One of several questions that have arisen over the past several days. Apparently the answer is no:
As a sovereign state since 1806, Liechtenstein has developed strong ties with both Austria and Switzerland. The official currency is the Swiss Franc, which is freely convertible into any other currency at prevailing market rates. Because Liechtenstein maintains no standing army (the frontier defense is furnished by the Swiss), there is no military budget to appropriate. This little haven boasts inflation of only 1.4%, a budget surplus, and no national debt. As if all this wasn’t enough to be proud about, Liechtenstein levies no income taxes against any company that is domiciled there, provided the company does not receive Liechtenstein source income.
Sounds like a sweet deal of a country. If you find yourself doing business in Liechtenstein, keep this advice in mind:
- It’s inappropriate to talk with hands in your pocket.
- Pointing at your head with the index finger is considered an insult.
- When dining, it’s impolite to leave food on your plate. Asking
for seconds compliments the host.