Luxembourg is an economically stable country with many international companies' offices concentrated here, and one of the world's largest investment funds. The country's strict and fair laws perfectly protect the funds of bank depositors and attract businessmen from all over the world.

Investors from different countries choose a reliable and simple option to open an account with an external asset manager. This can be done remotely, for example at a Luxembourg bank. It is enough to pass an interview by phone or using a communication tool and provide a complete set of necessary documents. The minimum deposit amount is 500,000 euros. There are many advantages to choosing such an account: dual control and financial analysis (by the bank and the asset manager), reduced fees and a high level of income.

Non-residents can open a checking account in Luxembourg. To do this, you need a passport and a document confirming your residential address in the country. The first step is to fill out a questionnaire: either at the 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 a document confirming your income. This may be an extract from another bank with which you work.

Why are Luxembourg banks so popular?

Most wealthy individuals seek to open accounts in Luxembourg banks. They do so for both personal and corporate purposes. Yes, banking services here can be more expensive than in other jurisdictions. However, clients receive a high level of service and reliable protection of their assets and investments.

In Luxembourg, you should not rely on the previous confidentiality of tax information. The jurisdiction has become a participant in the automatic exchange of financial information for tax purposes (CRS). However, third parties can only obtain personal data of bank customers if a local court decides.

We have tried to systematically summarize all the advantages of opening a Luxembourg bank account, which are as follows:

• Personal information is kept highly confidential.

• A host of additional banking services for investors: investment strategies, portfolio formation, personal advisors.

• Non-residents are entitled to open personal and corporate accounts in Luxembourg banks.

• There are banks that provide services in Russian.

• The price policy of banking services is very favorable.

• Advantages of working with Luxembourg Bank

• The level of confidentiality is very high.

• Serving Russian-speaking customers of several banks in the country.

• Banking services are free of charge when certain conditions are met.

Top Banks in Luxembourg

• Banque Internationale de Luxembourg (BIL) is one of the oldest banks in the country and offers a full range of services. Russian-speaking staff are available. The account opening period is 10 days.

• Novo Banco Luxembourg is a state-owned bank. English documents are accepted. The account opening period is 21 days.

• Luxembourg Bank - Mainly operates savings accounts. The account opening period is 7-14 days.

• RCB Bank Limited (until 2013 Russian Commercial Bank (Cyprus)) is a European bank with more than twenty years of history. Headquartered in Limassol (Cyprus), it has branches in Cyprus, Luxembourg, London and Moscow.

• ING Bank – Main Services Holding Structure.

• ABLV – You can open an account with Russian rubles, US dollars, and euros.

Documents required to open a Luxembourg bank account

Prospective clients intending to open a personal account with a Luxembourg bank should collect the following documents:

• passport.

• Personal tax number.

• Documents confirming real residential address (rental agreement, utility bill).

• An employment contract from an employer or a certificate from a self-employed person.

• Prove the source of funds deposited into the account.

• In order to gain an advantage when reviewing the application, it is recommended to add a letter of recommendation from a bank where the applicant previously opened an account.

For residents of EU member states, the chances of getting a positive decision are higher.
Residents of third countries, especially Russia and Ukraine, are subject to more thorough checks according to KYC, AML, BEPS standards, because Europe has heard about the level of corruption in our countries.

Corporate applicants must provide the following documents:

• Number in the National Register of Companies.

• One set of company documents (notarized copies with certification).

• Personal information of the beneficial owners, along with a copy of their passport.

• Personal data of directors and copies of their passports.

• If necessary, corporate documents of the beneficial legal person.

• A description of the company's main activities.

• Official confirmation of the company’s source of funds.

• The estimated annual turnover of the account.

If you are looking to open a business bank account in Luxembourg, our team at RUE will be happy to assist you. We have eight years of experience in assisting clients with opening bank accounts in Europe. We draw on our extensive network of reliable partners in the European financial services industry to provide the businesses we serve with the most appropriate and cost-effective solutions to improve their operational efficiency.

Business bank account in Luxembourg

Opening a business account in Luxembourg is an important step for entrepreneurs seeking to develop their business in a country with attractive tax conditions and a well-developed financial infrastructure. Luxembourg offers a wide range of banking services and a high level of confidentiality, making the process of opening a business account convenient and attractive. In this article, we will explore the key aspects and stages of opening a business account in Luxembourg, as well as the advantages of the procedure.

Advantages of opening a corporate account in Luxembourg

1. Financial stability: Luxembourg is known for its financial stability and high reliability, which makes it an attractive place to do business.

2. Attractive Tax Conditions: Luxembourg offers attractive tax conditions for businesses, including low tax rates and various incentives for entrepreneurs.

3. High level of privacy: The Luxembourg banking industry is renowned for its high level of privacy and data protection, ensuring the security of your financial transactions.

4. Wide range of financial services: Luxembourg banks offer a wide range of financial products, including corporate accounts, loans, investments and asset management.

Stages of opening a business account in Luxembourg

1. Choosinga bank: Research the different banks in Luxembourg and choose the one that suits your needs. Consider the bank's reputation, its expertise in servicing businesses, and the terms and conditions of banking services.

2. Prepare documents: Prepare the documents required to open a business account, such as the account holder's ID card, company registration certificate, shareholder register extract, and other documents required for agency procedures. </ Li>

3. Apply in person at the bank or online: Apply in person at the bank’s office of choice or fill in the online account opening application through the bank’s official website. Provide all the required documents and fill in the account opening application form.

4. Document Verification and Application Review: The bank will verify the documents you provide and review your account application. This process may take several business days.

5. Account activation and use: Once your application is approved, your business account will be activated and you can start using banking services for your business in Luxembourg.

in conclusion

Opening a business account in Luxembourg is an important step towards successfully doing business in a country with a high level of financial stability and favorable tax conditions. With attractive tax conditions, high confidentiality and a wide range of financial services, your Luxembourg business account will become a reliable tool for managing your finances and growing your business. When choosing a bank, pay attention to its reputation, terms of service and financial products offered to select the option that best suits your needs and requirements.

 Personal bank accounts in Luxembourg

Opening a personal bank account in Luxembourg is an important step in effectively managing personal finances in a country with a well-developed financial infrastructure and a high level of privacy. Luxembourg offers a wide range of banking services and innovative financial products, making the process of opening a personal account simple and convenient. In this article, we will explore the key aspects and stages of opening a personal bank account in Luxembourg, as well as the advantages of the procedure.

Advantages of opening a personal bank account in Luxembourg

1. Privacy and Security: The Luxembourg banking sector is renowned for its high level of privacy and data protection, ensuring personal financial security and confidentiality of banking transactions.

2. Diverse choice of financial services: Luxembourg offers a wide range of banking services, including debit and credit cards, savings accounts, deposits, investments and insurance, to meet the diverse needs of customers.

3. Financial Stability: Luxembourg is known for its financial stability and reliability, which makes it an attractive place to store and manage personal finances.

4. Innovation in Banking: Many banks in Luxembourg offer modern technological solutions such as online banking and mobile apps, providing convenience and ease to their customers.

Steps to open a personal bank account in Luxembourg

1. Choosinga bank: Research the different banks in Luxembourg and choose the one that's right for you. Consider the bank's reputation, its expertise in customer service, and the services it offers.

2. Prepare documents: Prepare the documents required to open a personal account, such as proof of identity (passport or other document), proof of residential address, and possibly proof of income.

3. Apply in person at the bank or online: Apply in person at the bank’s office of choice or fill in the online account opening application through the bank’s official website. Provide all the required documents and fill in the account opening application form.

4. Application review: The bank will review your account opening application and verify the documents provided. This process may take several business days.

5. Account Activation and Bank Card Collection and Other Services: Once your application is approved, your personal bank account will be activated and you will be able to use banking services, including issuing bank cards and setting up online banking.

in conclusion

Opening a personal bank account in Luxembourg is an important step in effectively managing personal finances in a country with highly developed financial stability and privacy. With a wide range of financial services, a high level of security and the availability of innovative technologies, your personal account in Luxembourg will become a reliable tool for conducting financial transactions and achieving your financial goals. When choosing a bank, pay attention to its reputation, terms of service and financial products offered to choose the option that best suits your needs and requirements.