AGP Executive Report

India–EFTA Trade Push: India and Switzerland signed a migration and mobility pact plus four other deals, as leaders moved to expand Swiss market access and deepen cooperation under the India–EFTA TEPA now in force since Oct 2025, with PM Modi citing a $100bn investment and 1m direct jobs target over 15 years. Liechtenstein in the Mix: TEPA covers the four EFTA states including Liechtenstein, and Swiss officials say strong company interest since entry into force is already supporting longer-term investment and jobs. Mobility & Work Rules: Germany confirmed that spouses of EU/EFTA citizens settled in Germany can move and work without a residence permit, while the UK published an ATAS exemption list that includes Liechtenstein. Local Business & Finance: Liechtenstein’s beneficial ownership register is back in focus after a reported register hack, raising new privacy and financial-transparency risks. Markets & Crypto: NORVAULT AG launched a tokenised “Bacon Series 001” linked to Art Share 002, and a major crypto theft case highlights how asset recovery and sanctions risk are shaping corporate security planning.

Swiss-India Business Diplomacy: Swiss President Guy Parmelin begins a three-day state visit to India with talks with Prime Minister Narendra Modi, expected to produce new agreements on trade, investment, science and mobility, and to mark the first anniversary of the India-EFTA Trade and Economic Partnership Agreement that includes Liechtenstein. Liechtenstein Data Security: A Liechtenstein beneficial ownership register hack highlights privacy and cyber-risk concerns around financial transparency systems. EFTA Trade Momentum: India-EFTA TEPA turns one year old, with EFTA pledging $100bn investment and 1m jobs over 15 years; separate reporting also flags EFTA-Vietnam talks and ABB’s renewed support for Vietnam’s electrification and digital transformation. Crypto Risk for Firms: A $320m bitcoin theft tied to Blockstream’s Liquid Network underlines how asset recovery and response planning matter for businesses and insurers. EU Travel Rules Touch Liechtenstein: The EU’s EES biometric entry/exit system is rolling out across Schengen countries including Liechtenstein, with travellers facing new registration steps. Local Governance & Labour: Switzerland’s parliament backs sanctions for employers that bypass Swiss/EU/EFTA hiring priority, directly affecting Liechtenstein-linked labour mobility.

Beneficial Ownership & Cyber Risk: Liechtenstein’s beneficial ownership register (VwbP) is back in the spotlight after a “register hack” highlighted how personal data can be exposed when financial transparency systems are attacked. EFTA Trade Momentum: India-EFTA’s TEPA turns one, with EFTA (including Liechtenstein) pledging $100bn in investment over 15 years and aiming to support 1m jobs; India points to growth in exports like motor vehicles, heavy waters and moulding patterns. Cross-Border Business Ties: ABB says it will back Vietnam’s electrification, automation and digital transformation, linking the push to the concluded EFTA-Vietnam FTA talks that include Liechtenstein. Crypto Security Watch: A $320m bitcoin theft from Blockstream’s Liquid Network shows how asset recovery may hinge on legal strategy and where stolen funds land. Local Governance & Labour Mobility: Switzerland’s Council of States backs sanctions for firms that bypass local hiring priority, with EU/EFTA (including Liechtenstein) treated as having equal access to Swiss jobs. Travel Rules for Liechtenstein-linked Visitors: The EU’s EES biometric entry/exit system now covers Liechtenstein, with ongoing calls for more time to fully implement. Corporate Actions: NORVAULT AG launches a voluntary tender for ARTEX Global Markets Class B shares, a move that could shift ownership and liquidity.

Cybersecurity & Finance: Liechtenstein’s beneficial ownership register (VwbP/VwbPG) is back in the spotlight after a reported register hack, underlining how personal data tied to companies and trusts can become a high-stakes target. Anti–Money Laundering Compliance: Switzerland’s new Transparency Act has also started operations, with the Federal Office of Justice stressing data security as it expands access for authorities and financial intermediaries. Cross-border Trade (EFTA): India–EFTA’s TEPA turns one: EFTA members pledged $100bn investment and 1m jobs over 15 years, while Liechtenstein, Norway, Iceland and Switzerland keep pushing market access. Local Business & Jobs: Switzerland’s Council of States backs tougher rules to penalise firms that recruit from abroad instead of prioritising Swiss, EU and EFTA jobseekers—aiming to protect local labour markets. Crypto & Risk Management: A $320m bitcoin theft tied to Blockstream’s Liquid Network highlights how asset recovery depends on reaching regulated venues, and warns businesses to plan for sanctions and legal response. Tourism & Travel: DiscoverEU opens another rail pass round for 18-year-olds, with Liechtenstein included among eligible countries. Corporate Moves: NORVAULT AG launches a tender offer for ART SHARE 002 Class B shares, a reminder that Liechtenstein-linked deals can quickly shift ownership and liquidity.

Liechtenstein Royal Dispute: The Financial Times reports a growing family fight over Prince Alois’s reform plans, with rebel royals threatening legal action over succession rules and allowances tied to the princely house’s wealth, including LGT. EFTA Trade Momentum: ABB says it will back Vietnam’s electrification and digital push, pointing to the concluded EFTA-Vietnam FTA that also involves Liechtenstein. Cross-Border Business Access: Kosovo has opened free trade with Switzerland and Liechtenstein, completing access to all four EFTA markets and cutting import frictions for local firms. EFTA-India Partnership: India marks one year of the India-EFTA TEPA, citing wider market access and EFTA commitments of $100bn investment and 1m jobs; exports like motor vehicles and heavy waters are said to be rising. Compliance & Transparency: Switzerland’s Transparency Register starts operating, requiring reporting legal entities to register beneficial owners—aimed at strengthening anti–money laundering and counter-terror financing. Travel Rules for Residents & Visitors: The EU’s Entry/Exit System is affecting UK travellers, with Liechtenstein listed among participating Schengen states. Corporate Actions: NORVAULT AG launches a voluntary off-market tender for Art Share 002 Class B shares, a move that could reshape ownership and liquidity.

EFTA–Vietnam Business Ties: ABB says it will back Vietnam’s energy transition and digital transformation, focusing on power infrastructure, data centres, talent and industrial innovation, as EFTA’s free trade talks with Vietnam (including Liechtenstein) are concluded. EES Border Rules for Liechtenstein Travelers: The EU’s Entry/Exit System is now live across Schengen, requiring biometric registration for most non-EU visitors; Liechtenstein is among the participating countries, and the rollout has already triggered queues and delays. Switzerland Hiring Priority Pressure: Switzerland’s Council of States backs sanctions for firms that bypass local hiring, with EU/EFTA citizens (including Liechtenstein) getting priority and non-EU hiring rules tied to work-permit quotas. India–EFTA Trade Pact Momentum: India and EFTA marked one year of TEPA, with EFTA pledging $100bn investment and 1m jobs over 15 years; Liechtenstein is part of the EFTA bloc. Crypto Risk for Cross-Border Firms: A $320m bitcoin theft tied to Blockstream’s Liquid Network highlights how asset recovery depends on reaching regulated venues and how sanctions risk can complicate any response. Transparency Register Starts in Switzerland: Switzerland’s new transparency register for beneficial owners begins operations, aiming to help authorities and intermediaries fight money laundering and terrorist financing while prioritising data security.

Swiss Labour Policy: Switzerland’s Council of States backs sanctions for employers who recruit from abroad instead of prioritising Swiss, EU and EFTA jobseekers (including Liechtenstein). Firms could face fines and lose access to non-EU/EFTA work-permit quotas. EU Travel Rules: The EU’s Entry/Exit System (EES) is rolling out across 29 countries, including Liechtenstein and Switzerland, requiring biometric checks for most non-EU travellers and phasing out passport stamps—after summer queues and delays. EFTA Trade Momentum: India–EFTA’s TEPA marks its first year, with EFTA pledging $100bn investment and 1m jobs in India; exports like motor vehicles, heavy water and moulding patterns are reported to be growing. Swiss Transparency Register: Switzerland’s Transparency Act starts: companies must register beneficial owners and report changes, with the Federal Office of Justice stressing data security for anti–money laundering and counter-terror financing. Crypto & Finance Risk: A $320m bitcoin theft tied to Blockstream’s Liquid Network highlights asset-recovery and sanctions risks for businesses. Corporate Moves: NORVAULT AG launches a voluntary tender offer for ARTEX Global Markets Class B shares via Art Share 002. Business Innovation: BTCNow launches a pay-over-time model for Bitcoin purchases with fixed monthly payments and trust custody.

Crypto & Risk Management: A $320m bitcoin theft from Blockstream’s Liquid Network ended with the attacker returning 85% and keeping about $47m, raising fresh questions for businesses on how to pursue recovery, sue anonymous hackers, and avoid sanctions risk when dealing with unknown or sanctioned parties. Liechtenstein in Europe’s Trade Orbit: India’s EFTA trade deal (TEPA) marked its first year, with EFTA—incl. Liechtenstein—committing $100bn in investment and targeting 1m jobs, while India points to growth in exports like motor vehicles, heavy waters and moulding patterns. Cross-Border Business Access: Kosovo opened free trade with Switzerland and Liechtenstein, completing access to all four EFTA markets and cutting import taxes for Kosovo firms. EU Compliance & Transparency: Switzerland’s new Transparency Register started operations, requiring legal entities to register beneficial owners, with authorities and financial intermediaries able to access the data under a security-first approach. Fintech/Bitcoin Ownership: BTCNow launched a pay-over-time model for Bitcoin purchases with fixed 60 monthly payments and trust custody via BitGo, aiming to avoid margin-call style risk. Healthcare & Regulation: The EU granted marketing authorisation for Nezglyal (leriglitazone) for early childhood cerebral adrenoleukodystrophy (cALD), positioning a first pharmacological option for early intervention. Sports Finance: Skiing’s governing body is cutting jobs and planning new events after projecting it would burn through cash reserves by 2028. Tourism Signals: Michelin’s 2026 Key Hotels Guide added new distinctions, including a Liechtenstein property, highlighting how small markets can still break through in global hospitality rankings.

EU-EFTA Trade: Kosovo has started free trade with Switzerland and Liechtenstein, completing its access to all four EFTA states and cutting import taxes for businesses. EFTA-India Deal: Switzerland’s President Guy Parmelin is set to visit India as the India-EFTA trade pact (TEPA) enters its second year, with talks focused on trade, investment, tech and innovation. Liechtenstein in the EU Orbit: Swiss MPs restored equal tuition fees for EU students at ETH Zurich and EPFL, while excluding EFTA students like Liechtenstein on reciprocity grounds. EFTA Legal Pressure: The EFTA Surveillance Authority has taken Iceland to the EFTA Court over Protocol 35, arguing Icelandic rules don’t always let EEA law prevail for businesses and individuals. Pharma & Tariffs: The US exempted certain specialty drugs and ingredients (including from Liechtenstein) from 100% pharma tariffs, while guidance updates clarify how Section 232 duties apply. Business & Jobs: ADEM’s cross-border conference in Luxembourg discussed EU plans to shift unemployment benefit payments to the last country of employment, alongside digitalisation of public employment services. Sports/Media: UEFA Nations matches include Azerbaijan vs Liechtenstein on Oct 1.

EFTA Trade & Investment: India–EFTA’s TEPA (including Liechtenstein) turns one year old, with a focus shifting from tariff cuts to deeper investment and jobs—EFTA targets $100bn in investment and 1m direct jobs over 15 years. Regulatory Pressure in the EEA: ESA has launched infringement proceedings against Iceland at the EFTA Court over Protocol 35, arguing Icelandic law doesn’t always give EEA-implemented rules priority in conflicts—an issue that matters for businesses operating across the EEA. Pharma Tariffs—Relief for Specialty Drugs: The US is exempting certain specialty medicines and ingredients (including from Liechtenstein) from 100% ad valorem tariffs under Section 232, covering areas like orphan drugs, fertility treatments, cell/gene therapies and antibody-drug conjugates. Cross-border Labour Policy: ADEM’s conference in Luxembourg brought together labour-market agencies from German-speaking regions (including Liechtenstein) to discuss EU unemployment-benefit reform, plus digitalisation and support services. Local Business & Mobility Context: UK guidance tightens rules for bereaved foreign nationals seeking to stay after a partner’s death, with eligibility tied to the deceased partner’s status and the applicant’s visa history.

Switzerland–Kenya–Liechtenstein business ties: Swiss institutional capital is set to connect with Kenya’s financial services and tech ecosystem via a new agreement signed at UNGA81, aiming for more investment data, transparency, lower transaction friction, and responsible use of emerging tech within Kenya’s regulatory framework. Brexit reset debate: UK Labour leader Andy Burnham says Britain could “go all the way” toward rejoining the EU, while still citing Labour’s red lines for now—setting up a fresh options review that could reshape the next election agenda. US pharma tariffs—partial relief: The US is exempting select specialty drugs and key ingredients from a planned 100% tariff, including orphan drugs, fertility treatments, cell/gene therapies, and antibody-drug conjugates; the eligible country list includes India and Liechtenstein among others. Liechtenstein in EU travel tech: The EU’s Entry/Exit System (EES) now covers Liechtenstein for biometric checks for many UK travellers, with reported queues and delays. Markets & business signals: Palantir CEO Alex Karp bought 37,000 acres of Swedish forest, while Europe’s upholstered furniture market remains fragmented and price-driven.

US Pharma Tariffs, Liechtenstein in the List: The US is expanding its Section 232 100% tariff on certain patented medicines to more drugmakers from Sept. 29, but it also published a Federal Register list granting 0% ad valorem tariff for specific specialty categories (rare disease drugs, fertility treatments, cell and gene therapies, antibody-drug conjugates, nuclear medicines, plasma-derived therapies, and some animal health), including Liechtenstein—with the catch that it applies to qualifying products and ingredients, not the whole pharma trade. Trade & Market Impact: Industry coverage warns mid-sized and smaller firms face higher cost exposure unless they have approved plans, pricing deals, or eligible product mixes. EFTA–India Review: Separately, India and EFTA (including Liechtenstein) will review the TEPA trade pact a year after it took effect, as India’s exports to the bloc have fallen and both sides look for new market access and fewer procedural bottlenecks. Local Business Angle: The week also highlights Liechtenstein-linked pharma and trade exposure as US tariff rules tighten, while EFTA–India talks aim to protect cross-border flows.

US–Liechtenstein Trade & Pharma: The US Commerce Department has put Liechtenstein (along with 19 other jurisdictions) on a list for 0% ad valorem tariffs on specific “specialty” medicines and related ingredients, even as a broader 100% tariff on certain patented pharma imports takes effect from 29 September. The zero-duty categories cover orphan/rare-disease drugs, fertility treatments, cell and gene therapies, antibody-drug conjugates, select medical countermeasures, and veterinary pharmaceuticals—plus eligible manufacturing components—so the relief is targeted, not a blanket exemption. EU–Canada Business Link: EU Commission President Ursula von der Leyen floated an “associate member” idea for Canada, but Brussels says there’s no clear legal mechanism yet—raising questions for trade planning under CETA and deeper market access. Healthcare Labour Rules: Ireland is temporarily relaxing its “50:50 rule” limiting non-EEA workers to 50% of staff, aiming to ease healthcare staffing shortages that have hit nursing homes and home-care services. EU Market Access for EFTA: Brazil has formally incorporated the Mercosur–EFTA free trade deal, with preferential tariffs for Switzerland/Liechtenstein pending internal steps. Liechtenstein Context: The US zero-tariff list explicitly includes Liechtenstein, underlining how small EEA/EFTA states can still matter in global supply chains.

US–Liechtenstein Pharma Tariffs: The US Commerce Department says it will apply a 0% ad valorem tariff to certain specialty drugs and ingredients from Liechtenstein (and 19 other jurisdictions) even as a 100% tariff on covered patented pharma imports is set to start Sept. 29, with eligibility tied to rare-disease and other specified categories plus qualifying trade/security frameworks. EU–EFTA Trade: Brazil has formally incorporated the Mercosur–EFTA free trade agreement; preferential tariffs for Switzerland/Liechtenstein depend on their internal procedures, with the deal set to take effect Oct. 1 for Brazil and Iceland. Liechtenstein Business Ties: Bendura Bank marked ten years under Hong Kong’s Citychamp Watch & Jewellery Group, highlighting continued regional banking integration. Healthcare in Europe: The European Commission granted marketing authorization for NEZGLYAL® (leriglitazone) for childhood cerebral adrenoleukodystrophy, with first launches expected in Germany and further access tied to reimbursement talks. Travel & Mobility: China’s updated visa-free list for 30-day stays includes Liechtenstein, supporting easier short business and tourism travel.

EU-EEA Trade & Tariffs: Brazil has formally incorporated the Mercosur–EFTA Free Trade Agreement, with preferential tariffs for Switzerland and Liechtenstein set to apply once both sides complete internal steps (Brazil from Oct 1; Norway from Nov 1). Pharma & Trade Policy: The US Commerce Department clarified which specialty drugs and ingredients can get zero tariffs ahead of a Sept 29 deadline, listing eligible products and countries including Liechtenstein. Biotech Milestone: The European Commission granted marketing authorisation for NEZGLYAL® (leriglitazone) for childhood cerebral adrenoleukodystrophy (cALD), the first pharmacological treatment approved in the EU, with first launches expected in Germany. Banking & Ownership: Bendura Bank marked ten years under Hong Kong’s Citychamp Watch & Jewellery Group, highlighting continuity in Liechtenstein’s financial sector. Cross-Border Business Climate: Chinese automakers kept gaining ground in Europe in August, with BYD registrations more than doubling across EU/UK/Iceland/Liechtenstein/Norway/Switzerland—raising competitive pressure for local brands. Business-Adjacent Travel/Visas: China published an updated list of 50 countries eligible for 30-day visa-free entry, including Liechtenstein.

Trade & Markets: Brazil has formally incorporated the Mercosur–EFTA free trade deal after President Lula signed it, with preferential tariffs for Switzerland and Liechtenstein dependent on their internal procedures; the agreement is set to take effect on Oct 1 for Brazil and Iceland and Nov 1 for Norway. Banking & Finance: Bendura Bank marked ten years under Hong Kong’s Citychamp Watch & Jewellery Group, celebrating the milestone in Gamprin-Bendern with local banking leadership and partners. Healthcare & Pharma: The European Commission granted marketing authorisation for NEZGLYAL® (leriglitazone) for male cerebral adrenoleukodystrophy (cALD) patients aged 2–12 with Gd-negative brain lesions, the first pharmacological cALD treatment approved in the EU, with a first expected launch in Germany by year-end. Tech & Investing: Ondo Finance launched Ondo Intelligent Portfolios, tokenised model portfolios “powered by BlackRock” strategies, letting investors mint/redeem one onchain token for exposure to a basket. Business Mobility: Germany clarified visa and residence requirements for foreign IT specialists, including which nationalities (including Liechtenstein, Norway and Switzerland) can work without additional restrictions. Auto Industry: Chinese automakers kept gaining ground in Europe, with BYD registrations more than doubling across the EU plus Iceland, Liechtenstein, Norway and Switzerland.