[2] He fell in love with Elisabeth von Gutmann, widow of Baron Géza Erős of Bethlenfalva (1866–1908), who had converted to Roman Catholicism from Judaism in 1899, but his brother Johann disapproved of the relationship and refused to consent to it.

[3][4] On 11 February 1929, Johann II died, passing the title of Prince of Liechtenstein to Franz.

A few weeks after he took the title, 395,360 acres of land belonging to the Liechtenstein family were seized by Czechoslovakia.

A delegation of farmers petitioned him to establish a republic in Liechtenstein, but ended their attempts when he stated that he would not give any of his money towards the country, forcing it to rely solely on taxation.

[5] In 1937, Prime Minister Josef Hoop admitted that Austrian pretender Otto von Habsburg was living in Vaduz Castle as a guest of Franz I in order to be closer to Austria rather than in his previous residence of Steenokkerzeel, Belgium.