Through its "Rofenberg" Employee Welfare Foundation in Vaduz, AXA provides multinational companies and international organizations solutions that offer dependable continuity and boundless security for their internationally mobile employees.
Before a foreign deployment, it's necessary to check the labor and social insurance conditions, entitlement to pension benefits, as well as the contribution requirements in each country of deployment. For internationally mobile employees and their families, relocating from one country to another involves significant changes to their social and cultural circumstances. This makes it all the more important for them to be sure that someone is looking out for them and their dependants. That's why the major focus is on ongoing financial security in the event of death or disability and in retirement.
The purpose of the foundation is to provide occupational retirement, survivors' and disability pension benefits for the employees of the affiliated companies in accordance with Art. 2 par. 1 of the Pension Fund Act of November 24, 2006 (PFG) to the exclusion of non-pension fund business. In particular, it manages pensions for expatriates who are not subject to the Liechtenstein state retirement, survivors' and disability pension plan.
Protection of risk benefits
Management of investments
Administration and management
The Board of Trustees of the "Rofenberg" Employee Welfare Foundation is composed of the following members:
The Organization for Economic Co-operation and Development (OECD) agreed on this new global standard in July 2014. On October 29, 2014, together with 50 other states and jurisdictions, Liechtenstein signed the multilateral agreement on the implementation of global standards for the Automatic Exchange of Information (AEOI). The agreement establishes a multilateral framework in order to implement the new standard bilaterally with interested and appropriate states. Under the AEOI, tax authorities in participating countries will pass information on to the tax authorities of other countries concerning the earnings and assets held by taxpayers. The aim is to prevent cross-border tax evasion. Within Liechtenstein itself, the AEOI will be implemented via the AEOI act, the AEOI ordinance, and the AEOI information sheet from the tax authority. Information will be gathered accordingly and exchanged with the relevant partner countries in the following year.
Based on the OECD standard, insurers must provide the following information concerning assets (account or policy) held by taxpayers in a different country from their tax domicile:
Both natural persons and legal entities are affected by the AEOI if their tax resident status is not exclusively in the Principality of Liechtenstein. The financial institutions must therefore clarify with all their customers their tax residence or residences.
For certain legal entities, controlling persons are also affected by the AEOI – their tax residence status must therefore also be clarified.
AXA Life Ltd. is planning to inform the affected customers of the Rofenberg Employee Welfare Foundation annually about the information sent.
Tax residence is determined by the respective national legal system. In determining an employee's country of tax residence, and where his global income is to be taxed, the following criteria are applied:
The Principality of Liechtenstein already has agreements in place with numerous countries on the automatic exchange of information. The current status for the individual countries can be found on the website of the Ministry for General Government Affairs and Finance.
Under the Automatic Exchange of Information (AEOI), reporting Liechtenstein financial institutions report to the tax administration. The tax administration forwards the information received to the competent foreign tax authority. Under the OECD standard, the reports must be sent electronically.
The notifications to the tax administration are sent annually within six months after the end of the calendar year concerned.
AXA International Business Competence Center
CH - 8400 Winterthur
Phone: +41 58 215 31 90