The Luxembourg private foundation
By Jérémie Ferrian, Laurie-Anne Takerkart-Wolf, Michel Schmit
The bill of law number 6595 submitted to parliament on 22 July 2013 intends to introduce in Luxembourg the private foundation, which has been in development for two years.
The Luxembourg private foundation can be considered as a new wealth management vehicle created with the intention of contributing to the development of the ‘private banking’ practice in Luxembourg. Conversely, the bill might also be regarded as an instrument created in order to preserve the strength of the wealth management industry, following the government’s decision to abolish bank secrecy by 2015 and to introduce an automatic exchange of information with third-party countries.
The Luxembourg private foundation further aims at increasing Luxembourg’s attractiveness, essentially for entrepreneurs, wealthy families and high-net-wealth individuals. It will also complete the range of wealth management instruments already in force, such as the private wealth management vehicle and the family office and also be an attractive alternative instrument with which to organise succession planning and preserving family wealth…
If you are registered and logged in to the site, click on the link below to read the rest of the Wildgen briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Wildgen
Briefings from Wildgen
Wildgen has released its 26 November 2014 update on the Luxembourg double tax treaties network.
Directive 2014/92/EU (the ‘Payment Accounts Directive’) has been adopted with the aim of improving the consumer rights of EU citizens.