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For decades it was the perfect haven for the rich, but now trouble has begun for Liechtenstein.

2026-08-07 22:45:41Biznes SHKRUAR NGA REDAKSIA VOX
For decades it was the perfect haven for the rich, but now trouble has begun for
Liechtenstein, located between Switzerland and Austria, is one of the smallest countries in Europe, but one of the richest.

For decades, Liechtenstein has been one of the most preferred destinations for the world's wealthy seeking security, stability and, above all, privacy.

The small principality between Switzerland and Austria built its reputation on a simple promise: wealth could be managed in sophisticated legal structures, without making the owner's name publicly visible.

But that promise has now been shattered. In late July, hackers managed to break into the official registry containing the identities of the people behind companies, foundations and other structures created or administered in Liechtenstein for a few hours.

According to data reported by Bloomberg , the attack affected about 31,000 entities. There is no evidence that the hackers took money, accessed bank accounts or stole financial data.

But what they got was perhaps even more valuable to a system built on secrecy: the names of the people behind multimillion-dollar fortunes.

In the world of international finance, wealth is often not registered directly in an individual's name.

A multi-million euro villa may be owned by a company whose shares are controlled by another company, while the latter may be managed by a foundation with different beneficiaries.

For years, these structures have created a legal labyrinth that made it very difficult to identify the real owner. The registry that was attacked by hackers was precisely the key that allowed this chain to be traced back to the final person.

Liechtenstein has a long history as a financial center associated with banking secrecy and has been at the center of several scandals.

The biggest case broke in 2008, when German authorities obtained a list of LGT bank clients who used foundations in Liechtenstein to hide assets.

The investigation affected hundreds of wealthy Europeans and also had repercussions in Spain, where authorities checked undeclared investments.

International pressure from the United States and European countries forced the principality to change course. Anti-money laundering rules and the exchange of fiscal information made the system more transparent.

In 2015, Liechtenstein reached an agreement with the European Union on the exchange of information on financial accounts.

However, this does not mean that the country lost its appeal to the wealthy. The difference was that the authorities began to cooperate with other countries, while privacy continued to remain a key element.

The 2021 law, in line with European anti-money laundering standards, required companies and foundations to declare beneficial owners. But this data remained restricted to the public and accessible only to authorized authorities or institutions.

The figures show the extraordinary importance of this system. At the end of 2025, Liechtenstein had around 22,927 legal structures, an extraordinary number for a country with only around 41,000 inhabitants.

Throughout the year, only 35 requests for access to the register were submitted, most from banks and financial institutions.

Foundations are particularly attractive to wealthy families because they allow for separation between the person who provides the capital, the one who administers the wealth, and those who benefit from it.

This makes them a tool used to preserve family wealth across generations. However, the existence of a foundation in Liechtenstein is not in itself illegal.

Assets can be managed legally as long as they are declared and fiscal obligations are met.

But for a country that has built its reputation on privacy, losing control over the most sensitive information is a huge blow.

The cyberattack did not affect the billionaires' money, but precisely what for decades was Liechtenstein's main product: secrecy.


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