Residents as well as non-residents can open a current bank account in Luxembourg, also known as "compte à vue". Unlike other procedures, opening a bank account does not require a complicated procedure or many documents. The person interested in opening a bank account in Luxembourg needs to present a valid identification document such as a passport or identity card and a proof of address.
Luxembourg’s banking system is in favor of non-residents as fewer taxes apply to non-residents in comparison to Switzerland, for example.
If you are interested in using other opportunities, the banks offer different facilities, such as attaching a debit or a credit card to your account. If you choose this facility, you must also submit a proof of income to the bank. Newcomers or new residents of Luxembourg are obligated to present either a work contract or a letter from the employer. Our company formation team provide information on how to open a bank account in Luxembourg. No matter if you are a natural person or a company, our specialists in Luxembourg will provide you all the information needed.
Online banking system, developed in Luxembourg
Even if many banks offer the possibility of opening a bank account in Luxembourg using the internet, the documents needed for the procedure and listed above are to be sent to the bank by post. In addition, banks in Luxembourg have special offers that include lower or no banking fees for students, job seekers or children.
If you are interested in opening a savings account with a bank in Luxembourg, you should be aware that the fees applied by banks are different depending on the chosen bank and that the state applies a tax on the interest accumulated called "précompte mobilier".
Private banking in Luxembourg
Banking in Luxembourg is a very attractive option for those interested in using the private banking opportunity as well. Even if Switzerland has a very developed sector in regards to private banking, Luxembourg is also a country that has private banking at the heart of its economic environment.
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.
Even so, Luxembourg declared in 2013 that it planed to share information about its European Union clients’ accounts with their country of residence. A similar arrangement has been negotiated with the United States.
Contact our specialists in company formation in Luxembourg, who have a large experience in finance and international business.
Set up an appointment with us at (+352)278 617 15. Alternatively you can incorporate your company without traveling to Luxembourg.