Offshore Bank Account Formation – Luxembourg
Banking System in Luxemburg
Luxembourg is a country which is land locked country in Western Europe, bordered by Belgium. Luxemburg has a very stable economy, having a high income, high diversity market economy.
Banking and financial services are one of the main industries of Luxemburg. This banking and financial services account for 25% share of the total GDP of the country. Production of steel and production of chemicals with industries for Information Technology and Telecommunications are the other main industries of Luxemburg. Tourism is now on a rampant growth at Luxemburg.
Banking System in Luxemburg
Luxemburg financial centre is an established international banking place since the year 1960. Luxemburg is at the top, among all other financial centres from all over the world. Luxemburg financial centre is renowned for its resilience and capacity to immediately comply with all new financial regulations.
The banking system at Luxemburg is undergoing a revolutionary change. Traditional banking is rethinking about its ways of doing business and dealing with its customers. New technology and the change in customer’s approach to banking is forcing the traditional banking system at Luxemburg to undergo a change, to be in steps with time.
The banking industry in Luxemburg is competitive, since the unique financial services in Luxemburg provide an exceptional range of services, world standard financial infrastructure and unparallel financial expertise.
There are about 144 banks in Luxemburg. The total asset of all the banks amounts to 845.77 billion Euro, which shows a positive growth of 4.26%. Banking sector proves to be the largest sector in the economy of Luxemburg. Luxemburg has established itself as the largest and most important private banking centre in the Euro Zone.
All these privileges, promised to all its customers, have turned Luxemburg into a banking haven in Europe. Luxemburg is having a banking system that is capable of giving a very tough competition to banking sectors from any country in the world.
Luxembourg is one of the developed countries in EU which has the highest GDP and is also one of the three capitals of European Union. It has a very good infrastructure and the banks - RCB Bank and ABN AMRO Bank. Avail unlimited transactions per month and other facilities.
Banks Available at Luxembourg
It is an European bank with most of its history related to Russia. There is no limit on number of transactions per month, minimum required bank balance is nil, no deadline on initial deposit, one day transactions are available. Outgoing transfers are 0.1% of the fee and 0% on incoming transfer. An account owner can also avail VISA Gold credit and debit card options with an annual fee of EUR 100. The time taken to open an account is up to 6 working days. One need not be physically present to open an account. Bank reference letter would cost around EUR 50. This bank has a double taxation treaty with Russia which makes it lucrative for Russian businessman. Any person from any country can open their bank account without having to visit Luxembourg.
It is one of the top 7 banks in Europe which provides various services to its clients – wealth Management, financial and estate planning, banking and investment services. To open an offshore account, you need not visit the bank. However, some documents have to be shared online so that the necessary paperwork can be arranged. They also provide customized services for clients. In such cases the minimum account balance required is EUR 1000. One can also opt for maintaining their account only online. They also provide services for the corporate which includes – corporate and partnerships, custodians trustees and fiduciaries.
Documents Required For Opening Bank Account
Banking Benefits in Luxembourg
- World class infrastructure
- Full confidentiality
- Online banking access
- No limit on transaction
- 24x7 online banking
- One day money transfer
- No account maintenance charges
- Economically and politically stable region
- Luxembourg is a developed country
Why form an offshore bank account with DNS?
We have been helping individuals and companies to open up their bank account in various offshore locations. We have a cumulative experience of over 25 years in forming bank account for our customers. The process is hassle free and you just need to share some basic documents with us after which our account manager will handle all the necessary paperwork.