Written by Zulfick Farzan
26 Jan, 2021 | 6:20 pm
Colombo (News 1st); The Cabinet of Ministers gave the green light to launch diplomatic relations with the State of Liechtenstein.
Liechtenstein is a western European principality located between Switzerland and Austria and it is one of the smallest countries of Europe.
According to a statement from the government information department, Liechtenstein has a parliamentary democracy and constitutional head of state, a King.
Liechtenstein is considered as one of the wealthiest countries in the world with the higher industrial capability and manufacturing mainly medical drugs, said the government information department.
The Government of Liechtenstein has expressed consent to establish diplomatic relations with the government of Sri Lanka, it added.
The registration of tens of thousands of foreign firms in Liechtenstein provides a source of tax income, reports added.
Interestingly, the principality has also become a centre of banking because of its stable political situation and its laws providing absolute bank secrecy.
In the late 20th century, however, Liechtenstein became a centre for money laundering, and its laws were subsequently altered to prohibit the opening of accounts anonymously.
Pressure from the United States and the European Union (EU) led to the reform of the banking sector in the early 21st century, and the country worked to shed its image as a tax haven.
What is even more interesting is that Liechtenstein has more companies than citizens.
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