How to open a bank account in Bank of Liechtenstein

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GSL reference about the bank

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At the Extraordinary General Meeting on 12 March 2021, the shareholder of Mason Privatbank Liechtenstein AG decided to voluntarily liquidate the bank.
As Mason Privatbank Liechtenstein AG made significant operational losses in 2019 and 2020 given, inter alia, globalization and digitization challenges, where there are no reasonable means or prospect of making any material improvement on its own financial performance or operations in the foreseeable future, the Shareholder is of the view that it is unlikely for the bank to make a turnaround and to generate sufficient revenue to cover its own operating expenses.
With the voluntary liquidation, Mason Privatbank Liechtenstein AG renounced its banking licence on 15th  March 2021 and notified this renunciation in writing to the Financial Market Authority (FMA) Liechtenstein. The FMA will take the measures necessary for the execution of the liquidation and the winding up of current business and issue the necessary instructions to the liquidators

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated N/R
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    Year of foundation 1998
    History The bank was founded in 1998. The bank's headquarters are located in Vaduz (Liechtenstein)
    Personnel There is a Russian-speaking staff: an individual Russian-speaking manager
    Confidentiality AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    10 000 150 10 000 1 No restrictions
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    Minimum balance, € Requirements for the minimum account balance: from 10,000 USD / EUR / CHF / GBP (for current accounts) and from 250,000 USD / EUR / CHF / GBP for investment
    Transactions permitted per month Allowed number of transfers - up to 5 per day
    Initial deposit of funds, € Down payment is equal to the minimum account balance
    Deadline for the initial deposit, month Day to day or the next day with full information and all accompanying documentation
    How fast payments are executed Day to day or next day

    Tariffs and services

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    125 125 186 N/A N/A
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    Outcoming transfer, € Transfer fee is 0.125% (minimum - 125 CHF, maximum - 2,500 CHF)
    Incoming transfer, € The enrollment fee is 0.125% (minimum - 125 CHF, maximum - 2,500 CHF)
    Account maintenance, €/year The account maintenance fee is CHF 50 on a quarterly basis. Account closing fee - CHF 1,000
    Distant access to the account There is E-banking with the possibility of making transfers, trades in the near future (also in Russian)
    Financial products The bank provides a wide range of banking and financial services, including services for private and corporate clients, provision of private banking services, asset management, investment activities, lending
    Credit/debit cards Yes, but the bank is not the issuer

    Account opening procedure

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Savings & current
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    Visit to the bank A visit to the bank is not required, but a meeting with a bank representative is required. A meeting can be organized without leaving: a representative of the Bank visits Moscow once every two months. Meeting in another country is possible
    Required Standard set of corporate documents. If the company is older than a year, CINC and CGS are required. CV is required for all individuals, SoF and SoW for beneficiaries. Confirmation of the economic presence of the company in the country of its registration, tax number, office rental contract, employment contracts and resume of employees.
    Types of accounts Personal; Corporate; Savings; Current
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located
    Chances to open an account Predictable
    Business description Moderately detailed: along with a description of the business, it is necessary to provide information on the sources of origin of funds
     
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