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Liechtenstein has Joined Schengen Zone

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Travel Articles >> Locations >> Europe >> Liechtenstein Travel Articles >> Curiosities

In the end of last week Liechtenstein has signed the agreement on the joining the Schengen zone. Now it has to be approved by all the 24 members of the zone. However, the large financial scandal, broke about one of the leading banks of Liechtenstein, can hinder the admittance of the Principality to Schengen. In the middle of February, the German secret services have gained the access to the secret customer base of one of the largest banks in the country. During the investigation it emerged that there are multimillion money holdings of thousands of large clients, including government officials from the number of European countries, USA and Canada, who are suspected in the tax evasion deposited in the bank. The scandal has lead to the number of resignations of office of officials; in particular, in Germany the head of “Deutsche Post” concern, Klaus Zumwinkel has lost his post. Now Germany claims that they can impede the signing of the agreement, until the mini-state will take new steps against fraud.

“It is very important to make Liechtenstein enter Schengen zone, we can not afford having an enclave in the center of Europe.” says the EU Commissioner for Justice and Home Affairs Franco Frattini. Liechtenstein wasn’t yet the part of the Schengen zone, but for the citizens of EU countries there was visa-free regime in force in the country.

If there are no hindrances to the ratification of the protocol, the Principality together with Switzerland will join the visa-free zone in November.
“This agreement will also contribute to the collaboration of governments in the taxation matters,” the Prime Minister of Liechtenstein Otmar Hasler has spoken out. While his country will have to obey the rules of the EU, the Union, in its turn will also have to respect the rights and orders common in the Principality and treat them on equal terms, -- he added.

As the part of the joining, Liechtenstein will be connected to the common database, where all the information about the people entering Schengen zone is gathered, created with the purpose of joint fight with illegal migration. The signed agreement will also help in the joint search for criminals and people, evading taxes. One of the smallest states in Europe has become reach, being a “tax paradise” with the strict rules of bank secrecy. The Organization for Economic Cooperation and Development, stationed in Paris has repeatedly included Liechtenstein in the “black list” of countries and territories, contributing to the tax evasion.

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Article Submitted On: March 4, 2008