Luxembourg Banking

Luxembourg banking has served as an example to many other countries that have sought to expand their banking industries and financial services.  Banking in Luxembourg is one of the main financial...

Luxembourg Bank

Banking, particularly international banking is a business that is always evolving. Because of this, every Luxembourg bank finds itself almost bound to increase their competitiveness and to adapt to changing financial times by improving areas such as product research and development, transaction processing and training.

Offshore banking can be made part of a broader plan to preserve wealth and lower taxes, which includes international trusts and foundations for estate planning. Second citizenship by investment can be applied for by families who are interested in safeguarding their futures financially and otherwise. Dual nationality creates greater access to investment and employment. There are lots of benefits to get from offshore company registration and Dominica citizenship passport some of which include more safety for financial resources and physical safety.

A Luxembourg bank, however, has always been viewed as ‘the bank’ for offshore banking, investment and private banking. Luxembourg banks have had a tradition of preserving the privacy of their clients and as a result have been resorted to by families and individuals from around the world to manage and invest their wealth.

Despite the significant value of the assets that are under management at Luxembourg private banks, banks in Luxembourg are on the continuous quest to develop and better position themselves in face of an ever evolving landscape. Target clients have also changed and a new group of wealthy individuals have emerged, requiring every Luxembourg bank, whether involved in investments, Luxembourg private banking or retail banking in Luxembourg to further cater to these new genres of clients in Luxembourg banks by customizing their products.

The threat is not only posed by changing customers demands, but by new emerging economies in areas like Russia, Indonesia, China, Brazil, India and Mexico whose economies are anticipated to be about 25% bigger than those of the countries that make up the G7 with regard to the dollar. In the midst of this, a Luxembourg bank has to snatch the opportunity to identify these emerging economies, the type of business that they generate and attract and see how best banking in Luxembourg as well as Luxembourg private banking can be positioned to tap into these growth opportunities and continue to be of service and value to new clients and corporations.

There is the need for Luxembourg private banks and banks in Luxembourg in general to appeal to the younger generation who in the years to come will want to preserve and invest the wealth that would have been handed down by the current generation of high net worth individuals and people with assets in general. A Luxembourg bank can effectively accomplish this by strengthening its customer services in foreign languages and most importantly making Luxembourg offshore banking as well as domestic banking in Luxembourg easily accessible via new technologies.

The requirements for opening Luxembourg accounts must also be attractive while keeping in line with international and local due diligence policies and procedures. It is important for clients to be familiar with the procedures necessary to open Luxembourg accounts.

Luxembourg banks offer professional services and make Luxembourg banking one of the most appealing worldwide. A Luxembourg bank is capable of providing top of the line financial services which help clients with complex transactions, sound financial advice and asset management solutions. Offshore banks in Luxembourg are usually branches and subsidiaries of larger international banks that expand their services in major banking centres around the world.

Access to Luxembourg offshore banking can be obtained through offshore service providers by incorporating an offshore company. Following the decisions of the EU Tax Savings Directive, clients are now encouraged to open company or business Luxembourg bank accounts rather than personal offshore accounts in Luxembourg banks to avoid the Directive.

To open Luxembourg bank accounts, documents that are normally required include a bank reference, proof of address, personal (professional) reference, business plan or description (depending on the business conducted), a minimum initial deposit which may be as much as USD500,000 or equivalent in a foreign currency, proof of source of funds and corporate documents (certificate of registration, share certificates, board resolution appointing signatories for the account, etc.). To open Luxembourg offshore accounts, an applicant must meet all relevant requirements and not encounter any problems regarding due diligence.

To open Luxembourg offshore bank accounts, account holders must be aware of the EU Tax Savings Directive which allows the governments of the countries of account holders that are nationals or citizens of EU member countries to request information or a withholding tax on interest on personal accounts. Luxembourg offshore account opening requirements are strict but generally applicants for bank accounts Luxembourg are not required to travel to Luxembourg as all Luxembourg offshore bank account procedures can be done online and by courier.

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