1 – Liechtenstein-Specific Aspects of Fiduciary Services

In the first module, participants acquire competencies in areas such as professional law for trustees, specialised fiduciary transactions, international fiduciary services, SPG reporting obligations, international sanctions law, and corporate governance. Key topics also include data protection in fiduciary services and the practices of the Financial Market Authority (FMA) in the context of the Due Diligence Act and anti-money laundering measures.

Through case studies on board of directors’ activities and interdisciplinary issues, participants are equipped to apply the knowledge gained directly in their professional practice.

2 – Advanced Business Administration

The second compulsory module of the programme focuses on developing in-depth expertise in accounting, finance, group accounting and international financial reporting, as well as auditing. The core objective is to identify business management issues and to develop practical solutions for professional practice.

In addition, current challenges in the operation of fiduciary companies are discussed, taking into account changing legal and economic frameworks.

3 – Advanced Legal Studies

In the third module, participants develop advanced expertise in trusteeship, foundation and establishment law, European law and European company law, the Anglo-American trust, constitutional law, and administrative organisation. The curriculum also covers trademark law, trade law, securities law, and the Land Transfer Act.

Various case studies on incorporations address issues that participants are likely to encounter in their future professional practice in the fiduciary sector.

4 – Advanced Taxation

The fourth module is dedicated to taxation. Participants acquire expertise in the areas of value-added tax and double taxation agreements. Particular emphasis is placed on international tax planning with regard to asset structures and internationally active companies.

Participants learn how to address cross-border matters using structured solution approaches. The knowledge gained is applied in concluding case studies on both international tax law and Liechtenstein tax law.

5 – Advanced Asset Management and Investment Advisory

The fifth module, Advanced Asset Management and Investment Advisory, offers an in-depth exploration of the advisory process in the investment sector, portfolio management, and the processing of financial information. Participants also acquire specialist knowledge of the legal foundations and operational processes in the fund business.

They are trained to assess complex situations and to apply the module content in practice through case studies. The curriculum also addresses current challenges in the operation of fiduciary companies in light of changing social frameworks.

Module 1 – Corporate Compliance I

In the first module of the programme, participants are introduced to the fundamentals of compliance. Key concepts, legal foundations and the historical background are presented. This is followed by a discussion of fundamental compliance issues in the context of corporate culture, ethics and values. Special attention is given to the internal compliance organization, workflows, processes and the interaction with other corporate functions. The module also examines compliance risk assessment and reporting, as well as the strategic role of compliance within an organization.

After a general overview of how to build a compliance organization (requirements for management, organizational setup across compliance areas, etc.), the focus shifts to the practical implementation of directives, including the development of a Code of Conduct based on legal principles. A key aspect here is the distinction between compliance and corporate governance. Building on these topics, the link to internal auditing is established.

The module concludes with an in-depth look at fraud prevention as a core responsibility of the compliance officer, as well as the conduct of internal and external investigations.

Module 2 – Corporate Compliance II

In the second module, the topics covered in Module 1 are further deepened and expanded. Two aspects of compliance whose immense importance is increasingly recognized (crisis management and psychology) receive special attention. Participants also gain a brief overview of key compliance standards.

The module introduces various tools designed to support compliance officers in carrying out their responsibilities effectively. Building on this, the requirements of compliance with regard to Suitability (MiFID II) and cross-border compliance are examined in greater detail, providing participants with the practical knowledge needed to address these complex regulatory areas.

Module 3 – Supervision and Regulation

In the third module, participants are introduced to international, European and national regulatory developments in the field of compliance. The content highlights the interconnection between these regulations, international politics and standard-setting bodies.

Particular emphasis is placed on developments in combating money laundering and terrorist financing. Special attention is also given to the relationship between risk management and compliance, as well as the area of due diligence law.

Following an introduction to the fundamentals of the Due Diligence Act (SPG), participants learn in detail about reporting obligations to the Financial Intelligence Unit (FIU) and gain practical analysis know-how to effectively meet these regulatory requirements.

Module 4 – Compliance and Law

In the fourth module, participants address various areas of law that play an important role in practical compliance work. The course begins with in-depth knowledge in the fields of data protection, data security and IT.

Participants then learn about the significance of compliance in the fields of fintech and cryptocurrencies, as well as the necessary precautions to be taken in these sectors.

Another key focus is compliance in criminal law, particularly the topic of white-collar crime as it relates to compliance responsibilities. Special attention is also given to tax compliance, including the associated automatic exchange of information and relevant double taxation agreements.

Module 5 – Industry-Specific Compliance

The fifth module provides an insight into the application of compliance in various sectors of Liechtenstein’s financial centre and industry, and is designed as a compulsory elective module. Participants can choose from the following five submodules, of which at least three must be completed: compliance in banking, compliance in insurance, compliance in the fund business and asset management, compliance in industry and compliance in the fiduciary sector.

In the industry-specific submodules, the relevant legal compliance regulations at national, European and international levels are presented and analysed in a comparative law context. Furthermore, participants are introduced to the tasks, requirements and liability risks that a compliance officer faces in the sectors covered. This module also addresses the various aspects of establishing and maintaining an efficient compliance organisation.

Module 6 – Case Studies

In the sixth module, the skills and knowledge acquired in Modules 1 to 5 are applied in a practice-oriented case study. The module consists of real-life case studies, which must be worked on independently by students in small groups. Unlike the previous modules, Module 6 concludes with a presentation of the case studies, including a discussion.

For the best group performance in Module 6, the VP Bank AG awards the VP Bank Award, which is endowed with a prize of CHF 5,000.

Module 1 – Business Administration
In the first module, participants acquire professional skills in business accounting and are trained to manage the bookkeeping for commercially active clients with both national and international operations. In addition, participants learn to identify and resolve specific valuation and booking issues. They also gain the ability to prepare balance sheets for sole proprietorships, corporate entities, and consolidated groups.

Another goal is to develop the ability to handle over-indebtedness situations in order to respond and make decisions appropriately in critical cases. Furthermore, alongside expertise in the areas of financing and controlling, participants acquire knowledge for determining and interpreting balance sheet ratios. Also included in the first module is the acquisition of know-how necessary to perform auditing and statutory audit functions.

Module 2 – Law
The second compulsory module of the programme provides advanced expertise in key areas of law. The focus is on the fundamentals of corporate law, international corporate law, and commercial register law. 

In addition, the module covers contract law, inheritance law, and private international law (PIL). Another key emphasis is on AHV law as well as court procedures, including civil procedure and enforcement law. 

To ensure practical application of the knowledge acquired, case studies are developed in particular on contract law and (international) inheritance law.

Module 3 – Taxation
The third module provides advanced expertise in domestic tax advisory services as well as value-added tax consulting. In addition, participants acquire basic knowledge of international tax law, the preparation of tax balance sheets, and the completion of tax returns for sole proprietorships and legal entities. Of particular practical relevance is the subsequent calculation of real estate capital gains tax based on given case scenarios. Furthermore, by developing skills in cross-border tax matters, participants are equipped to resolve cases of double taxation.

Module 4 – Wealth Management and Investment Advisory
In this module, participants take an in-depth look at capital investment instruments. Topics include the criteria for determining an individually optimal portfolio structure, the investment decision-making process, and the organization of portfolio management. Additionally, participants learn how to create a checklist for an investment meeting and develop a customized investment proposal.

Further learning objectives include calculating the yield of a fixed-income security, executing a foreign exchange forward transaction, and acquiring knowledge of wealth management and insider legislation. The Liechtenstein insurance market and life insurance in general are also part of the curriculum. Practical cases in the field of wealth management and investment advisory are addressed through case studies, enabling participants to connect theoretical knowledge with practical applications.

Modul 5 – Due Diligence, Sanctions and Criminal Law

The module provides in-depth knowledge of the legal framework and practical requirements in the areas of due diligence, international sanctions, and asset-related criminal law. Participants gain a practice-oriented overview of statutory requirements, typical risk areas, and compliance obligations. Topics covered include the implementation and monitoring of due diligence duties, the impact of international sanctions on companies, and key aspects of national and international criminal law.

Module 1 – Fundamentals of Blockchain

The first module provides an overview of blockchain technology and explains both the basic concepts and its functions with the help of application examples. For example, using the still most prominent application, Bitcoin, it is shown how the proof-of-work approach ensures that manipulations of the Bitcoin blockchain are virtually impossible. At the beginning, an overview of stable coins and CBDC, crypto applications in the monetary system, is also gained.

In the second part of the module, after an introduction to computer science, various types of blockchains, their functioning and consensus mechanisms are extensively discussed, and their respective advantages and disadvantages are presented. The applicability of blockchain technologies in companies, so-called enterprise-grade blockchains, is also discussed.

Module 2 – Tokenisation

The second module first examines current digital innovations and changed business models of financial intermediaries as well as crowdfunding and crowdlending. Beginning with a comprehensive introduction to the field of the token economy, Initial Coin Offerings and Security Token Offerings are also covered.

The tokenisation of assets is considered in the second block, before in the last, technical section the way in which a token is generated and which characteristics it carries are the focus.

Module 3 – Legal and Tax Aspects

In the third module, the focus shifts. The legal and tax aspects of the instruments and markets covered are discussed. The main focus is on the legal situation in the Principality of Liechtenstein and the EEA, as well as the effects of recent European regulatory initiatives. Selected current regulatory approaches from neighbouring countries are also addressed, and still open regulatory questions are discussed from a legal perspective.

Subsequently, the tax implications of financial processes based on blockchain technology are discussed. A particular focus is placed on the taxability of different tokens.

Module 4 – Innovation Driver FinTech and Artificial Intelligence

For a long time, the financial industry was dominated by only a few different types of intermediaries, such as banks or asset managers. In recent years, however, FinTechs have increasingly been entering this market. This module covers the key areas in which FinTechs and InsurTechs operate.

At the beginning of the module, innovative technologies such as Artificial Intelligence, API Banking and Machine Learning are examined – technologies that are highly relevant for future digital and financial innovations.

Module 5 – Decentralized Finance and Asset Management in the Crypto World

In the final module, participants acquire the necessary skills to successfully apply the knowledge gained in asset management. As an essential foundation, Decentralized Finance applications are examined, and the trading venues for cryptocurrencies are analysed, highlighting their differences from traditional stock exchanges. Building on this, the various financial instruments already available in this field are addressed.

FinTechs often offer specialised, high-quality services in asset management at a low cost. Therefore, in the second part, which focuses on risk and portfolio management, both blockchain-based investment opportunities are analysed and FinTech-based solutions discussed that can complement traditional approaches.

Final Thesis

The final thesis addresses an interdisciplinary topic that links knowledge already acquired from several modules. It may also be based on a subject from the student’s own professional environment.