Opening an Account in Luxembourg

Opening an Account in LuxembourgLuxembourg is an economically stable state, where the offices of many international companies are concentrated, it is one of the world’s largest investment funds. Strict but fair laws of the country perfectly protect the funds of depositors of banks and attract businessmen from all over the world.

Investors from different countries choose a reliable and simple option of opening an account with external asset management. This can be done remotely, for example, in the Banque de Luxembourg. It is enough to pass an interview by phone or using a messenger and provide a package of necessary documents. The minimum deposit amount is 500,000 €. Choosing such an account provides a number of benefits: double control and financial analysis (by the bank and the asset management company), reduced expenses and a high level of income.

Non-residents can open a checking account in Luxembourg. To do this, you will need a passport and a document confirming the address of residence in the country. The first step is to fill out a questionnaire: in a bank or online. After that, you need to send all the necessary documents to the bank by mail. To open a debit card, you need documents confirming your income. This may be an extract from another bank with which you cooperate.

Why are Luxembourg banks so popular?
Mostly wealthy individuals seek to open an account in a Luxembourg bank. And they do it for both personal and corporate purposes. Yes, it is possible that the cost of banking services is more expensive here than in other jurisdictions. But hainets receive a high level of service, reliable protection of assets and investments.

In Luxembourg, you should not rely on the former confidentiality of information for tax services. The jurisdiction has become a participant in the automatic exchange of financial information for tax purposes (CRS). But a third party gets access to the personal data of bank customers only by a local court decision.

We have tried to systematize all the advantages of opening an account in Luxembourg in the following form:

  • High confidentiality of personal information.
  • A lot of additional banking services for investors: investment strategy, investment portfolio formation, personal consultant.
  • Non-residents have the right to open an account in a Luxembourg bank, both personal and corporate.
  • There are banks with the provision of services in Russian.
  • Loyal pricing policy of banking services.
  • Advantages of cooperation with Luxembourg banks
  • Confidentiality is at a very high level.
  • Servicing Russian-speaking clients in several banks of the country.
  • When certain conditions are met, banking services are free of charge.

Popular banks in Luxembourg

  • Banque Internationale a Luxembourg S.A. (BIL) is one of the oldest banks in the country, providing a full range of services. There are Russian-speaking employees. The account opening period is 10 days.
  • Novo Banco Luxembourg is a state–owned bank. Accepts documents in English. The account opening period is 21 days.
  • Banque de Luxembourg – mainly deals with savings accounts. The account opening period is 7-14 days.
  • RCB Bank Ltd (until 2013 – Russian Commercial Bank (Cyprus) is a European bank with more than twenty years of history. The head office is located in Limassol (Cyprus). Branches operate in Cyprus, Luxembourg, London and Moscow.
  • ING Bank – mainly serves holding structures.
  • ABLV – you can open an account in Russian rubles, US dollars, Euros.

Documents for Opening an Account in Luxembourg

Potential clients who are going to open a personal account in a Luxembourg bank should collect the following documents:

  • A passport.
  • Individual tax number.
  •  A document that confirms the real address of residence (rental agreement, utility bill).
  • An employment contract with an employer or a certificate of an individual entrepreneur.
  • Confirmation of the source of funds deposited to the account being opened.
  • To get advantages when considering an application, it is advisable to add a letter of recommendation from the bank where the applicant previously had an open account.

The chances of getting a positive decision are higher for residents of EU member states.
Residents of third countries, especially Russia and Ukraine, are becoming the subject of more thorough verification according to KYC, AML, BEPS standards, as they have heard in Europe about the level of corruption in our countries.

Corporate applicants must provide the following documents:

  • Issued number in the national register of Companies.
  • A package of constituent documents (copies certified by a notary with an apostille).
  • Personal information about the beneficiaries, copies of their passports.
  • Personal data of directors with copies of passports.
  • If necessary, the constituent documents of the beneficiary legal entity.
  • Description of the main activity of the company.
  • Official confirmation of the sources of origin of the company’s funds.
  • The planned annual turnover of the account.

If you wish to open a business bank account in Luxembourg, our team here at IB-IA GROUP UAB will be delighted to assist you. We have eight years of experience in helping clients to open bank accounts in Europe. We tap into our vast network of trusted partners in the European financial services industry to offer the most suitable and cost-effective solutions that improve the functioning of the businesses we serve.