The Principality of Liechtenstein has opened a consular office in Hong Kong to strengthen its business relations with the city and the mainland.
The European country owes much of its wealth and status as an international financial centre to its long history as a tax haven.
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According to an official Liechtenstein website, net inflows of new money into Liechtenstein totalled CHF13.2 billion (HK$108 billion) in 2012. The nation’s banks managed client assets worth CHF184 billion at the end of 2012.
Liechtenstein foreign minister Aurelia Frick said: "The opening of the Liechtenstein Honorary Consulate in Hong Kong is a very special event for Liechtenstein. In the past there was no representation in Asia.
"The development of a number of Asian economies including Hong Kong and China has been impressive during the last decades, and the region is becoming more important for Liechtenstein. The Liechtenstein government has therefore decided to strengthen the presence of Liechtenstein in the region.
Frick also noted that the two biggest Liechtenstein banks, LGT Bank and VPBank, have operations in Asia. LGT has offices in Singapore and Hong Kong and employs 250 people. The firms focus on private banking and asset management. VPBank has a subsidiary in Singapore.
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