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Luxembourg
is a constitutional monarchy, has a
land area of about 1,000 sq miles, a
population of 486,000 (July 2008 est),
and is sandwiched between Belgium, France
and Germany. With Belgium and the Netherlands,
it forms part of Benelux, which was
a precursor of the EU. Luxembourg was
a founder-member of the EU and hosts
many of the EU's financial institutions.
Languages spoken are French, German
and English, with Luxemburgish the everyday
language of Luxembourgers.
Economy Buoyant Based on Financial
Services
Luxembourg's
economy was dominated by steel production,
but since the Second World War the Government
has successfully encouraged development
of a diversified financial sector. Tourism
is also important. In Europe, Luxembourg
has the second most extensive banking
industry after London (more than 200
banks at the time of writing). The Luxembourg
private banking industry is possibly
Europe's biggest. The Stock Exchange
specialises in collective investment
funds and many of the several thousand
Luxembourg-registered funds are also
listed there.
Luxembourg
is the richest country in the world
according to 2006 figures, with a GNP
per head at purchasing power parity
of US$85,100 (July 2008 est). GDP in
2008 was US$41.38bn. Unemployment is
low.
Luxembourg's Lowtax Specialisations
Luxembourg
is a high-tax country, but has specialised
types of 'holding' company which are
tax-exempt. They are suited to holding
international investments, but are not
allowed to trade themselves. UCIs (collective
investment funds) are also taxed on
a low basis. The EU forced abolition
of the holding company regime from January
1, 2007, although existing companies
can continue benefiting from their current
tax regime until December 31, 2010.
Luxembourg has launched a replacement,
known as the Family Private Assets Management
Company, or SPF. The EU's Savings Tax
Directive also threatened problems for
Luxembourg banks and UCIs, and the country
has applied a withholding tax to non-residents'
investment returns, since the Directive
came into force in July, 2005.
Plenty of Taxes in Luxembourg!
Income
Tax and Municipal Business Tax on Profits
give a nearly 30% marginal corporation
tax rate; the rates for individuals
are higher, and they pay a wealth tax
in addition. The tax system is mostly
based on German originals, apart from
VAT which is of course an EU-inspired
tax.
Immigration Controlled by Housing
and Work Permits
EU
citizens have freedom of movement in
Luxembourg of course, but other nationals
need residence and work permits.
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directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
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