Liechtenstein officially the Principality of Liechtenstein is a German-speaking microstate situated in the Alps and in the southwest of Central Europe. The principality is a semi-constitutional monarchy headed by the Prince of Liechtenstein; the Prince's extensive powers are equivalent to those of a President in a semi-presidential system.
Economically, Liechtenstein has one of the highest gross domestic products per person in the world when adjusted for purchasing power parity. The country has a strong financial sector centered in Vaduz. It was once known as a billionaire tax haven, but is no longer on any official blacklists of uncooperative tax haven countries. Despite this, the country is one of the only in Europe (along with Monaco and San Marino) to not have a tax treaty with the United States, and efforts toward one seem to have stalled. An Alpine country, Liechtenstein is mountainous, making it a winter sport destination.
Liechtenstein is a member of the United Nations, the European Free Trade Association, and the Council of Europe. Although not a member of the European Union, it participates in both the Schengen Area and the European Economic Area. It has a customs union and a monetary union with Switzerland.
