(Bloomberg) -- Liechtenstein, the world’s second-richest country, is set to become the newest member of the International Monetary Fund.

The 300-year old principality wedged between Austria and Switzerland has met all conditions for joining the international organization, according to the Vaduz-based government. The announcement caps a year-long application process.

“In addition to the goal of securing long-term financial stability through the IMF as the lender of last resort, membership can in particular strengthen the reputation and visibility of the business location and financial center,” the executive said in a statement on Tuesday.

The IMF regularly makes headlines for bailing out cash-strapped governments, though Liechtenstein is unlikely to request financial help. Its gross domestic product per capita of $198,000 in 2021 was the second highest globally after Monaco, according to the the latest available data published by the World Bank. It booked a budget surplus of 2.7% of economic output in 2022.

Liechtenstein — a nation of 26,000 citizens — is home to private trusts and financial institutions that benefit from its low taxes and discrete services. The financial industry accounts for more than a fifth of the principality’s economy.

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