AGP Executive Report

FIS Leadership Change: Liechtenstein lawyer Alexander Ospelt narrowly beat Johan Eliasch to become president of the International Ski and Snowboard Federation, winning 65–64 amid allegations of IOC influence and calls for more transparency. Energy Costs: A new cross-country ranking shows Liechtenstein among the world’s higher residential electricity price markets (about $0.402/kWh), highlighting how taxes, fuel access and infrastructure drive big differences. Trade & Investment (TEPA): India’s Commerce Minister Piyush Goyal is in Switzerland to push implementation of the India-EFTA Trade and Economic Partnership Agreement, with meetings planned with Swiss officials and pharma leaders. Regional Strategy (Switzerland–Vietnam): Switzerland’s Southeast Asia strategy names Vietnam a priority partner, aiming to deepen economic ties and support an EFTA–Vietnam free trade deal. EU Industrial Policy Push: Volkswagen, Stellantis and Renault back “Made in Europe” rules, proposing local-content requirements that include Liechtenstein and other EFTA states. Climate Resilience: The European Environment Agency flags uneven progress on climate adaptation across EEA countries, including Liechtenstein, with implementation gaps still limiting risk reduction. Tech & Connectivity: Open Cosmos says Liechtenstein’s Ka-band spectrum filings are tied to an ITU extension request after launch delays, as it seeks more time for a European sovereign broadband constellation. Migration Politics Watch: Switzerland’s planned 10-million population cap referendum could complicate free movement and EU relations—an issue Liechtenstein closely tracks as a tightly linked EEA partner. Student Travel Rules: Budapest is tightening discounted pass eligibility for foreign students, requiring proof of a Hungarian residential address beyond ID cards.

Liechtenstein in the spotlight: Liechtenstein ranks among the most tax-friendly destinations in a new expat cost comparison, placing just behind Qatar in a “most affordable tax haven” list for 2026. Sports governance with local impact: Alexander Ospelt (Liechtenstein) narrowly beat Johan Eliasch to become president of the International Ski and Snowboard Federation (FIS), winning 65–64 amid allegations of IOC influence and calls for more transparency. Cross-border business ties: India’s commerce minister Piyush Goyal is in Switzerland (June 12–13) to push implementation of the India–EFTA Trade and Economic Partnership Agreement (TEPA), with meetings in Berne and Zurich and a focus on healthcare and pharma cooperation. EU/EEA policy pressure: A Swiss referendum on capping the population at 10 million could force major changes to free-movement arrangements, with knock-on effects for EU relations—an issue closely watched by Liechtenstein given its tight European links. Energy costs angle for finance: A global electricity-price ranking places Liechtenstein among the higher-cost European markets, highlighting how taxes and infrastructure drive household power bills. Tech and connectivity: Open Cosmos says Liechtenstein’s Ka-band spectrum filings are tied to an extension request for its planned sovereign broadband satellite constellation after launch delays. Industry policy debate: VW, Stellantis and Renault back “Made in Europe” rules, urging EU local-content requirements that explicitly include Liechtenstein, Norway and Iceland in the proposed sourcing geography.

Swiss-EU Migration Shock: Switzerland’s 14 June referendum could cap the population at 10 million, raising major questions for Schengen free movement and EU relations. India–EFTA Trade Push: Commerce Minister Piyush Goyal is in Switzerland (12–13 June) to advance the India–EFTA TEPA, with talks focused on implementation and Swiss pharma cooperation. Liechtenstein in the Spotlight: Liechtenstein’s Alexander Ospelt narrowly won the FIS presidency (65–64), promising more transparency after Johan Eliasch’s disputed tenure. Car Industry Lobbying: VW, Stellantis and Renault back “Made in Europe” rules, urging EU local-content requirements to counter China’s price pressure. Climate Resilience Watch: A new EU climate resilience report flags uneven adaptation progress across EEA states, including Liechtenstein. Energy Costs: A global ranking places Liechtenstein among Europe’s higher residential electricity prices, highlighting how policy and infrastructure drive costs. Private Banking Model: Neue Bank in Vaduz pitches a long-term, accountability-led private-banking approach tied to Liechtenstein’s stability and regulatory clarity.

India–EFTA TEPA Push: Commerce Minister Piyush Goyal is in Switzerland for talks in Berne and Zurich to advance the India–EFTA Trade and Economic Partnership Agreement (TEPA), with a focus on operational rollout and closer cooperation in areas including healthcare and pharma. Liechtenstein Finance & Digital: Liechtenstein-based Gnomon Capital has acquired Croatia’s DC North data centre operator, adding capacity and connectivity services as demand for digital infrastructure keeps rising across Europe. Liechtenstein in Global Sports Governance: Alexander Ospelt narrowly beat Johan Eliasch to become president of the International Ski and Snowboard Federation (FIS), promising more transparency as the federation’s leadership fight spills into wider Olympic politics. Energy Costs Watch: A new cross-country ranking highlights how electricity prices vary wildly, with Liechtenstein among the higher-cost European markets. EU Trade & Industry Pressure: Volkswagen, Stellantis and Renault are urging EU policymakers to strengthen “Made in Europe” rules, including higher local-content targets, as they brace for Chinese EV competition. Climate Resilience: The European Environment Agency reports uneven progress on climate adaptation across EEA states, warning that planning gaps still limit risk reduction.

India–EFTA Trade Push: Commerce Minister Piyush Goyal says India and Switzerland are reaffirming their commitment to deepen economic ties under the India–EFTA Trade and Economic Partnership Agreement (TEPA), as he prepares a June 12–13 trip to Berne focused on implementation and investment cooperation, including meetings with Swiss President Guy Parmelin and the Swiss pharma sector. EU Industrial Policy: Volkswagen, Stellantis and Renault are urging EU policymakers to strengthen “Made in Europe” rules, proposing higher local-content requirements to help European carmakers compete as Chinese EVs intensify price pressure. Climate Resilience: The European Environment Agency highlights uneven progress across EEA states, warning that climate impacts are rising faster than coordinated adaptation action, with Liechtenstein included among the assessed countries. Liechtenstein Leadership in Sport Governance: Liechtenstein lawyer Alexander Ospelt narrowly beats Johan Eliasch to become FIS president, promising more transparency after a closely fought election and allegations of outside influence. Digital Infrastructure Deal: Liechtenstein-based Gnomon Capital acquires Croatia’s DC North data centre operator, expanding its footprint in European digital infrastructure. Energy Prices Snapshot: A new ranking places Liechtenstein among the higher residential electricity-cost countries in Europe, underscoring how taxes, policy and infrastructure drive household bills.

Liechtenstein–EU trade & regulation: Stellantis, Volkswagen and Renault are pushing the EU for “Made in Europe” rules, proposing a framework that would require 70% EU local content in 70% of vehicles, explicitly including Iceland, Liechtenstein and Norway in the scope. Private finance: Neue Bank highlights a private-banking model built on accountability and long-term value, pointing to Liechtenstein’s stability and regulatory clarity as key enablers. Digital infrastructure: Liechtenstein-based Gnomon Capital has acquired Croatian data-centre operator DC North, expanding its footprint in Europe’s growing colocation and connectivity market. Fintech & digital development: A look at Liechtenstein’s fintech push focuses on competing through regulation, cross-border access and niche specialisation rather than domestic scale. Sports governance with business links: Liechtenstein lawyer Alexander Ospelt narrowly beat Johan Eliasch to become FIS president, with allegations of IOC influence adding governance risk to the sport’s commercial direction. Trade policy watch: India’s Commerce Minister Piyush Goyal is set to visit Switzerland (June 12–13) to drive implementation of the India–EFTA TEPA, with meetings including Swiss officials and pharma leaders. Energy costs context: A ranking shows Liechtenstein among Europe’s higher residential electricity prices (0.402 USD/kWh), underlining cost pressures for households and firms. Connectivity & spectrum: Open Cosmos seeks an ITU deadline extension for its sovereign broadband satellite constellation, citing launch force majeure and relying on Liechtenstein Ka-band spectrum filings. Inflation snapshot: Czechia reports one of Europe’s lowest inflation rates (2.1% y/y in May), while Switzerland and Liechtenstein sit at 0.6%, reinforcing a low-price environment for the region.

FIS Leadership Shake-up: Liechtenstein lawyer Alexander Ospelt narrowly beat Johan Eliasch to become president of the International Ski and Snowboard Federation, winning 65-64 and promising more transparency after Eliasch alleged IOC influence. Sovereign Credit Spotlight: S&P reaffirmed Liechtenstein’s Triple-A rating with a stable outlook, citing low debt, deep reserves and surpluses despite expected stagnation this year. Private Banking Model: Neue Bank in Vaduz highlights a private-banking approach built on clear accountability, long-term ownership and measurable results, positioning Liechtenstein’s stability as a core advantage. Digital Infrastructure Deal: Liechtenstein-based Gnomon Capital acquired Croatian data-centre operator DC North, expanding in Europe’s growing demand for secure colocation and connectivity. Space & Spectrum Timing: Open Cosmos is seeking an ITU deadline extension for its sovereign broadband constellation, citing launch force majeure tied to a rocket failure, with Liechtenstein holding the Ka-band spectrum filings. Trade Policy Watch: India’s commerce minister Piyush Goyal will visit Switzerland to push implementation of the India-EFTA TEPA, covering Switzerland, Norway, Liechtenstein and Iceland.

Liechtenstein Sovereign Credit: S&P kept Liechtenstein’s Triple-A rating with a stable outlook, citing low debt, deep reserves and budget surpluses, even as it expects stagnation in 2026 before a mild rebound. Digital Infrastructure Deal: Liechtenstein-based Gnomon Capital acquired Croatia’s DC North data centre operator, boosting its footprint in European digital infrastructure as demand rises for colocation, connectivity and disaster recovery. Banking Costs in the Region: An EY study of Swiss and Liechtenstein banks found 57% see rising operating costs as the biggest income pressure, with modernization and legacy systems still weighing on competitiveness. EU Winter Sports Governance: FIS president Johan Eliasch faces a re-election fight amid calls for more transparency and athlete-first decision-making; Liechtenstein lawyer Alexander Ospelt is on the ballot. Trade & Tariffs Watch (US): New US Section 232 changes adjust rates for metals derivatives and certain equipment, with temporary reductions alongside targeted increases—important for importers updating classifications and filings. Fintech & Payments: Lianlian DigiTech highlighted AI-driven cross-border payments at Money20/20 Europe, underscoring how fintech is pushing faster, smarter payment infrastructure.

Data Infrastructure Deal: Liechtenstein-based Gnomon Capital has acquired Croatia’s DC North, expanding its footprint in European data centres as demand rises for cloud, secure storage and connectivity. Sports Governance & Finance: Johan Eliasch’s FIS re-election vote is drawing scrutiny over transparency and finances, with Liechtenstein lawyer Alexander Ospelt challenging him; Eliasch argues centralising commercial rights is boosting revenues. Sovereign Credit & Business Climate: S&P reaffirmed Liechtenstein’s Triple-A rating with a stable outlook, citing low debt, deep reserves and budget surpluses despite expected stagnation. Banking Costs in the Region: An EY survey of Swiss and Liechtenstein banks flags rising operating costs as the biggest income pressure, as tech modernization and competition from fintech intensify. EU Trade & Mobility: The EU’s Entry/Exit System is triggering border queues and travel disruption, while the EU also moves to extend “Roam Like at Home” roaming to Western Balkans partners. US Tariffs Update: New Section 232 changes reshape US metal tariff rates for derivatives and certain equipment, with importers facing updated filing and classification requirements.

Sovereign Credit Watch: Liechtenstein kept its Triple-A rating, with S&P citing low debt, deep reserves and budget surpluses, even as it forecasts stagnation this year and a return to growth in 2027—an important signal for the principality’s reputation as a safe business base. Finance & Regulation: Switzerland’s finance sector is gearing up for a major Finance Forum Zurich where Jean-Claude Juncker and Finance Minister Karin Keller-Sutter will focus on AI, competition and “smarter” regulation as banks face rising pressure. Banking Costs: An EY banking barometer flags rising operating costs as the biggest strain for Swiss and Liechtenstein banks, driven by modernization needs and legacy system constraints. Trade & Tariffs: The U.S. is reshaping Section 232 metal tariffs with temporary rate changes through end-2027, while the IEEPA refund picture is getting more complicated as litigation and enforcement shift. EU Connectivity for the Region: The EU Council approved talks to extend Roam Like at Home to the Western Balkans, building on the existing coverage that already includes Liechtenstein. Travel Friction: The EU’s Entry/Exit System is still causing long border queues, with some countries easing checks to manage summer congestion.

Sovereign Credit Watch: Liechtenstein has kept its Triple-A rating, with S&P citing low public debt, deep reserves and budget surpluses, even as it forecasts stagnation this year and a return to growth in 2027. Banking & Fintech Pressure: An EY banking barometer flags rising operating costs as the biggest income strain for Swiss and Liechtenstein banks, as digital change and competition force costly modernization. EU Connectivity for Business: The EU Council has approved talks to extend “Roam Like at Home” to the Western Balkans, with Liechtenstein already covered—good news for cross-border customers and regional commerce. Trade & Tariffs Ripple: Multiple updates on U.S. Section 232 metal tariff adjustments and related customs instructions underline how quickly import costs and compliance rules can shift for downstream industries tied to metals supply chains. Finance Summit Signal: Juncker and Swiss Finance Minister Karin Keller-Sutter are set to headline Finance Forum Zurich, focusing on regulation and AI-driven change for the Swiss financial centre. Local Economy Angle: A Reuters piece notes Liechtenstein’s Alexander Ospelt is among candidates in FIS leadership—another reminder of how small-country players show up in major sports business.

Crypto & Markets: RULEMATCH says it has received MiCA authorization from Liechtenstein’s FMA to run a crypto trading platform, with RULEMATCH Europe AG enabling EEA participant onboarding and starting with an RFQ model plus post-trade clearing/settlement. Banking Costs: An EY study finds 57% of Swiss and Liechtenstein banks expect rising operating costs to be their biggest income strain over the next 1–2 years, with modernization pressure and legacy core systems still weighing on competitiveness. Trade & Tariffs (US metals): The US has adjusted Section 232 metals tariffs: some agricultural equipment and certain HVAC items drop from 25% to 15%, while new coverage hits aluminum lithographic plates and steel racks; changes take effect June 8 and run to end-2027. EU Connectivity for Liechtenstein region: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans, building on the existing RLH area that already includes Iceland, Liechtenstein and Norway. EU–Russia Visas: 11 EU countries are pushing for stricter, more unified visa rules for Russian citizens amid rising Schengen visa issuance. Iceland EU vote: Iceland’s August referendum on restarting EU membership talks is intensifying, with fishing rights and sovereignty expected to dominate.

Crypto Market Regulation: RULEMATCH says it has received Liechtenstein’s FMA MiCA authorization to run a crypto trading platform, with RULEMATCH Europe AG enabling EEA participant onboarding and starting RFQ trading plus post-trade clearing/settlement. Trade Policy Watch: The U.S. has cut Section 232 tariffs on certain agricultural equipment and HVAC items from 25% to 15% (through end-2027) and also added new metal derivative products like aluminum lithographic plates and steel racks, with CBP filing instructions issued via CSMS. Swiss-Liechtenstein Economic Spillover: Swiss firms reportedly poured $27B into the U.S. after a tariff deal cut Swiss rates from 39% to 15%, with pharma leaders Roche and Novartis among the biggest investors—and the framework explicitly includes Liechtenstein via the customs union. EU Connectivity for Business: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans, potentially boosting cross-border consumer and business travel costs across the region that already includes Liechtenstein in the current RLH footprint. Sports Business Angle: FIS president Johan Eliasch says centralizing commercial rights is delivering higher revenues and extra profits ahead of a re-election vote, with Liechtenstein’s Alexander Ospelt in the race.

Crypto Regulation in Liechtenstein: RULEMATCH says it has received MiCA authorization from the Liechtenstein FMA to run a Vaduz-based crypto trading platform, with trading starting via an RFQ model and post-trade clearing/settlement options for EEA participants. Sports Governance & Money: FIS president Johan Eliasch (running for re-election) argues centralising media and commercial rights is already boosting revenues and could add over €100m in extra profits over four years, with Liechtenstein’s Alexander Ospelt among the candidates. EU Connectivity for Business Travel: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans (WB6), which could cut roaming costs for travellers and support cross-border economic activity. Trade Policy Shockwaves: New U.S. Section 232 tariff changes kick in June 8, with targeted reductions for some equipment but new duties for certain derivative products—raising compliance stakes for importers. Regional Finance Links: A report highlights Lightrock Africa Fund II’s connection to Liechtenstein’s Princely House origins, underscoring how European private banking networks keep shaping global capital flows.

Crypto Regulation in Liechtenstein: RULEMATCH says it has received MiCA authorization from Liechtenstein’s FMA to run a crypto trading platform, with onboarding via its Vaduz-based RULEMATCH Europe AG for EEA participants—trading starts with an RFQ model and flexible settlement cycles. EU Telecom Integration: The EU Council has approved talks to extend “Roam Like at Home” to the Western Balkans (WB6), which would let travellers use calls, texts and data abroad without extra roaming charges under the same conditions as at home. Sports Rights & Money: FIS president Johan Eliasch, running for re-election, argues centralising media and commercial rights is delivering financial gains, citing higher sponsorship and digital engagement—while Liechtenstein’s Alexander Ospelt is also in the race. Cross-Border Travel Tech: The EU Entry/Exit System is causing summer delays as airports iron out biometric processing issues, with travellers advised to arrive much earlier to avoid missed flights. Visa Pressure on Russians: 11 EU countries are urging stricter Russian visa rules to close perceived loopholes as Schengen permit numbers rise. Trade & Tariffs Watch: New US Section 232 changes adjust duties on certain metals derivatives and equipment, while broader tariff litigation and forced-labor Section 301 actions keep importers on edge.

Crypto Regulation in the EU: France’s AMF warned crypto firms they must secure MiCA licenses by June 30 or face prosecution, with “orderly wind-down” plans required for non-compliant players—important for Liechtenstein-based firms serving the EEA. EU Connectivity for Business and Consumers: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans (WB6), aiming to cut roaming costs across a wider region and support cross-border commerce. Liechtenstein in the Crypto Market: RULEMATCH received MiCA authorization from Liechtenstein’s FMA to run a Vaduz-based crypto trading venue (RULEMATCH Europe AG), enabling EEA participant onboarding. Trade Policy Shockwaves: The US signaled renewed tariff pressure via Section 301 forced-labor actions and Section 232 modifications on metals, adding uncertainty for importers and downstream manufacturers. Travel Tech Meets Reality: The EU Entry/Exit System is still causing delays, with advice to arrive far earlier—relevant for business travel planning across the Schengen area.