Banque Internationale à Luxembourg Opens DIFC Branch
by Lorys Charalambous, Lowtax.net, Cyprus
31 October, 2014
Banque Internationale à Luxembourg (BIL), the oldest bank in Luxembourg, announced on October 27, 2014, that it has opened its first United Arab Emirates (UAE) branch in the Dubai International Financial Centre (DIFC).
The bank said the opening of the branch is emblematic of the close economic ties that exist between the two countries, particularly in the banking sectors. The new branch is also in line with Luxembourg's aim of becoming the main center for Islamic finance outside the Middle East. It is currently the largest domicile for Islamic funds in Europe and the third largest worldwide, after Malaysia and Saudi Arabia.
Holding an asset manager licence from the Dubai Financial Services Authority, BIL Middle East will advise on and arrange a wide range of international financial products and services for families, entrepreneurs, and expatriates in the region. These include traditional investment products and the arrangement of tailored financing solutions through the bank's booking centers in Luxembourg and Switzerland. In addition, the bank will offer solutions for structuring real estate investments across Europe.
The DIFC offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.
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