Bank Account in Luxembourg

Luxembourg is an economically stable state that has heads of many international companies concentrated and is one of the largest investment funds in the world. The country’s laws are strict yet at the same time fair; this protects the depositors’ funds and attracts businessmen from all over the world.

Investors from different countries choose a reliable and simple option of opening an account with an external asset management. All this can be done remotely-for example, in the Banque de Luxembourg. It is enough to pass an interview by phone or using any messenger and provide a package of necessary documents. The minimum deposit amount is 500,000 €. Choosing such an account provides a number of advantages: double control and financial analysis-by the bank and asset management company, reduced expenses, and a high level of income.

With its help, non-residents of the country can open a current account in Luxembourg. To do this, you will need a passport and a document confirming the address of residence in the country. First, you need to fill out some kind of questionnaire-online in a bank. After that, you will need to send all the required documents to the bank by mail. In order to open a debit card, you will need documents confirming your income. This may be a quotation from another bank with which you cooperate.

Why are Luxembourg banks so popular?

Most wealthy people try to open an account in the bank of Luxembourg. And they do that both for personal and corporate purposes. It may well be that the cost of banking services is higher here compared with other jurisdictions. But clients receive a high level of service, reliable protection of assets, and investments.

In this respect, one should not rely on the former confidentiality of information concerning the tax services provided in Luxembourg. The jurisdiction has already become a participant in the automatic exchange of financial information for tax purposes (CRS). However, access to personal data of bank customers is possible for a third party only by virtue of a decision made by the local court.

We have tried to systematize all the advantages of opening an account in Luxembourg in the form below:

• High level of personal information confidentiality.
• The availability of numerous extra banking services for investors, such as investment strategy, investment portfolio formation, and a personal consultant.
• Non-residents are entitled to open both personal and corporate accounts in a Luxembourg bank.
• Availability of banks with services provided in Russian.
• Liberal pricing of banking services.
• Advantages of working with Luxembourg banks.
• Confidentiality is at an extremely high level.
• In some banks, services are available in Russian.
• Under certain conditions, banking operations can be free of charge.

Popular Banks in Luxembourg

• Banque Internationale a Luxembourg S.A. (BIL) – one of the oldest banks in the country, which provides a full range of services. There is Russian-speaking staff. The account opening period is 10 days.
• Novo Banco Luxembourg – a state-owned bank, which accepts documents in English. Account opening takes 21 days.
• Banque de Luxembourg – primarily deals with savings accounts; opening an account takes 7-14 days.
• RCB Bank Ltd till 2013 – Russian Commercial Bank (Cyprus) is a European bank with more than twenty years of history. Headquartered in Limassol, Cyprus, with branches in Cyprus, Luxembourg, London, and Moscow.
• ING Bank – principally serves holding structures.
• ABLV – it is possible to open an account in Russian rubles, US dollars, and Euros.

Documents for Opening an Account in Luxembourg

Potential customers who are going to open a personal account in a Luxembourg bank should collect the following documents:

• A passport.
• Individual tax number.
• A document that confirms the real address of residence (rental agreement, utility bill).
• An employment contract with an employer or a certificate of an individual entrepreneur.
• Confirmation of the source of funds deposited to the account being opened.

It is advisable that, in addition to these, a letter of recommendation from the bank where the applicant previously had an open account should be added to receive benefits when considering an application.

Residents of third countries, especially Russia and Ukraine, undergo more thorough verification in accordance with KYC, AML, and BEPS standards, due to concerns about corruption in these countries.

Documents which the corporate applicant has to submit:

• Issued number in the national register of Companies.
• A package of constituent documents – a copy certified by a notary with an apostille.
• Personal data of the beneficiaries with a passport copy.
• Personal data of directors, supplemented with passport copies.
• If necessary, the constituent documents of the beneficiary legal entity.
• Description of the main activity of the company.
• Official confirmation of sources of origin of funds of the Company.
• The planned annual turnover of the account.

If you need to open a business bank account in Luxembourg, our staff here will be happy to help at RUE. With eight years of experience assisting clients in opening bank accounts in Europe, we leverage our extensive network of trusted partners in the European financial services market to source the most suitable and affordable solutions that enhance the efficiency of the businesses we serve.

Business Bank Account in Luxembourg

Opening a business account in Luxembourg will be a very relevant step for an entrepreneur who wants to develop his or her business in a country with attractive tax conditions and a developed financial infrastructure. Opening a business account in Luxembourg, considering a great variety of banking services and a high level of confidentiality, is convenient and appealing. In the given article, we will discuss the main features and steps of opening a business account in Luxembourg, as well as some advantages of such a procedure.

Opening a Business Account in Luxembourg: Advantages

• Financial Stability: Compared to other jurisdictions, Luxembourg is regarded as one of the most financially stable and highly reliable countries for business transactions.
• Attractive Tax Conditions: Favorable tax conditions for business provided by Luxembourg, along with low tax rates or a number of incentives for businesspersons.
• High Level of Privacy: A high level of privacy along with protection against data disclosure makes the banking industry in Luxembourg a secure place to conduct financial operations.
• Wide Range of Financial Services: Offers different types of corporate accounts, loans, investments, and asset management.

Stages of Opening a Business Account in Luxembourg

With attractive tax conditions, a high level of confidentiality, and a wide range of financial services, a Luxembourg business account becomes a reliable tool for managing finances and developing business. When selecting a bank, prioritize reputation, terms of service, and financial products to find the best fit for your needs.

Personal Bank Account in Luxembourg

Opening a personal bank account is key to efficiently managing finances in a country with highly developed financial infrastructure and a high level of privacy. Luxembourg provides various banking services and financial products, making the process straightforward. In this article, we will explore the main features and steps of opening a personal bank account in Luxembourg and the benefits of doing so.

Advantages of Opening a Personal Bank Account in Luxembourg

• Privacy and Security: Luxembourg’s banking industry is renowned for its privacy and data protection, ensuring that personal finances and transactions are secure.
• Diverse Portfolio of Financial Services: Offers services ranging from debit and credit cards to savings accounts, deposits, investments, and insurance, catering to various needs.
• Financial Stability: Luxembourg’s financial stability is globally recognized, providing reliability in personal finance and wealth management.
• Innovation in the Banking Sector: Many banks in Luxembourg offer online banking and mobile applications, providing convenience and accessibility to customers.

Steps of Opening a Personal Bank Account in Luxembourg

Opening a personal account in Luxembourg is a significant step for effectively managing personal finances in a stable and private financial environment. With its extensive financial services and high level of security, supported by innovative technologies, a Luxembourg personal account provides a reliable tool for performing transactions and achieving financial goals. Prioritize the bank’s reputation, terms of service, and available financial products to find the best option for your needs.