Liechtenstein has been removed from the Organisation for Economic Cooperation and Development’s grey list of jurisdictions deemed not to have sufficiently implemented international cooperation standards in tax matters.

"The removal from the so-called 'grey list' is a milestone in the reorientation of the Liechtenstein location… With the new framework conditions, we have established a basis that opens up new long-term development and growth opportunities for our location. These opportunities must now be actively pursued," said Klaus Tschütscher, the Alpine state’s prime minister.

Speaking in Vaduz, Mr Tschütscher outlined a growth agenda for Liechtenstein including measures such as the implementation of tax reform; an agreement policy focusing on double taxation agreements; a modernisation of company law; and creation of a legal framework for developing financial market segments with growth potential.

Liechtenstein’s removal from the grey list was described by Mr Tschütscher as an important step in the reorientation of the state as a business location and financial centre.

The OECD published its grey list of some 30 insufficiently cooperative jurisdictions in April, following which financial centres both large and small have responded by moving quickly to sign the requisite 12 tax information exchange agreements to secure their removal from the list.