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...

Open Luxembourg Bank Accounts

To open Luxembourg bank accounts certain requirements must be met. Bank document requirements may vary depending on the types of services that they offer. To open bank accounts in Luxembourg due diligence procedures are standard and important for upholding proper banking practices.

Lowering overall tax liability has always been important in businesses and personal estate and tax planning. It is therefore normal to seek tools such as offshore banks to add into an international wealth preservation plan. Other strategies may involve a second citizenship, not only for lower tax rates and more business opportunities but general safety of self. International investment vehicles such as international trusts, foundations, and international business companies further the ability of families to pursue wealth preservation for greater financial safety and greater entry into markets.

Luxembourg bank account opening is one of the main banking activities in the Duchy. This is because of the high-end banking services that Luxembourg is known for, and most importantly, the reputation that Luxembourg has maintained for several decades as a location for offshore bank account opening. Luxembourg offers first class services for bank account opening and continues to open Luxembourg bank accounts for corporations and individuals that wish to open bank accounts in Luxembourg,

To open Luxembourg bank accounts offshore is relatively convenient because of the large number of bank branches that there are in Luxembourg per head. Most Luxembourg banks offer offshore bank accounts with a relatively small number of banks in Luxembourg providing retail banking services. To open Luxembourg bank accounts online is therefore widely available and one of the main avenues for corporations and people that wish to open Luxembourg bank accounts. It is therefore not necessary to travel to open accounts offshore in Luxembourg which could be rather expensive for customers that may want to open Luxembourg offshore accounts but may not have the time or finances to do so.

Residents of Luxembourg as well as people who do not live there are able to open Luxembourg current accounts. To open Luxembourg bank accounts (current accounts) the main documents required are a valid passport or other form of identification card such as a national identity card and a proof of residential address, such as a utility bill or a credit card statement, which can be used to open Luxembourg bank accounts. For the use of credit and debit card facilities, however, other information and documents such as a bank reference and proof of income will be required to open bank accounts in Luxembourg with these services along the account.

Many banks that open accounts in Luxembourg offer private banking, investment banking, brokerage accounts, retail banking and asset management services. To open Luxembourg bank accounts for any of these services all requirements must be satisfied by applicants. To open Luxembourg bank accounts highly trained staff exists and with the large pool of professionals in Luxembourg a variety of financial and banking services can be obtained through Luxembourg bank account opening services.

Depending on the Luxembourg bank, especially if wanting to open Luxembourg offshore accounts in investment banks, an initial investment of US $500,000 may be the minimum deposit to open bank accounts in Luxembourg at such banks. Luxembourg in this regard can be said to be targeting high end customers, high net worth individuals and very large corporations in particular that are involved in making very large investments internationally.

The delay for opening Luxembourg bank accounts varies, ranging from a few to ten days after an applicant for a Luxembourg offshore account has submitted all relevant documents. To open Luxembourg bank accounts, some banks in Luxembourg may ask for a video conference interview as part of the Luxembourg bank account opening process or may require this interview at a branch at the nearest location to the customer at a later time after having been approved for a Luxembourg bank account.

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