Pillar Two (globe) Compliance: Practical Checklist for Trustees & Foundations in Liechtenstein (2026)

Liechtenstein’s Regulation of 31 March 2026 and the accompanying LLV guidance dated 9 April 2026 have fundamentally reshaped trustee obligations in Liechtenstein, introducing new reporting touchpoints tied to the OECD’s Pillar Two global minimum tax framework (GloBE). Licensed trustees, foundation administrators and fiduciary firms now face concrete deadlines for cooperating with GloBE Information Return (GIR) filings, maintaining enhanced documentation and managing expanded liability exposure. This guide delivers the jurisdiction-specific, step-by-step operational checklist that practitioners need, covering every phase from immediate data gathering through long-term compliance architecture, so that no trustee obligation is missed during this critical implementation window.

Executive Summary & Immediate Action Checklist

The core message for every licensed trustee and foundation board member in Liechtenstein is straightforward: GloBE compliance is no longer a concern reserved for multinational headquarter tax teams. Where a trust or foundation constitutes, or holds interests in, a constituent entity of an MNE group with consolidated revenues meeting the OECD threshold, the trustee will be expected to supply data, maintain records and cooperate with GIR filings. Failure to do so exposes the trustee to fiduciary liability claims and potential regulatory action by the FMA.

Despite lingering perceptions of Liechtenstein as a low-tax jurisdiction, the principality has moved decisively toward full Pillar Two implementation, participating in automatic exchange mechanisms and adopting domestic GloBE legislation. Trustees must therefore operate on the assumption that enhanced reporting and international data sharing are the new baseline.

The following quick compliance checklist summarises the immediate actions every trustee should take within the next 30 days:

• Audit your entity portfolio. Identify every trust, foundation and holding company you administer that may form part of an MNE group meeting the GloBE revenue threshold.
• Map GIR data requirements. For each in-scope entity, compile a preliminary list of the financial and tax data points required for GIR filings (revenues, taxes paid, entity classification).
• Review the Regulation of 31 March 2026. Confirm the specific reporting obligations and timelines introduced by Liechtenstein’s amended GloBE regulation and the supplementary LLV guidance of 9 April 2026.
• Contact MNE tax leads. Reach out proactively to the parent MNE or reporting entity’s tax team to clarify who files the GIR and what data the trustee must supply.
• Update internal record-keeping procedures. Ensure that segregated accounts, annual asset statements and tax residence documentation are current and formatted for GIR extraction.
• Engage specialist tax counsel. For complex multi-jurisdictional structures, instruct Liechtenstein-qualified tax advisers to review your compliance position and liability exposure before the first filing deadline.

What Changed in Liechtenstein in 2026, Key Dates & Legal Sources

The regulatory landscape for trustee obligations in Liechtenstein shifted rapidly in early 2026. Two instruments are central: the government’s Regulation of 31 March 2026, which amended Liechtenstein’s domestic GloBE rules to operationalise GIR filing and data-exchange provisions, and the LLV’s supplementary guidance dated 9 April 2026, which set out practical expectations for how reporting entities, including trustees, should interact with tax authorities during the first filing cycle.

At the same time, the FMA continued to reinforce its supervisory expectations for licensed trustees, emphasising that client protection duties extend to ensuring compliant tax reporting within administered structures. Trustees who ignore these obligations risk not only fiduciary liability claims from beneficiaries but also regulatory sanctions from the FMA.

Timeline of Legislative & Filing Dates

Industry observers expect the first filing cycle to involve significant back-and-forth between trustees and MNE tax teams as both sides navigate new data requirements. Early preparation is the single most effective risk-mitigation measure.

Pillar Two (GloBE) Basics Trustees Must Know

The OECD/G20 Pillar Two framework, formally known as the Global Anti-Base Erosion (GloBE) rules, establishes a global minimum tax designed to ensure that large MNE groups pay an effective tax rate of at least 15 % in every jurisdiction where they operate. The rules apply to MNE groups with annual consolidated revenues meeting the threshold established by the OECD’s model rules. Liechtenstein has transposed these rules into domestic law, making them directly relevant to entities administered by Liechtenstein trustees.

For trustees and foundation administrators, the critical question is not whether they owe top-up tax directly, in most cases they will not, but whether the entities they administer fall within the scope of an MNE group subject to GloBE. Where a Liechtenstein trust or foundation holds shares in, or is itself classified as, a constituent entity of an in-scope group, the trustee becomes a key data supplier in the GIR process.

GloBE Terms Explained

• GIR (GloBE Information Return). The standardised return that collects entity-level financial and tax data to enable top-up tax calculations. It is typically filed by the ultimate parent entity or a designated local filing entity.
• IIR (Income Inclusion Rule). The primary rule requiring a parent entity to include top-up tax on the low-taxed income of its constituent entities.
• UTPR (Undertaxed Profits Rule). A backstop mechanism that reallocates top-up tax to other jurisdictions if the IIR does not fully cover the shortfall.
• Effective Tax Rate (ETR). The jurisdiction-level ratio of adjusted covered taxes to GloBE income; an ETR below 15 % triggers a top-up tax liability.
• Top-up tax. The additional tax imposed to bring the ETR of a low-taxed jurisdiction up to 15 %.
• GloBE safe harbour. Transitional and permanent safe-harbour provisions that may relieve certain entities from full GloBE calculations where simplified conditions are met, trustees should verify whether their entities qualify.

A Liechtenstein trust is a legal relationship created by a settlor who transfers assets to a trustee, who then administers those assets for the benefit of designated beneficiaries. Under Liechtenstein law, the trust is not a separate legal entity but a fiduciary arrangement governed by the Trustee Act. Foundations (Stiftungen), by contrast, are independent legal entities with their own legal personality. Both structures can fall within GloBE scope depending on ownership chains and group revenue thresholds.

Trustee Obligations Under Liechtenstein Law, Overlap with GloBE

Long before GloBE entered the picture, Liechtenstein’s Trustee Act imposed robust fiduciary obligations on licensed trustees. Understanding these existing duties is essential because the new GloBE requirements do not replace them, they layer on top, creating additional compliance touchpoints that must be integrated into the trustee’s existing operational framework.

Statutory Duties Under the Trustee Act

The Trustee Act, as published by the Government of the Principality of Liechtenstein, requires every person carrying on the business of a trustee to hold a licence issued by the FMA. Trusteeships lasting longer than 12 months must be registered in the commercial register. Trustees are obliged to keep trust assets strictly segregated from their own assets and from the assets of other trusts. They must prepare annual asset statements documenting the composition, value and movements of trust property and make these available to beneficiaries upon request.

The FMA reinforces these requirements through its client protection framework, which mandates adequate staffing, professional qualifications and internal controls. Trustees who fall short of these standards face regulatory consequences ranging from conditions on their licence to outright revocation.

Practical Record-Keeping, What Documents to Maintain

With GloBE obligations now overlapping statutory Liechtenstein fiduciary obligations, trustees should maintain the following document file for each administered entity:

• Entity identification file. Trust deed or foundation charter, commercial register extract, beneficial ownership register entry, tax identification numbers for all jurisdictions.
• Financial statements. Audited or reviewed annual accounts for each constituent entity, prepared in accordance with accepted accounting standards.
• Tax records. Copies of filed tax returns, tax assessments, evidence of taxes paid (by jurisdiction), and any advance ruling letters.
• Ownership and control documentation. Charts showing the entity’s position within any MNE group structure, including percentage holdings and voting rights.
• GIR correspondence. All communications with MNE tax leads, tax advisers and authorities relating to GIR data requests and submissions.
• Board minutes and resolutions. Minutes documenting decisions to share data with MNE filing entities or tax authorities, including the legal basis relied upon.

Reporting Obligations by Entity Type

Who Files GIRs in Practice, Trustee vs. Reporting Entities vs. MNEs

In the vast majority of cases, the GIR is filed by the ultimate parent entity (UPE) of the MNE group or by a designated local filing entity in the relevant jurisdiction. Trustees rarely file GIRs themselves. However, this does not mean trustees can take a passive stance. Where a Liechtenstein trust or foundation is a constituent entity within an MNE group, the trustee is the person who holds the data, and the MNE’s tax team will need that data to complete the GIR accurately.

The practical dynamic works as follows: the MNE’s group tax function or its external adviser will issue data requests to each constituent entity. The trustee, as the administrator of the Liechtenstein entity, must respond by providing the required financial and tax information within the timeframes specified. Failure to supply accurate data on time could delay the MNE’s GIR filing and expose the trustee to claims for any resulting penalties or additional tax liabilities.

Sample Queries Trustees Will Receive from MNEs or Tax Authorities

• Confirmation of the entity’s tax residence jurisdiction and tax identification number.
• Audited financial statements in a format aligned with the GloBE accounting standard (usually IFRS or local accepted equivalent).
• Details of covered taxes paid, accrued and refunded, broken down by jurisdiction.
• Revenue figures (both third-party and intra-group) for the relevant fiscal year.
• Ownership and voting structure confirming the entity’s position within the group.
• Confirmation of whether any GloBE safe harbour election has been made or is being considered.

Step-by-Step Operational Checklist for Trustees, GIR Readiness

This operational checklist is designed to move trustees from awareness to full GIR readiness. It is divided into three phases to reflect the urgency of different tasks within the trustee obligations Liechtenstein framework.

Phase 1, Immediate Actions (0–30 Days)

1. Conduct a full portfolio review to identify every entity that could be a constituent entity of an in-scope MNE group.
2. For each identified entity, confirm whether the MNE group’s consolidated revenues exceed the GloBE threshold.
3. Contact the UPE’s tax department or external adviser to establish the data-sharing protocol and confirm deadlines.
4. Verify that all trust and foundation commercial register entries are current and accurate.
5. Pull together last three years’ financial statements and tax returns for each potentially in-scope entity.
6. Review and update beneficial ownership records and tax residence certificates.

Phase 2, Short Term (1–3 Months)

1. Prepare a GIR data package for each in-scope entity, covering revenues, covered taxes, entity type classification and ownership structure.
2. Reconcile covered taxes paid versus taxes accrued in financial statements, discrepancies must be documented and explained.
3. Assess whether any entity qualifies for a GloBE safe harbour and compile the supporting evidence.
4. Pass the data package through an internal quality review or engage external tax counsel to verify accuracy.
5. Formalise data-sharing arrangements with MNE tax teams through written agreements specifying scope, confidentiality and liability allocation.
6. Update internal compliance manuals to include GIR-related procedures, responsibilities and escalation paths.

Phase 3, Longer Term (3–12 Months)

1. Build automated data extraction workflows from accounting systems to reduce manual effort in future filing cycles.
2. Establish a rolling GIR calendar with internal deadlines set at least 30 days ahead of external submission dates.
3. Schedule annual training for trust administration staff on GloBE concepts, GIR data requirements and evolving OECD guidance.
4. Conduct an annual post-filing review to identify errors, process gaps and efficiency improvements.
5. Review trustee liability insurance coverage to confirm that GloBE-related reporting activities are within scope.
6. Monitor OECD and LLV updates for changes to GIR formats, safe-harbour conditions and filing deadlines.

Data Points Required for GIRs

The GIR collects granular entity-level data. For each constituent entity in Liechtenstein, trustees should be prepared to supply:

• Entity name, tax identification number and jurisdiction of tax residence.
• Entity type classification under GloBE rules (e.g., flow-through entity, investment entity, excluded entity).
• Total revenues (third-party and related-party) for the fiscal year.
• GloBE income or loss after required adjustments.
• Covered taxes: current tax expense, deferred tax adjustments and taxes paid in cash.
• Tangible assets and payroll costs (relevant for substance-based income exclusion calculations).

Sample Document Request Email Template

Trustees can adapt the following template when requesting data from entity management or external accountants:

Subject: GloBE / GIR Data Request, [Entity Name], Fiscal Year [Year]

Dear [Contact],

In connection with our obligations under Liechtenstein’s GloBE regulation and the OECD Pillar Two framework, we require the following documentation for [Entity Name] by [Deadline]: (1) audited financial statements; (2) filed tax returns and assessments; (3) breakdown of taxes paid by jurisdiction; (4) current ownership and group structure chart; (5) confirmation of entity classification under GloBE rules. Please contact us immediately if any items cannot be provided by the stated deadline.

Trustee Liability, Indemnities and Risk Mitigation

The intersection of GloBE compliance and Liechtenstein fiduciary law creates meaningful liability exposure for trustees. Under Liechtenstein’s breach-of-trust doctrine, a trustee who fails to act with the care of a diligent administrator may be held personally liable for losses suffered by the trust, its beneficiaries or, in some circumstances, third parties including tax authorities.

Potential liability scenarios include providing inaccurate or incomplete data to an MNE’s GIR filing entity, resulting in penalties or top-up tax miscalculations; failing to preserve adequate records, thereby preventing an accurate ETR calculation; and neglecting to inform beneficiaries about material tax consequences arising from GloBE.

Trustees owe a duty to beneficiaries that includes transparency on matters materially affecting the trust’s economic position. Where GloBE triggers a top-up tax that reduces distributable income, beneficiaries are entitled to an explanation. Proactive communication, documented in writing, is both a legal obligation and a practical risk-mitigation measure.

The following defensive steps should be standard practice:

• Board minutes. Record every decision relating to GIR data sharing, including the legal basis relied upon and any limitations identified.
• Written client instructions. Obtain written authority from settlors or foundation boards before disclosing confidential tax data to MNE group entities or authorities.
• Indemnity clauses. Where possible, include indemnity provisions in trust deeds, foundation bylaws or service agreements that allocate GloBE-related compliance costs and liability to the group or settlor.
• Professional liability insurance. Verify that the trustee’s existing policy covers tax reporting activities and consider extending coverage if GloBE-related claims are excluded.
• External verification. For complex structures, engage independent tax counsel to review GIR data before submission, the cost is modest relative to the liability exposure.

AML, KYC and Cross-Border Concerns Post-GloBE

GloBE implementation does not operate in isolation from Liechtenstein’s anti-money laundering and know-your-customer framework. The enhanced data flows required by GIR filings create a natural opportunity, and in some cases an obligation, for trustees to refresh their AML/KYC documentation.

The FMA expects trustees to maintain up-to-date beneficial ownership data, tax residence evidence and source-of-funds documentation for all administered structures. With GIR data now being shared internationally through automatic exchange mechanisms, any inconsistencies between a trustee’s KYC file and the data appearing in a GIR filing will be visible to multiple tax authorities simultaneously. This significantly increases the detection risk for incomplete or outdated records.

Quick KYC Checklist Enhancements Linked to GIR Compliance

• Re-verify tax residence certificates for all beneficial owners and key controllers, ensure certificates are dated within the last 12 months.
• Cross-check beneficial ownership register entries against the ownership charts being prepared for GIR purposes.
• Update source-of-funds and source-of-wealth documentation where the trust or foundation has received new contributions.
• Confirm that all entities within administered structures have current LEI (Legal Entity Identifier) numbers where required.
• Document the AML risk assessment update in the entity’s compliance file, noting the GloBE-related review as a trigger event.

Practical Templates & Next Steps

Moving from understanding to implementation requires standardised templates. The following document set, which practitioners can adapt to their specific structures, covers the essential operational needs arising from trustee obligations in Liechtenstein under the GloBE framework:

• Trustee GIR data request checklist. A structured template listing every data point required for GIR completion, with columns for data source, responsible person, deadline and status.
• Annual asset statement template (GloBE-enhanced). The standard Liechtenstein trust asset statement format, expanded to include GloBE-relevant fields such as covered taxes paid, entity classification and group-structure references.
• Board minute template, consent to GIR data sharing. A model resolution documenting the trustee’s or foundation board’s decision to disclose data to MNE filing entities, referencing the legal basis and any confidentiality protections agreed.

These templates are intended as starting points. Trustees should have them reviewed by Liechtenstein-qualified legal counsel before deployment to ensure alignment with the specific terms of each trust deed or foundation charter.

When to Get Legal and Tax Advice

The trustee obligations in Liechtenstein created by the 2026 GloBE amendments are complex, jurisdiction-specific and carry real liability consequences. While this checklist provides a robust operational framework, every trust and foundation has unique structural features that require tailored analysis. Trustees should engage Liechtenstein-qualified legal and tax advisers at the earliest opportunity, particularly where multi-jurisdictional MNE group structures, safe-harbour elections or beneficiary disclosure issues are involved. The Global Law Experts directory provides access to specialist practitioners who can deliver the jurisdictional advice your structures require.

Sources

1. Liechtensteinische Landesverwaltung (LLV), Trust Relationship / Government Guidance
2. Regierung des Fürstentums Liechtenstein, Trustee Act (PDF)
3. FMA Liechtenstein, Trustees and Trust Companies Guidance
4. OECD / G20, Pillar Two / GloBE Official Pages
5. Rechtsanwaltskanzlei Bergt und Partner AG, The Trust in Liechtenstein Law
6. Gasser Partner, Breach of Trust Doctrine
7. Liechtenstein-trust.com, Practical Trustee Duties Overview