Luxembourg business bank accounts are only for resident and non-resident Luxembourg companies. Personal bank accounts in Luxembourg do required a minimum deposit of EUR500,000 by Luxembourg banks. No physical visits are required.
Luxembourg’s private banking sector has long since played an important role in wealth management and financial markets in Europe and across the world. Banking in the country enjoys a strong international reputation, built up over many years, with high levels of expertise behind banking institutions in the country.
Luxembourg has one of the lowest tax regimes in Europe, with an absence of wealth tax, dividends are subject to a 15 per cent withholding tax. Non-residents are not required to pay inheritance tax nor tax on capital gains. Luxembourg also has double tax treaties in place with more than 64 countries.
The tax system are also appealing to businesses looking to relocate or invest in Luxembourg, with VAT the lowest in the EU at a standard rate of 15 per cent, while corporate taxes are designed to encourage investment.