Liechtenstein's attractiveness as a business location examined
What factors determine the choice of location for innovative start-ups? And how does Liechtenstein fare in competition with financial centres such as Zurich, Berlin and Singapore? Answers to these questions are provided in a new study published in early 2025 by the University of Liechtenstein, which was commissioned by the Office for Digital Innovation. The study is led by Prof. Dr. Martin Angerer, Professor of Innovative and Digital Finance at the Liechtenstein Business School.
The study concludes that Liechtenstein has clear strengths but is facing increasing international pressure.
Strengths: clarity, proximity, stability
According to the study, the outstanding advantages of the location include the innovation-friendly regulatory environment – in particular the Token and VT Service Providers Act (TVTG) – as well as political stability and short administrative channels.
Challenges: market size, access to capital, talent retention
These are offset by structural weaknesses. The small domestic market forces companies to internationalise at an early stage, which requires additional resources and networks. Another obstacle is the conservative banking landscape, which is often reluctant to support new business models, such as in the DeFi sector. Access to qualified specialists is viewed as particularly critical: restrictive work and residence regulations act as a brake on growth.
Added to this is the comparatively weak venture capital market.
Recommendations: hub, fund, regulation 2.0
The study is not intended as a review, but rather as a location analysis with a strategic view to the future. It shows where Liechtenstein stands in the international innovation competition and formulates clear recommendations for action: a central innovation hub, a state-co-financed start-up fund and the opening up of regulatory frameworks for new technologies. Liberalisation of skilled labour immigration is also suggested.
The full study is available to the public at www.uni.li.
