The country has a strong financial sector centered in Vaduz and is a member of the European Free Trade Association, while not a member of the European Union, the country participates in both the Schengen Area and European Economic Area.
The country has a strong financial sector centered in Vaduz, and has been identified as a tax haven. Liechtenstein is a member of the European Free Trade Association, and, while not a member of the European Union, the country participates in both the Schengen Area and European Economic Area.