frameworks and FATF recommendations, embedding international benchmarks directly into domestic supervisory law.

Key Legal Text Context

The existing Professional Trustees Act (Treuhändergesetz, TrHG) establishes the licensing framework for professional trustees and trust companies in Liechtenstein. As published by the Regierung, the Act requires any person or entity carrying out trustee activities on a professional basis to hold an FMA licence and comply with ongoing supervisory obligations. The 2026 consultation proposes targeted revisions to the supervisory and enforcement articles of this statute, rather than a wholesale rewrite, meaning the core licensing architecture remains intact while the FMA’s operational powers are substantially reinforced.

How FMA Powers Will Change: Supervision, Inspection, and Sanctions for Trustees

Understanding the shift in FMA powers over trustees is essential for calibrating compliance investment. The table below compares the current supervisory framework with the proposed changes and identifies the operational impact on licensed trustees and trust companies.

Practical Examples of Anticipated FMA Actions

To illustrate the practical implications, consider the following scenarios that industry observers expect the FMA may pursue once the expanded powers take effect:

• Unannounced file audit. An FMA inspector arrives at a trust company’s offices and requests immediate access to the complete file of a specific governed trust, including beneficial-ownership documentation, board minutes for the past three years, and all AML/KYC records. The trust company must produce these within the shortened mandatory window.
• Fine for overdue periodic report. A licensed trustee fails to file a required periodic compliance report by the new statutory deadline. Under the proposed regime, the FMA may impose an administrative fine at the higher thresholds without first issuing an informal warning.
• Temporary suspension for repeated breach. A foundation administrator is found, on successive inspections, to have incomplete beneficiary registers. Rather than initiating a full licence-revocation proceeding, the FMA temporarily suspends the administrator’s licence pending remediation, halting all professional trustee activities during the suspension.

What an FMA Inspector Will Request, Documentary Checklist

Based on the proposed amendments and current FMA guidance on safeguarding client protection in the trustees and trust companies sector, practitioners should expect inspectors to request the following categories of documentation:

• Current FMA licence and any scope variations
• Complete beneficial-ownership register for each governed entity
• AML/KYC due-diligence files (initial and periodic reviews)
• Board minutes, resolutions, and governance records for the past three to five years
• Internal compliance policies (AML/CTF manual, risk assessment, record-retention policy)
• Correspondence with the FMA (previous requests, responses, remediation commitments)
• Staff qualification records (trustee examination certificates, continuing-education logs)
• Periodic compliance reports filed with the FMA
• Client engagement letters and fee agreements
• Internal audit or control-testing reports

Immediate Compliance Steps: The 30/90/180-Day Playbook Under the Professional Trustees Act Liechtenstein

The following playbook provides a phased approach to achieving inspection readiness before the proposed amendments take effect. It is designed for licensed trustees, trust companies, and foundation administrators operating under the Professional Trustees Act Liechtenstein framework.

Phase 1, First 30 Days: Governance Triage and Portfolio Audit

The first phase focuses on identifying exposure and establishing the organisational framework for compliance remediation.

1. Complete a full entity-portfolio audit. List every trust, foundation, and entity under administration. For each, record: entity type, jurisdiction of governing law, date of last AML/KYC review, current risk rating, and name of the responsible qualified person.
2. Flag higher-risk structures. Apply a risk-based triage to identify entities that present elevated supervisory risk, including those with complex cross-border structures, politically exposed persons among beneficiaries, or overdue periodic reviews.
3. Confirm licence status. Verify your FMA licence scope matches the activities you currently perform. If you have expanded into new service lines (e.g., foundation administration added to a trust-company licence), confirm whether a licence variation application is required.
4. Designate FMA liaison personnel. Formally appoint a primary FMA contact and a deputy. Document their names, contact details, and authority in an internal policy memorandum. Ensure both individuals understand the proposed shortened response timelines.
5. Centralise and index files. Begin migrating any paper-only files or decentralised digital records into a single, searchable repository. Prioritise the higher-risk entities identified above.
6. Schedule an extraordinary board meeting. Present the proposed amendments to the board or management body. Secure a board resolution acknowledging the regulatory change, approving a compliance-remediation budget, and mandating the completion of the 90-day and 180-day phases.

Phase 2, Days 31 to 90: Policy Updates and Operational Controls

1. Update the AML/CTF manual. Review and revise your anti-money-laundering and counter-terrorism-financing policies to reflect the proposed reporting obligations and tightened record-keeping requirements. Ensure the manual addresses the new periodic compliance report.
2. Revise record-retention policies. Align document-retention periods with the proposed amendments. Confirm that electronic records are backed up and that retention schedules are documented.
3. Establish internal reporting lines. Define who is responsible for drafting, reviewing, and filing periodic compliance reports to the FMA. Map the internal approval workflow, from the compliance officer through to the signatory, and set internal deadlines that provide a buffer before statutory filing dates.
4. Conduct staff training. Deliver targeted training to all qualified trustees and compliance staff on the proposed changes, with particular emphasis on FMA inspection protocols, document-production timelines, and the consequences of non-compliance (including the new temporary-suspension power).
5. Begin AML/KYC remediation. Prioritise overdue periodic due-diligence reviews. Update client risk assessments where circumstances have changed. Ensure beneficial-ownership records are current for every governed entity.

Phase 3, Days 91 to 180: Implementation Testing and FMA-Readiness Verification

1. Run a mock FMA inspection. Engage an internal audit team or external compliance adviser to simulate an unannounced FMA inspection. Test file-retrieval times, staff responsiveness, and the completeness of documentation against the documentary checklist set out above.
2. Document remediation outcomes. For every gap identified in the mock inspection, produce a written remediation plan with assigned responsibility, a deadline, and evidence of completion.
3. Obtain board sign-off. Present the results of the mock inspection and completed remediation actions to the board. Secure a formal board resolution confirming that the entity has achieved inspection readiness.
4. Archive completed files. Ensure that all closed-entity files meet the revised record-retention standards and are archived in a retrievable format.
5. Prepare FMA-response templates. Draft template responses for common FMA requests (document-production requests, information queries, inspection-notification acknowledgements) and store them in the compliance toolkit for rapid deployment.

Risk Triage Matrix by Entity Type

Sample Board Resolution Language

“The Board of [Entity Name], having reviewed the proposed 2026 amendments to the Professional Trustees Act (TrHG) published for consultation on 10 March 2026, hereby resolves to: (i) approve a compliance-remediation programme aligned with the 30/90/180-day framework; (ii) allocate [amount] for compliance investment; (iii) designate [Name] as primary FMA liaison and [Name] as deputy; and (iv) mandate a mock FMA inspection to be completed within 180 days.”

Sample FMA-Request Response Template

“Dear [FMA Contact], we acknowledge receipt of your request dated [Date] under [reference number]. We confirm that the requested documentation will be compiled and submitted within the prescribed timeframe. Our designated FMA liaison, [Name], is available at [contact details] for any queries. We attach herewith [describe documents provided]. Should you require any additional materials, please do not hesitate to contact us. Yours faithfully, [Signatory].”

Foundation Administration Changes: Specific Impacts Under the Proposed Amendments

While the Professional Trustees Act amendments apply broadly to all licensed trustees, several provisions carry particular significance for foundation administrators. Foundations, including those established under the Liechtenstein Persons and Companies Act (PGR), occupy a distinct governance position: they lack shareholders, are overseen by a foundation council, and often involve an enforcer (Kontrollorgan) whose role the amendments seek to strengthen.

The proposed foundation administration changes include tighter obligations to maintain up-to-date beneficiary information, expanded reporting duties for the enforcer, and increased judicial supervision in cases where foundation governance falls short of the new standards. For foundation administrators, this means that the historically informal relationship between the administrator, the foundation council, and the enforcer must be formalised and documented to a degree that can withstand FMA scrutiny.

Operational Checklist for Foundation Administrators

• Update beneficiary registers. Confirm that the identity and entitlements of all beneficiaries (including discretionary and contingent beneficiaries) are documented, current, and accessible.
• Formalise enforcer communications. Establish a documented cadence of enforcer reporting, at minimum, annual reporting on foundation administration, financial status, and beneficiary changes.
• Review foundation governance documents. Ensure that foundation by-laws, regulations, and side letters reflect the proposed reporting and supervision obligations.
• Prepare for judicial supervision scenarios. Identify any foundations where governance deficiencies could trigger court intervention and prioritise remediation of those structures.
• Align with trust-company compliance framework. Where a trust company serves as foundation administrator, integrate the foundation-specific obligations into the broader compliance-remediation programme described in the 30/90/180-day playbook above.

Trustee Licensing, Training, and Examination Implications

The proposed amendments do not fundamentally restructure trustee licensing in Liechtenstein. The existing framework, under which the FMA grants licences to individuals and entities meeting professional qualification, good-repute, and organisational requirements, remains intact. However, the consultation signals adjustments in two areas that licensed trustees should monitor closely.

First, continuing-education expectations are likely to be formalised. Where current practice relies on the Treuhandkammer Liechtenstein’s recommended continuing professional development guidelines, the proposals indicate that the FMA may set mandatory minimum training hours, particularly in AML/CTF and regulatory compliance. Second, licence-variation procedures may be streamlined, enabling the FMA to require trustees who expand into new service areas to apply for scope variations more promptly.

Action items for trustee supervision 2026 readiness: Verify that all qualified personnel hold current trustee examination certificates from the Treuhandkammer. Compile continuing-education records for the past three years. Where any staff member’s qualifications are lapsed or insufficient, initiate renewal or supplementary training immediately. If your firm has expanded its scope of activities since the licence was last reviewed, prepare a licence-variation application proactively.

Timeline of Consultation, Key Dates, and FMA Inspection Readiness

Monitoring checklist: Subscribe to the Regierung’s official press releases. Register for FMA regulatory updates. Monitor the Treuhandkammer’s member communications for examination and training guidance. Set calendar reminders for the expected consultation-close and adoption dates, and adjust your internal compliance milestones as official dates are confirmed.

Practical Templates and Next Steps

Effective compliance implementation requires more than policy knowledge, it requires operational tools. The following templates, introduced in the playbook sections above, should be formalised and stored in your firm’s compliance toolkit for rapid deployment:

• Board resolution template, acknowledging the proposed amendments, approving the remediation programme, and designating the FMA liaison (sample language provided above).
• FMA-request response template, a standard-form acknowledgement and document-production response designed to meet shortened timelines (sample language provided above).
• Mock-inspection test plan, a structured scenario testing file retrieval, staff response, and documentary completeness against the FMA documentary checklist.
• Periodic compliance report template, a structured format for the mandatory compliance reports anticipated under the new regime, covering AML/CTF controls, risk assessments, entity-portfolio changes, and remediation actions.

For tailored templates and a downloadable compliance checklist adapted to your firm’s specific entity portfolio, contact a trustee and foundation expert through our Liechtenstein lawyer directory.

Conclusion

The proposed 2026 amendments to the Professional Trustees Act Liechtenstein mark a decisive shift toward more assertive, inspection-driven supervision by the FMA. Trustees and foundation administrators who treat the current consultation period as an implementation window, rather than a period of passive observation, will be materially better positioned when the expanded powers take effect. The 30/90/180-day playbook, documentary checklist, and sample templates in this guide provide the operational framework for achieving inspection readiness. For a tailored compliance review calibrated to your entity portfolio, connect with a Liechtenstein trustee and foundation expert through our directory.

Disclaimer: This article provides general information on proposed legislative changes and does not constitute legal advice. The amendments discussed are based on a consultation paper and remain subject to revision during the legislative process. Trustees and foundation administrators should obtain jurisdiction-specific legal counsel before taking compliance actions based on this guide. Last reviewed: 4 June 2026.

Sources

1. Regierung des Fürstentums Liechtenstein, Professional Trustees Act (TrHG)
2. Finanzmarktaufsicht Liechtenstein (FMA), Trustees and Trust Companies: Client Protection
3. Finanzmarktaufsicht Liechtenstein (FMA), Trustees and Trust Companies: Licensing and Supervision
4. PwC Liechtenstein, Tax and Fiduciary Briefings
5. OECD Pillars, International Tax Standards Summary
6. Treuhandkammer Liechtenstein (THK), Professional Trustee Body
7. Universität Liechtenstein, Reform Plans and Developments in Foundation and Trust Law
8. Grant Thornton Switzerland, Overview of the Liechtenstein Trust
9. Gasser Partner, The Breach of Trust: Legal Analysis