Luxembourg is a tax haven. Bank interests, dividends and capital gains owned by non-residents are not taxed neither by Luxembourg's government nor any other foreign government relating to the origin of the non-resident. Favorable and non-discriminatory tax regime lured an astonishing growth in the financial sector accounting for 28 percent of the GDP. In a tiny grand duchy, there are officially 12 000 holding companies along with 1 300 investment funds from all around the world.
Eurostat's survey recently accorded that Luxembourg enjoys 223 percent of the average EU GDP per capita. The closest trailer is Ireland at 139 percent of the EU average. Luxembourg recently caught the eye of International Herald Tribune. In fact, financial privacy is what investors praise very much on a distant offshore location such as Luxembourg. Given the favorable conditions of tax advantage, Luxembourg's diversification of the economy followed by steel crisis in 1970s strongly relied on banking and internet services by welcoming the arrival of baby boomers such as AOL and Amazon.com.
Also, Luxembourg's financial industry is booming. Luxembourg's decision in July 2004 to allow the listing of offshore hedge funds has made it possible for the jurisdiction to attract offshore funds and to compete on a level basis with Dublin, removing a barrier that has acted as a handicap to the growth of the hedge fund sector in the Duchy in the past. Economic performance indicated strong growth in the last couple of years, outperforming growth parameters in the rest of the EU economies. As one of the most attractive offshore locations, in 2000, the level of foreign investment per capita was 59 563 USD. Excluding banks, the number was still the highest in Europe. Luxembourg's favorable tax climate returned the arrival of rapidly growing mutual fund industry in the world with net assets getting close to $1,700 billion USD.
Also, Luxembourg is the second largest host of fund management industry in the world.
In a recent attack on Luxembourg's fiscal sovereignity, 26 EU countries have been forcing Luxembourg to slash tax advantages that soared a huge amount of FDI inflow. Here is some more evidence on Luxembourg's tax environment and here's a factsheet on doing business in Luxembourg.
Eurostat's survey recently accorded that Luxembourg enjoys 223 percent of the average EU GDP per capita. The closest trailer is Ireland at 139 percent of the EU average. Luxembourg recently caught the eye of International Herald Tribune. In fact, financial privacy is what investors praise very much on a distant offshore location such as Luxembourg. Given the favorable conditions of tax advantage, Luxembourg's diversification of the economy followed by steel crisis in 1970s strongly relied on banking and internet services by welcoming the arrival of baby boomers such as AOL and Amazon.com.
Also, Luxembourg's financial industry is booming. Luxembourg's decision in July 2004 to allow the listing of offshore hedge funds has made it possible for the jurisdiction to attract offshore funds and to compete on a level basis with Dublin, removing a barrier that has acted as a handicap to the growth of the hedge fund sector in the Duchy in the past. Economic performance indicated strong growth in the last couple of years, outperforming growth parameters in the rest of the EU economies. As one of the most attractive offshore locations, in 2000, the level of foreign investment per capita was 59 563 USD. Excluding banks, the number was still the highest in Europe. Luxembourg's favorable tax climate returned the arrival of rapidly growing mutual fund industry in the world with net assets getting close to $1,700 billion USD.
Also, Luxembourg is the second largest host of fund management industry in the world.
In a recent attack on Luxembourg's fiscal sovereignity, 26 EU countries have been forcing Luxembourg to slash tax advantages that soared a huge amount of FDI inflow. Here is some more evidence on Luxembourg's tax environment and here's a factsheet on doing business in Luxembourg.
High Growth boosts the performance of Luxembourg's mutual fund industry.
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