Luxembourg is not only geographically located in the “heart of Europe”. One of the founders of the European Union, Luxembourg City is considered to be one of the three capitals of the Union. The economical, political and social stability of Luxembourg have been driving forces of today’s situation.
Luxembourg has been the first European country to establish investment funds, reinsurance and private banking. During consecutive years, Luxembourg governments have implemented and preserved a successful and efficient construction, supporting and cooperating with the financial organizations and installing a reliable banking legislation. In addition, economic advantages like free circulation of capital, an effective as well as flexible banking supervision and the professional secrecy provide a successful economic climate. It makes Luxembourg an attractive jurisdiction to run your business through or from.
This advantageous economic and fiscal climate enables us to offer you structured solutions that correspond to your ever-changing needs – locally and globally. At Intertrust Luxembourg, a little less than 200 professionals of 20 different nationalities work hard to support the realisation of your ambitions. They possess more than just the basic skills: combining legal, economic, accounting, fiscal and financial knowledge with multilingual abilities lead to first-rate advice and results.
Geography |
Western Europe, between France and Germany - 49 45 N, 6 10 E |
Capital |
Luxembourg |
Time zone |
UTC+1 |
Population |
491,775 (July 2009 est.) |
Nationality |
Noun: Luxembourger(s) - Adjective: Luxembourg |
Languages |
Luxembourgish (national language), German (administrative language), French (administrative language) |
Government type |
Constitutional monarchy |
Legal system |
Based on civil law system; accepts compulsory ICJ jurisdiction |
Economy overview |
This stable, high-income economy - benefiting from its proximity to France, Belgium, and Germany - has historically featured solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, rubber, and other products. Growth in the financial sector, which now accounts for about 28% of GDP, has more than compensated for the decline in steel. Most banks are foreign owned and have extensive foreign dealings. Agriculture is based on small family-owned farms. The economy depends on foreign and cross-border workers for about 60% of its labour force. Although Luxembourg, like all EU members, suffered from the global economic slump in the early part of this decade, the country continues to enjoy an extraordinarily high standard of living - GDP per capita ranks third in the world, after Liechtenstein and Qatar. After two years of strong economic growth in 2006-07, turmoil in the world financial markets slowed Luxembourg's economy in 2008, but growth remained above the European average and is likely to remain so in 2009. |
Currency |
Euro (EUR) |