( CNN ) -- Liechtenstein , a tiny principality nestled in between Switzerland and Austria , is attempting to shake its tag as a tax haven following intense international pressure . Since 2008 , it has signed at least 20 Tax Information Exchange Agreements with countries across the world including Germany , the UK and the United States . The principality 's Hereditary Prince Alois said Liechtenstein still has strong banking secrecy but has a more open taxation system . `` I would say today we are a safe haven , rather than a tax haven , '' he said . Liechtenstein is one of Europe 's most robust economies , but despite this Prince Alois is not immune to concerns over the eurozone debt crisis . According to the heir apparent , the general view of the situation is `` that we have to suffer in the next few years . '' With this in mind the nation is considering cutting back its social security system as it faces the headwinds of Europe 's economic crisis . The Prince said such a move would be unpopular , but there may be no option . `` Our social security system is on a higher level than Switzerland , people wo n't like it if we move down to a Swiss level , but it would be much easier , '' he told CNN . It 's an area the Prince has identified which needs to adapt amidst the current uncertainty . That compares to the principality 's manufacturing industry , which he says will more or less have the ability to continue in the same as it has always . Liechtenstein has a population of just 35,000 but has managed to build and sustain a strong industrialized economy , with production making up a large proportion of its GDP . The Prince said Liechtenstein 's challenge was to ensure it remained an attractive business environment , and that it continued to lure highly skilled professionals . The principality 's location is a major benefit , the Prince said . Its proximity to Switzerland , Australia and Germany allowed it to tap markets with high quality universities . CNN 's Emily Smith contributed to this report .
Liechtenstein is one of Europe 's most robust economies . It has a very low unemployment rate, and it doesn't have the problems that other European countries do with their labor markets ( like Germany ). Liechtenstein 's Prince Alois says he is concerned about the eurozone crisis .