Keywords
Summary

Keywords

International agreements – Agreement on the European Economic Area – Free movement of capital – Restrictions

(Article 40 of the EEA Agreement and Annex XII thereto; Council Directive 88/361, Art 6(4))

Summary

Article 40 of the Agreement on the European Economic Area (EEA), of 2 May 1992, must be interpreted as precluding national legislation which, on the basis of Article 6(4) of Directive 88/361 for the implementation of Article 67 (repealed by the Treaty of Amsterdam) of the Treaty, prohibits a national of the Principality of Liechtenstein from purchasing a secondary residence situated in a Member State of the European Union, and, therefore, a national authority must disregard that national legislation.

Since 1 May 1995, the date of the entry into force of the EEA Agreement in respect of the Principality of Liechtenstein, and in the areas covered by that agreement, Member States may claim and rely on legislation restricting the freedom of movement of capital in respect of the Principality of Liechtenstein only if, pursuant to European Union law, that legislation can be applied in respect of other Member States of the European Union.

(see paras 39, 51, operative part)