Luxembourg is internationally recognized for their banking system and stability. It is the 2nd highest GDP per capita in the world and the highest in the Euro zone. Furthermore, Luxembourg has a very low inflation and low unemployment together with one of the lowest levels of government debt in Europe, a guarantee of fiscal stability makes Luxembourg one of the most attractive jurisdictions.
Its private banking is recognized worldwide and chosen by big fortunes and corporations.
Private banking in Luxembourg is a very important aspect of the banking system as it attracted many clients due to the compliance with the strict secrecy laws set by the European Union. As such, in 2013 Luxembourg accounted for 6 percent of the world’s private banking business. Being a very important sector for the country, that maintains a very active banking industry, private banking has increased the country’s attractiveness.
The characteristics of the bank account in Luxembourg are the following:
- Our affiliate in Luxembourg doesn’t require physical presence. All the procedure can be managed by email, post and telephone. The procedure to open the bank account is very simple.
- Banks in Luxembourg issues Visa debit cards, Prepaid and Credit Cards in USD currency. Furthermore, the client can chose between personalized or non-personalized cards (no-name cards).
- It is very developed system and very simple and friendly use.
- The option to perform large transactions and flexibly adjust the established daily limits.
- Low interest rate on credit cards of 8% p.a.
- A personal manager for wealthy individual clients and remote telephone support in Russian and English for card holders
- The option to obtain an unlimited number of supplementary cards
- The initial deposit requested is high.
- Several currencies: EUR, USD, GBP, CHF, JPY, AUD or CAD.
- Financial products: FX Transactions, Settlement of Securities, assistance in Corporate Action Events.
- Some offshore destinations are not accepted.
- A streamlined procedure to open accounts for companies incorporated in the following jurisdictions: Luxembourg, Cyprus, Russia, Great Britain, British Virgin Islands (BVI), Cayman and Marshall Islands and Seychelles.
Procedure to open bank account in Luxembourg and required documents.
- Download Dedalos checklist here. So we can have all the information and the details of the bank account.
- Send us Dedalos checklist and the required documents:
- Copy of the Legal Documents of the company. (not original documents are required)
- Notarized copy of Passport
- Copy of the utility bill not older than 3 months (electricity, water, gas, telephone bill or bank statement)
- If the Director, Shareholder or Secretary is a legal entity. The corporate documents must be submitted.
- Skype conference or Call conference might required
- Some documents must be certified by a notary.
- In 24/48 hours Dedalos Banking Department will send you the bank application to be signed, and a report and doubts that we can face with the Bank.
- It depends on the nationality of the applicant and the place where the company is registered, we might required further documentation.
- You will mail the bank application form to us, which we will take to the Bank.
- If everything is ok, in ten working days the bank account will be activated.
- The procedure to open a bank account in Luxembourg can vary depending on the banking entity chosen by the client.