About the country
Luxembourg is an independent sovereign state, a constitutional monarchy and a member of the European Union. It is located in Western Europe, bordered by Belgium, France, and Germany. All three: German, French and Luxembourgish are official languages of the country while English is widely spoken by the population.
About the economy in Luxembourg
The economics of Luxembourg is based mainly on banking, insurance, steel, agriculture and wine production industries.
Luxembourg is regarded as one of the most stable and secure offshore havens; it has earned its reputation through pioneering ethical business practices and the development of a highly structured and well organized diversified financial sector that incorporates and specializes in banking - in particular private banking.
Luxembourg is the second largest banking giant of Europe (after the UK) with an offshore banks number around 220 today and their balance sheets have total in excess of EUR 600 billion. Offshore banks in Luxemburg offer superior banking facilities; increased level of confidentiality; multi currency lending; securities listings (particularly Eurobonds); trade finance; local trust services; FX and gold trading.
Luxembourg is a high tax country, if you reside or have registered offices in the country you will be subject to taxation on income, profits and wealth. However, if you bank in Luxembourg and you are not resident in the country nor are you resident in one of the following counties you can enjoy the benefits of offshore while being within the European Union. (Andorra, Anguilla, Aruba, Austria, Belgium, British Virgin Islands, Cayman Islands, Channel Islands, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Isle of Man, Italy, Latvia, Lichtenstein, Lithuania, Malta, Monaco, Montserrat, Netherlands, Netherlands Antilles, Poland, Portugal, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turks and Caicos or the UK).
An withholding tax of 15% on income and profits earned from certain types of investment product and bank account deposits for certain individuals will shortly be imposed in Luxemburg.
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