Relocation Advice - Luxembourg
AP Executive are actively recruiting for jobs in
Luxembourg. If you require any advice on either relocating to
Luxembourg or Luxembourg recruitment please contact Anicet Tanghe
or Lauren Minchinton :
Email: anicet.tanghe@ap-executive.com
or
Tel: 00 41 22 807 2021
Email: lauren.minchinton@ap-executive.com
or
Tel: 00 44 1534 753004
Overview:
Luxembourg is a small constitutional monarchy that has a civil law system based on those of Switzerland and Austria. Nestled between France, Germany and Belgium, Luxembourg is a country with a great deal to offer. An independent country with a population of around 469,000, Luxembourg has an abundance of history, greenery and culture. The country is 84 kilometres long and 52 kilometres wide. Approximately 25% of Luxembourg's exports are steel which accounts for a staggering 10% of the total worldwide exportation of steel.
Why choose Luxembourg:
There have been new legislative curbs imposed by the EU (i.e. UCITS III and IV). As a result of this, Luxembourg is obliged to be compliant with regulations such as these which prove more attractive to investors as opposed to the Channel Islands and Caribbean (which aren't necessarily compliant). A reason for this legislation being put in place is due to people blaming hedge funds and alternative investment companies for the economic crises.
In terms of quality of life, Luxembourg ranks high on the Human Development Index. However, Luxembourg is a country with relatively high income taxation and work permits are somewhat hard to get hold of as they follow a similar regime to that of Switzerland. Luxembourg funds are essentially tax-exempt vehicles (with the exception of the asset based tax, the subscription tax or "taxe d´abonnement"). They may be formed either as a corporate type or "look-through" vehicle, thus enabling the vehicle to be established in accordance with funds needs. Ultimately, Luxembourg is by all means an abundant international financial centre hosting various different types of financial institutions. For example, investment funds, holding companies and Trust companies have settled here as a result of the fiscal legislation which holds companies like these in a favourable manner. In fact, Luxembourg has the highest banking concentration in the European Union. In September 2006, the balance sheet assets of 154 credit institutions were over €843 billion. In essence, Luxembourg has "boomed" exponentially and is still growing. It boasts itself as the second largest investment funds industry in the world (number one being the USA), and the eighth largest financial centre in general. It is easy to see that there is tremendous potential and opportunity to be had here for a financial professional.
Luxembourg is very open to new business and welcome institutions to establish themselves here. However, legal, compliance and tax regulations/requirements are something to be looked into well beforehand.
Requirements for employment:
If one holds a passport from an EU country, one doesn't require any form of visa or permit in order to work in Luxembourg. If that is not the case, non-EU nationals must hold a visa and/or suitable work permit in order to reside and work here. One can usually get this sorted out as the employer can sponsor a visa and/or permit on the employees behalf. However, it is recommended that the necessary documentation is demanded several months in advance to ensure relocation in accordance with the law is met. One has to keep in mind that work permits are not issued freely nor with ease to non-EU nationals.
