Private Wealth 2021 Luxembourg Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin Loyens & Loeff - Loyens & Loeff
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Definitive global law guides offering comparative analysis from top-ranked lawyers Private Wealth 2021 Luxembourg Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin Loyens & Loeff practiceguides.chambers.com
LUXEMBOURG
Law and Practice
Contributed by:
Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin
Loyens & Loeff see p.20
CONTENTS
1. Tax p.3 6. Roles and Responsibilities of
1.1 Tax Regimes p.3 Fiduciaries p.14
1.2 Stability of the Estate and Transfer Tax Laws p.5 6.1 Prevalence of Corporate Fiduciaries p.14
1.3 Transparency and Increased Global Reporting p.5 6.2 Fiduciary Liabilities p.14
6.3 Fiduciary Regulation p.15
2. Succession p.5
6.4 Fiduciary Investment p.16
2.1 Cultural Considerations in Succession Planning p.5
2.2 International Planning p.6 7. Citizenship and Residency p.16
2.3 Forced Heirship Laws p.6 7.1 Requirements for Domicile, Residency and
Citizenship p.16
2.4 Marital Property p.7
7.2 Expeditious Citizenship p.17
2.5 Transfer of Property p.7
2.6 Transfer of Assets: Vehicle and Planning 8. Planning for Minors, Adults with
Mechanisms p.7 Disabilities and Elders p.17
2.7 Transfer of Assets: Digital Assets p.7 8.1 Special Planning Mechanisms p.17
8.2 Appointment of a Guardian p.17
3. Trusts, Foundations and Similar Entities p.7
8.3 Elder Law p.17
3.1 Types of Trusts, Foundations or Similar Entities p.7
3.2 Recognition of Trusts p.8 9. Planning for Non-traditional Families p.17
3.3 Tax Considerations: Fiduciary or Beneficiary 9.1 Children p.17
Designation p.8 9.2 Same-Sex Marriage p.18
3.4 Exercising Control over Irrevocable Planning
Vehicles p.8 10. Charitable Planning p.18
10.1 Charitable Giving p.18
4. Family Business Planning p.8
10.2 Common Charitable Structures p.18
4.1 Asset Protection p.8
4.2 Succession Planning p.14
4.3 Transfer of Partial Interest p.14
5. Wealth Disputes p.14
5.1 Trends Driving Disputes p.14
5.2 Mechanism for Compensation p.14
2
LUXEMBOURG Law and Practice
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
1 . TA X months) concern a substantial shareholding
(>10%). Capital gains realised after six months
1.1 Tax Regimes on substantial shareholdings benefit from a rate
Concept of Residence/Income Subject to Tax reduction of 50%. In addition, the taxable gain
An individual is considered a tax resident of Lux- may be reduced by an allowance of EUR50,000
embourg if they have their tax domicile in Lux- (or EUR100,000 jointly).
embourg (ie, a permanent place of residence in
Luxembourg that they actually use and intend Capital gains realised on the sale of an individu-
to maintain) or their “usual abode” there (a usu- al’s principal residence benefit from an exemp-
al abode is deemed to exist after a continuous tion. Capital gains realised on real estate within
presence in Luxembourg of six months, which two years after acquisition are taxed as ordinary
may be spread over two calendar years). income (at progressive rates). However, after two
years a 50% rate reduction would apply.
A resident taxpayer is subject to Luxembourg
income tax based on their worldwide income Emigration to Luxembourg/Step-Up in Basis
(such as employment income, dividends, inter- If you have a substantial interest (>10%) in a
est and rental income). A non-resident taxpayer company (or shares in your own private or pub-
is subject to income tax based on their Luxem- lic limited company) and are considering emi-
bourg-source income only. grating to Luxembourg (from any country), you
can legally claim an increased acquisition price
Tax rates applicable for individuals range from for your substantial interest. This is also called
0% to 45.78% (including the surcharge for the “step-up”.
employment fund). Luxembourg does not apply
a wealth tax for individuals. Under this scheme, the acquisition price of the
substantial participation is set at the market
Treatment of Capital Gains value at the time of emigration. As a result, at
Non-resident shareholders without a Luxem- the time of disposal (for example, if you sell the
bourg permanent establishment to which the interest), Luxembourg will not tax capital gains
shares in a Luxembourg company are allocable on your substantial interest that accumulated in
are only taxable on the realisation of a capital the period prior to your emigration (deferred tax
gain in respect of more than a 10% sharehold- assets).
ing in such company if they realise that capital
gain within six months after acquisition, or if they Gift Tax
became non-resident taxpayers less than five Gift tax is levied when a gift is registered in Lux-
years before the disposal took place and have embourg in a notarial deed. Such registration is
been resident taxpayers for more than 15 years. not always obligatory (unless the gift concerns
However, shareholders resident in a country with Luxembourg real estate) so it may be possible
which Luxembourg has concluded a tax treaty to make a gift without gift tax by means of a gift
are generally not taxable on such capital gains. by hand (don manuel).
For Luxembourg-resident shareholders, capi- Inheritance Tax
tal gains on movable assets (such as shares) When a Luxembourg-resident taxpayer dies,
are only taxable if they are realised within six there is no inheritance tax to pay in Luxembourg
months following acquisition or (if after six on bequests to direct descendants, providing
3Law and Practice LUXEMBOURG
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
that the statutory distribution to each descend- municipality is subject to a combined maximum
ant under Luxembourg law has been respected. rate of 10%.
It does not matter where the direct descendants
live. However, if one child receives more than As a consequence, Luxembourg real estate
another, Luxembourg levies up to 5% inherit- investments are typically structured as a share
ance tax on the difference. Moreover, a surviv- deal whereby the shares of a Luxembourg tax-
ing spouse is also exempt from inheritance tax opaque vehicle holding the real estate assets
under certain conditions. are transferred. Such transfer is not subject to
registration duty since the share deal does not
Income Tax Planning result in a change of the owner of the property.
The principle of the choice of the least taxed Furthermore, Luxembourg only taxes capital
option remains valid in Luxembourg – ie, a tax- gains of a non-resident investor when there is a
payer may freely organise their estate or busi- disposal of a significant shareholding (ie, more
ness in the most appropriate and the least cost- than 10%) in a Luxembourg opaque company
ly way from a tax perspective. In this respect, within six months of the acquisition of the share-
Luxembourg offers a toolbox that is suitable for holding (subject to tax treaty protection).
international wealth structuring. Subject to an
analysis of the specific needs that result from the In addition, Luxembourg investment funds are
requirements in each relevant jurisdiction, Lux- becoming increasingly important on the Luxem-
embourg may offer solutions as diverse as the bourg real estate market. Notably, the SIF and
société de participation financières (SOPARFI), the RAIF offer attractive solutions for structuring
the family private wealth management company Luxembourg real estate.
(SPF), the specialised investment fund (SIF), the
investment company in risk capital (SICAR) or, to As of 1 January 2021, certain tax-transparent
a lesser extent, reserved alternative investment investment funds (ie, UCIs, SIFs and RAIFs) are
funds (RAIFs). Fiduciary agreements and insur- subject to a new real estate tax, at a flat rate of
ance products are also options. 20%. This tax will be levied on an annual basis,
on income derived from a real estate asset situ-
Real Estate Investments in Luxembourg ated in Luxembourg. Targeted real estate income
Capital gains with respect to real estate located includes:
in Luxembourg realised by a non-resident com-
pany (ie, an incorporated body enjoying legal • gross rental income realised by the invest-
personality) are subject to corporate income ment vehicle directly, or via a transparent
tax (including the surcharge for the employment entity or a Fonds Commun de Placement
fund) at a rate of 18.19% (in 2021), while such (FCP);
gains realised by a non-resident individual are • capital gains on Luxembourg real estate
subject to personal income tax at progressive assets; and
rates. • capital gains derived upon transfer of inter-
est in transparent entities or FCPs, to the
Furthermore, the sale of real estate through an extent these hold real estate assets located in
asset deal is subject to a registration duty of 6%, Luxembourg.
plus a 1% transcription tax, while commercial
property located within the Luxembourg City
4LUXEMBOURG Law and Practice
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
1.2 Stability of the Estate and Transfer vent reporting requirements like CRS and UBO
Tax Laws reporting. According to the Luxembourg law
Luxembourg is considered one of the most stable implementing DAC 6, lawyers, accountants and
jurisdictions in the world, from the legal, political auditors acting within the boundaries of their
and financial points of view. Luxembourg is thus profession and subject to the Luxembourg laws
very attractive for clients wishing to manage their governing these professions are excused from
private wealth in the most optimal way possible. the reporting obligation.
More specifically, rules related to estate and
transfer tax laws can be considered very stable 2. SUCCESSION
since the basic principles have not drastically
evolved over the years but have only adapted to 2.1 Cultural Considerations in
the evolving needs of high net worth individuals. Succession Planning
For instance, the law on registration fees dates Inheritance
back to December 1798. Current rules are not Luxembourg applies the situs principle, which
expected to change due to the COVID-19 crisis. means that the inheritance is opened in the last
state of residence of the deceased person for
1.3 Transparency and Increased Global Luxembourg tax consideration. However, Lux-
Reporting embourg also levies duties on the transfer of real
As an EU Member State, Luxembourg is commit- estate located in Luxembourg upon death.
ted to participating in European and international
initiatives that aim to combat money laundering The inheritance duties in Luxembourg are, in
and terrorism financing through increased trans- principle, levied at a rate of 0% in direct ascend-
parency and exchange of information between ing line and between spouse and partners (for
tax authorities. Luxembourg has notably adopt- the part inherited corresponding to the heirship
ed legislation to implement the Common Report- law). The base rate applicable to other heirs can
ing Standard (CRS) and the US Foreign Account vary up to a maximum 15%, notwithstanding
Tax Compliance Act (FATCA). In accordance with possible surcharges.
the EU anti-money laundering directives, it has
set up a national register of the ultimate benefi- Duty on Gifts
cial owners (UBOs) of companies and other legal Luxembourg only levies a duty on gifts to the
entities that are registered with the Luxembourg extent that the gift is registered in Luxembourg.
register of trade and companies, and a separate The rate varies between 1.8% and 14.4%. Fol-
national UBO register for trusts and fiducies. lowing this principle, gifts that are not effected
before a notary should not be subject to this
The UBO register for companies is publicly avail- duty.
able but there are some safeguards to preserve
the UBO’s right to privacy. Luxembourg also does not levy gift tax on real
estate located abroad, regardless of whether or
Luxembourg has also implemented Directive not the act was registered in Luxembourg. Lux-
2011/16/EU (DAC 6) requiring intermediaries embourg gift and inheritance tax are levied on
to report potentially aggressive tax planning the fair market value of the assets.
arrangements with a cross-border dimension,
as well as arrangements designed to circum-
5Law and Practice LUXEMBOURG
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
In Luxembourg, gifts are not often used to antici- the disposable portion depends on the number
pate inheritance because of the existence of gift of children left by the deceased or represented
tax even in direct line, whereas inheritance in in their estate. If the deceased has:
direct line is exempted from inheritance tax.
• one child (alive or represented), the dispos-
2.2 International Planning able portion is one half of his or her estate;
Luxembourg has not signed any double tax • two children, the disposable portion is one
treaty regarding inheritance tax. However, as third of his or her estate; and
mentioned in 2.1 Cultural Considerations in • three children or more, the disposable portion
Succession Planning, the ascending direct line is one quarter of his or her estate.
and inheritance between spouses and partners
are subject to a 0% rate, so there is no risk of In the absence of testamentary provisions, the
double taxation in such situations. estate is devolved equally (division per capita)
among the closest relatives.
Concerning the civil law applicable to the inher-
itance, Luxembourg must apply the European Surviving Spouse
regulation on inheritance, which simplifies Euro- If the deceased leaves descendants, the surviv-
pean cross-border inheritance (except for the ing spouse can choose between a share equal
United Kingdom, Ireland and Denmark). In prin- to that of the legitimate child who receives the
ciple, the applicable law will be the law of the last smallest share (which may not be lower than a
state of residence, unless the deceased opts for quarter of the estate), and the usufruct of the
the law of the state of his or one of his nationali- matrimonial home and the related furniture,
ties. The European Commission provides some provided that said building belonged to the
recommendations in order to head for the uni- deceased in its entirety or together with the sur-
lateral relief measures of the Member States to viving spouse.
avoid double taxation upon inheritance.
The descendants’ due portion of inheritance is
2.3 Forced Heirship Laws reduced in proportion to the rights of the surviv-
There are four categories of heirs: ing spouse.
• descendants; Representation allows descendants of different
• the surviving spouse; degrees of kinship to compete for the estate,
• ascendants; and insofar as it allows representatives to take the
• collateral heirs. place and degree of, and to be entitled to the
rights of, the represented person who had a title
Descendants to inheritance but who died before the deceased.
The descendants are the deceased’s privileged If there are no descendants, the surviving spouse
heirs. They supersede all other heirs except for inherits and comes to own the freehold estate.
the surviving spouse.
Ascendants and Collateral Heirs
The deceased can freely dispose (via a testa- Ascendants and collateral heirs only have inher-
mentary provision) of a portion of their estate itance rights where there are no descendants
(the disposable portion) despite the protection of and no surviving spouse. The surviving spouse,
the descendants’ inheritance rights. The rate of as well as ascendants or collateral heirs, can be
6LUXEMBOURG Law and Practice
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
disinherited by the deceased through his or her • the joint ownership of acquired properties
will. regime, which provides for a kind of equal
distribution of the assets at the time of the
2.4 Marital Property dissolution of the marriage.
Prenuptial and Postnuptial Agreements
Luxembourg allows for matrimonial agreements, These matrimonial regimes can be modified by
under which the future spouses choose their the spouses as they see fit.
matrimonial regime and any other advantages (it
being understood that some elements are sub- 2.5 Transfer of Property
ject to public order rules, such as maintenance In principle, for direct tax purposes, the trans-
obligations or any compensatory benefits). If fer of property upon death or gift is valued at
there is an international element (for example, if the historical acquisition costs for subsequent
at least one of the spouses is a foreign national), disposal. However, there is an exemption for
the matrimonial agreements may be subject to substantial participation (more than 10% held
foreign law. For that purpose, the agreements for more than 12 months), which is considered
must be in writing, they must be dated and to be a realisation even without consideration.
signed by the spouses, and they must comply
with the form prescribed for marriage contracts, 2.6 Transfer of Assets: Vehicle and
either by the law chosen by the spouses or by Planning Mechanisms
the law of the place where they were entered Luxembourg inheritance taxes are limited and do
into. not require specific structuring in the case of tra-
ditional inheritance to the spouse or children. In
Matrimonial Regimes any case, good planning can consist in using the
The Luxembourg Civil Code distinguishes manual gift, which is not taxed in Luxembourg
between the primary and the secondary regime. for assets potentially allowed to be transferred
without notarial deed (ie, not for real estate, for
The primary regime sets forth rules of public example).
order, such as the prohibition of the sale of the
common residence even if it is part of the per- 2.7 Transfer of Assets: Digital Assets
sonal patrimony of one of the spouses, or the Luxembourg inheritance law does not include
duty to contribute to the needs of the household. any special provision for digital assets, which are
Those obligations may not be derogated from. considered as movable and intangible properties
for the purposes of tax and succession.
The secondary regime provides supplementary
rules on marital assets. It provides for three com-
munity regimes: 3 . T R U S T S , F O U N D AT I O N S
AND SIMILAR ENTITIES
• the community property regime, where the
spouses each have a patrimony and, in addi- 3.1 Types of Trusts, Foundations or
tion, a common patrimony composed essen- Similar Entities
tially of their professional revenues as well as There is no such thing as a Luxembourg trust,
all the property acquired with said revenues; since the legislator has never introduced that
• the separation of property regime; and type of structure. However, Luxembourg rec-
ognises foreign trusts (see 3.2 Recognition of
7Law and Practice LUXEMBOURG
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
Trusts), which still makes the country attractive of the assets, any proceeds derived therefrom
for investment structures involving a trust. would not be taxable for the fiduciary. However,
based on the arm’s-length principle included in
A new bill introducing a private foundation (fon- Luxembourg tax law, the fiduciary should earn
dation patrimoniale) in Luxembourg legislation an arm’s-length remuneration for its activities.
was drafted in 2013 and was about to be voted
on by the Parliament in November 2014. Howev- Such remuneration could be in the form of a ser-
er, the legislative process was suddenly stopped vice fee or as part of the return from the assets.
and has not since been relaunched. There is cur-
rently no sign that the bill is about to be voted on. 3.4 Exercising Control over Irrevocable
Planning Vehicles
However, foreign forms of private foundations In the absence of structures such as Luxem-
such as the fondation privée in Belgium can be bourg trusts, Luxembourg has not taken any
used in combination with a Luxembourg com- step to allow settlors to retain extensive powers
pany for private wealth purposes. over irrevocable planning vehicles.
3.2 Recognition of Trusts
Trusts are recognised in Luxembourg, as the 4 . F A M I LY B U S I N E S S
country has ratified the Hague Convention of 1 PLANNING
July 1985 on the law applicable to trusts and on
their recognition through a law of 27 July 2003 4.1 Asset Protection
(the 2003 Law). That ratification facilitates the To structure the transmission of a family busi-
use of all forms of trusts governed by foreign ness, Luxembourg offers an arsenal of vehicles
jurisdictions. that ensure asset protection and provide for suc-
cession planning; depending on the assets and
3.3 Tax Considerations: Fiduciary or the amount to be transmitted, family members
Beneficiary Designation can choose between transparent arrangements,
Based on the general Luxembourg tax law (Steu- non-regulated vehicles and regulated vehicles.
eranpassungsgesetz), taxation follows economic
ownership rather than legal ownership. As such, Structuring via Transparent Arrangements
if a foreign trust or foundation owns assets on Since Luxembourg has not yet devised an instru-
behalf of a Luxembourg individual, the proceeds ment comparable to a trust, due to the different
from such assets would be allocable to the indi- legal background dominated by the Civil Code
vidual and taxed accordingly. The analysis may introduced by Napoleon I, it has adopted spe-
be different for certain discretionary and irrevo- cific legislation in relation to fiduciary arrange-
cable trusts whereby no clear beneficiaries can ments that deviates slightly from the legislation
be identified. In other words, the characteristics applicable to the common UK trusts. Aside from
of a foreign trust or foundation would need to be the fiduciary agreement, the Luxembourg Civil
analysed on a case-by-case basis. Code allows the splitting of ownership of assets
between the usufruct and the bare ownership.
A fiduciary based in Luxembourg would be taxed
based on the same principles of economic own- Fiduciary Agreement
ership versus legal ownership – ie, in the opposite The Luxembourg fiducie is a contract whereby
way. If the fiduciary is not the economic owner a person (the principal or fiduciant) agrees with
8LUXEMBOURG Law and Practice
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
another person (the agent or fiduciaire) that, sub- The fiduciaire
ject to the obligations set forth by the parties, The fiduciaire must be a credit institution, an
the fiduciaire becomes the owner of assets that investment firm, an investment company with
shall form a fiducie estate. As an agreement, the variable or fixed share capital, a securitisation
fiducie will be subject to all conditions generally company, a fiducie representative acting in the
required for the validity of an agreement under context of a securitisation transaction, a man-
Luxembourg law. The fiducie contract and the agement company of common funds or of secu-
transfer of assets, including receivables, are ritisation funds, a pension fund, an insurance or
effective towards third parties from the moment reinsurance undertaking or a national or inter-
the agreement is entered into. national public body operating in the financial
sector. It is also possible for an agent to be a
However, the debtor is validly discharged from foreign entity subject to regulatory supervision
its obligations by payment to the fiduciant as and located in the EU or the European Economic
long as it is not aware of the transfer. No other Area, without the need to operate out of or via a
specific requirement is necessary to make the permanent establishment or place of business
agreement or the transfer of the underlying in Luxembourg.
assets enforceable against third parties, unless
the transfer of assets that are the subject matter The fiducie
of the fiducie must be made public in a certain The fiducie entails the creation of a fiducie estate
form. (a patrimoine fiduciaire), which is separated from
the personal estate of the fiduciaire, as well as
Differences to trusts from any other fiducie estate managed by the
A first major difference to a trust is that, from a fiduciaire. It implies, on the one hand, that its
civil law standpoint, the fiduciaire becomes the assets may only be seized by creditors whose
full owner of the assets that have been assigned, rights have arisen in connection with this sepa-
which it operates in its own name under the rate fiducie estate. On the other hand, in the case
fiducie contract. No division between legal and of the liquidation or bankruptcy of the fiduciaire,
equitable ownership is thus created and, sub- or in any other situation of the fiduciaire gener-
ject to the personal recourses that are devel- ally affecting the rights of its personal creditors,
oped below, the fiduciaire will have full powers the assets comprising the fiducie estate are not
of management, use and divestment that, as a affected by these procedures.
rule, are afforded to owners under Article 544 of
the Civil Code. The fiduciaire will be obliged to manage the
assets in accordance with the rules set forth for
The second major difference consists of the the mandate agreement, which are established
fiducie not being established unilaterally, with- under Articles 1984 to 2010 of the Civil Code.
out the agent’s approval. The Luxembourg posi-
tion and its concepts included in the 2003 Law Usufruct
are nonetheless quite similar to trusts, which A common way to structure assets under Lux-
will allow the fiducie to be recognised as a simi- embourg law is to divide the property of assets
lar instrument to a trust for the purpose of the between bare ownership and usufruct. Usufruct
Hague Convention. is the right of a person (the usufructuary) to use
and enjoy in its entirety an asset that is owned by
another person (the bare owner), and to assume
9Law and Practice LUXEMBOURG
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
the obligation to conserve and maintain the asset Common limited partnerships and special
in its form and substance, in particular to pay the limited partnerships
taxes. Upon the usufructuary’s death, all rights To transfer a family business to the next gen-
of the ownership will automatically be consoli- eration, family members commonly use Luxem-
dated to the person carrying the bare property. bourg limited partnerships, of which there are
In this way, the full property is reconstituted to two different kinds.
the bare owner without an actual transfer.
On the one hand, the common limited partner-
This is often used in a context where the cur- ship (société en commandite simple or SCS) is
rent owner of an asset wants to donate an asset a partnership established by contract, for a lim-
ahead of his or her death but wishes to keep the ited or unlimited duration, between one or more
possibility to enjoy the asset. The value of such general partners with unlimited joint and several
a gift results from official tables that estimate the liability for all obligations of the partnership, and
value of the portion of the property depending on one or more limited partners with limited liabil-
the age of the owner of the usufruct. ity, who commit to contribute a certain amount,
constituting partnership interests, represented
Structuring via Non-regulated Vehicles or not by a security instrument, in accordance
SOPARFI with the provisions of the limited partnership
Most taxable holding companies in Luxembourg agreement. The contractual freedom in this flex-
are SOPARFIs, which is the abbreviation for the ible vehicle allows the partners to draw up the
French société de participations financières. A contract to assure the best way for the transmis-
SOPARFI is fully subject to Luxembourg corpo- sion of the heritage. However, more recently, the
rate income tax (impôt sur le revenu des collec- special limited partnership has been success-
tivités or IRC) and municipal business tax (impôt fully introduced in Luxembourg law (société en
commercial communal). There is a surcharge for commandite spéciale or SCSp). The main speci-
the employment fund calculated on the IRC. The ficity of the SCSp is that it does not have legal
total combined tax rate (inclusive of surcharge) personality, although the assets can be regis-
is therefore 24.94%. tered in the name of the partnership.
A SOPARFI is also subject to an annual net From a Luxembourg perspective, the SCS and
wealth tax, which is levied at a rate of 0.5% SCSp have a similar tax and corporate treat-
on the company’s worldwide net wealth on 1 ment. They are both characterised by a corpo-
January. As such, a SOPARFI is entitled to take rate flexibility that goes beyond the competing
advantage of the exemption regimes, such as forms of Anglo-Saxon limited partnerships (con-
the Parent Subsidiary regime. Dividends (includ- tractual freedom, protection for the anonymity
ing liquidation proceeds) and capital gains of the limited partners, limited liability, security
(including currency exchange gains) may thus in the case of distributions, etc) while ensuring
be exempt from profit taxes. Moreover, as an legal certainty at the same time. In addition, the
ordinary commercial company, a SOPARFI ben- vehicles are exempt from Luxembourg corporate
efits from the tax treaties concluded between income or net worth tax.
Luxembourg and other countries, as well as the
EU directives. Luxembourg resident partners are subject to
income and net worth tax on the partnership’s
income and net worth in proportion to their
10LUXEMBOURG Law and Practice
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
partnership interests. That said, some investors Structuring via Regulated or Supervised
would prefer a tax-opaque vehicle with access Entities – the SIF
to double taxation treaties. A frequent vehicle for structuring private assets
is the specialised investment fund (SIF).
SPF
In 2007, Luxembourg decided to introduce Eligible investors
a family wealth management company (also The SIF regime is reserved for well-informed
known as an SPF, or société de gestion de investors, meaning institutional investors, pro-
patrimoine familial) with a specific commercial fessional investors or any other investor that:
purpose, which consists essentially in acquir-
ing, holding and selling financial assets in the • has confirmed in writing that it adheres to the
framework of wealth management and without status of well-informed investor; and
entrepreneurial activity. Being a passive invest- • either:
ment vehicle, an SPF is prohibited from under- (a) invests a minimum of EUR125,000 in the
taking any commercial activities. Consequently, SIF; or
this entity cannot interfere in the management (b) has obtained an assessment.
of its participation, meaning that an SPF cannot
exercise any function in the governing bodies or Such an assessment must certify its exper-
render any services the company holds itself, tise, experience and knowledge in adequately
although additional structuring may be imple- appraising an investment in the SIF, made by
mented to achieve this. a credit institution within the meaning of Direc-
tive 2006/48/EC, by an investment firm within
The main interest of using such an entity lies in the meaning of Directive 2004/39/EC, or by a
its very favourable tax regime. SPFs are exempt management company within the meaning of
from Luxembourg corporate income tax, munici- Directive 2001/107/EC.
pal business tax and net wealth tax. In addition,
they have the benefit of not being subject to any A SIF must establish procedures ensuring that
Luxembourg withholding taxes over dividend its investors are well-informed investors within
distributions to their qualifying shareholders. the meaning of the SIF Law. The managers/
directors (dirigeants) and other persons who are
However, SPFs are subject to an annual sub- involved in the management of the SIF, includ-
scription tax of 0.25%, with a minimum annual ing the management of the assets of the SIF (ie,
amount of EUR100 and a maximum amount of the personnel of an appointed investment man-
EUR125,000. This annual tax is levied on the ager or investment adviser), do not need to be
share capital, grossed-up with the share premi- certified as “well informed” as a result of their
um and the component of the debt that is eight involvement in the management of the SIF or
times more than the share capital and share its assets.
premium as of 1 January. In return, because of
these exemptions, an SPF cannot generally take Legal forms
advantage of double tax treaties or EU direc- A SIF may be structured in several ways:
tives.
• as an FCP (fonds commun de placement –
common fund) governed by a contractual
11Law and Practice LUXEMBOURG
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
arrangement and managed by a (regulated) to a distinct part of the assets and liabilities of
management company; the SIF. Some families allow each of their mem-
• as a SICAV (société d’investissement à capital bers to personalise the management of their
variable – investment company with variable assets. Unless otherwise provided for in the
capital) opting for the corporate form of a: constitutional documents of the SIF, the rights
(a) private limited liability company (société à of investors and of creditors relating to a specific
responsabilité limitée); compartment or that have arisen in connection
(b) public limited liability company (société with the creation, operation or liquidation of that
anonyme); compartment are limited to the assets of that
(c) corporate partnership limited by shares compartment.
(société en commandite par actions); or
(d) co-operative company in the form of a Consequently, the assets of that compartment
public limited liability company (société are exclusively available to satisfy the rights of
coopérative sous forme de société anon- investors in relation to that compartment and the
yme); or rights of creditors whose claims have arisen in
• under any other legal regime available under connection with the creation, operation or liqui-
Luxembourg law, such as a limited partner- dation of that compartment.
ship (société en commandite simple).
Unless the constitutional documents provide
A SIF may thus, among other functions, repli- otherwise, for the purpose of the relationship
cate the operational and legal flexibility typically between investors, each compartment will be
associated with Anglo-Saxon limited partner- deemed to be a separate entity. Compartments
ships. Depending on the choice of fund vehicle, may be separately liquidated, and the liquidation
there will usually be a high degree of structur- of a compartment will not result in the liquidation
ing flexibility, including for the organisation of of any other compartment of the SIF. Likewise,
subscriptions, redemptions or distributions, the the withdrawal of CSSF authorisation of a com-
valuation methodology, or the compartmentali- partment has no impact on the other compart-
sation of assets, liabilities or investors. ments of the same SIF, which remain registered
on the official list of SIFs.
The minimum capitalisation of a SIF (share cap-
ital and premium included) is EUR1,250,000, A compartment is able to invest in one or more
which must be reached within 12 months of its other compartments of the same SIF, subject to:
approval by the Commission for the Supervision
of the Financial Sector (Commission de Surveil- • a prohibition on reciprocal cross-compart-
lance du Secteur Financier or CSSF). At least ment investments (ie, where the latter, in turn,
5% of each share must be paid-up (in cash or in also holds interests in the former);
kind) at subscription. A SIF may opt for variable • the suspension of voting rights attaching to
or fixed share capital. The distribution policy is interests held by the former in the latter com-
freely determined in the constitutional docu- partment; and
ments. • the value of the holding of the interest held
by the former in the latter not being taken
Compartments into account for the purpose of calculating
SIFs may be constituted with multiple compart- whether the minimum capitalisation required
ments, with each compartment corresponding by the SIF Law has been reached.
12LUXEMBOURG Law and Practice
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
Management Supervision
The CSSF devotes special attention to the quali- The setting up and launching of a SIF requires
fication of the managers/directors of a SIF. The the prior authorisation of the CSSF. Such author-
representatives of a SIF need to submit proof of isation is granted upon approval by the CSSF
their professional qualifications and experience, of the constitutional documents of the SIF, as
good standing and honourability. The manag- well as of the choice of its depository bank and
ers/directors are not subject to any residency after considering the suitability of the manag-
requirement. ers/directors of the SIF. A SIF approved by the
CSSF must notify the CSSF fully in writing of
In practice, the appraisal of the CSSF will con- any change relating to information that the CSSF
sider the qualifications and experience of the used to grant its approval, and any such change
management team in its entirety. is subject to the CSSF’s prior approval.
Investment concentration and leverage This applies to changes to both the documenta-
restrictions tion and material information, such as a change
The absence of pre-set or statutory investment of service provider.
restrictions represents another important feature
of the SIF regime. Although the principle of risk Disclosure and reporting obligations
spreading applies, there are no pre-set quantita- Each SIF must establish an issuing document,
tive, qualitative or other investment restrictions. which may be labelled as a private placement
memorandum, offering memorandum or pro-
However, a CSSF circular provides for certain spectus. No minimum content is prescribed,
“safe harbour” diversification rules. The SIF ini- but such document must include all information
tiator may thus freely determine the investment necessary for prospective investors to make an
policies, architecture (eg, a single or multi-com- informed investment decision. Any change to
partment (umbrella) SIF), investment restrictions the essential elements of the issuing document
or limitations, provided that the investment poli- is subject to CSSF approval.
cies are based on the principle of risk spreading.
A SIF is required to produce an annual report
Where a SIF has been constituted with multiple following a pre-set reporting template providing
compartments, the principle of risk spreading for a minimum level of disclosure. This annual
applies to each compartment separately. SIFs report must be provided to investors and the
are furthermore not bound by any pre-set or CSSF within six months of the end of the period
statutory leverage restrictions. to which it relates. Due to the COVID-19 crisis,
such deadline could be extended on an excep-
Depositary tional basis.
As is the case for all Luxembourg fund vehicles,
the assets of a SIF must be safeguarded and/ A SIF is not obliged to publish a net asset value.
or monitored by a Luxembourg-established
depositary bank. However, the SIF Law does Taxation
not impose specific functions on the depositary Save for the application of the Savings Tax Direc-
bank, thus resulting in fewer constraints for the tive, a SIF is exempt from income and net wealth
organisation of the relationship between the SIF taxes. Distributions are generally exempt from
and its depositary bank and prime broker. withholding tax. A SIF is subject to an annual
13Law and Practice LUXEMBOURG
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
subscription tax (taxe d’abonnement) of 0.01% wealth disputes. The general principles of com-
assessed on the total net assets of the SIF. The pensation apply – ie, where execution in kind
subscription tax does not apply to: is not possible, the aggrieved party will receive
financial compensation that is supposed to make
• a SIF that invests in other undertakings for up for the complete damage (material and moral)
collective investment that have already been suffered (principe de la réparation intégrale).
subject to an annual subscription tax;
• a SIF that invests in certain money market
instruments only; and 6. ROLES AND
• a SIF implementing pension pooling RESPONSIBILITIES OF
schemes. FIDUCIARIES
More than 80 double tax agreements concluded 6.1 Prevalence of Corporate Fiduciaries
by Luxembourg are currently in force, some of The 2003 Law limits its application to a limited
which do not extend their benefits to Luxem- number of entities so that an individual cannot
bourg undertakings for collective investment proceed as agent under the 2003 Law, contrary
(UCI). However, many jurisdictions grant trea- to common law trusts. Only the following institu-
ty protection to Luxembourg SICAVs/SICARs tions may act as a fiduciaire:
under the UCI law and may extend it to (corpo-
rate) SIFs (application to be confirmed by foreign • a credit institution;
counsel on a case-by-case basis). • an investment firm;
• an investment company with variable or fixed
4.2 Succession Planning share capital;
The same set of vehicles that ensure asset pro- • a securitisation company;
tection are used to provide for succession plan- • a fiducie representative acting in the context
ning. The strategies depend on the purpose for of a securitisation transaction;
which they are developed and on the factual • a management company of common funds or
aspects of each family business. See 4.1 Asset of securitisation funds;
Protection. • a pension fund;
• an insurance or reinsurance undertaking; or
4.3 Transfer of Partial Interest • a national or international public body operat-
Luxembourg does not levy transfer duties when ing in the financial sector.
a partial interest in an entity is transferred.
The 2003 Law also recognises the possibility for
an agent to be a foreign entity subject to regu-
5 . W E A LT H D I S P U T E S latory supervision and located in the EU or the
European Economic Area, without the need to
5.1 Trends Driving Disputes operate out of or via a permanent establishment
Currently there are no specific trends driving or place of business in Luxembourg.
wealth disputes in Luxembourg.
6.2 Fiduciary Liabilities
5.2 Mechanism for Compensation The fiducie estate is separated from the person-
Luxembourg has not developed specific mech- al estate of the fiduciaire, as well as from any
anisms for compensating aggrieved parties in other fiducie estate managed by the fiduciaire.
14LUXEMBOURG Law and Practice
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
It implies, on the one hand, that its assets may question may, of course, arise as to whether
only be seized by creditors whose rights have mere awareness that assets are the subject
arisen in connection with this separate fiducie matter of a fiducie arrangement would be suf-
estate. On the other hand, in the case of the liq- ficient to impose the limitations of the fiducie on
uidation or bankruptcy of the fiduciaire, or in any the third parties. This may be imposed based
other situation of the fiduciaire generally affect- on the general principles of law under which a
ing the rights of its personal creditors, the assets party may not participate in the infringement of a
comprising the fiducie estate are not affected by contract by another party if they knew or should
these procedures. have known that they helped in the infringement
of a contract.
In the absence of any official publication of
the fiducie, it is possible that third parties hav- In the case of a fiducie arrangement, a third party
ing recourse on the fiduciaire acting on its own aware of the fact that the assets are the subject
behalf or on behalf of other fiducie estates seize of a fiducie agreement could be under the obli-
assets that form part of a fiducie estate other gation to request a copy of the fiducie arrange-
than the one on the occasion of which their claim ment to ensure that they do not participate in its
arose. In such case, it will be possible to obtain infringement.
the release of the seizure by injunction.
In principle, clauses limiting a fiduciaire ‘s liability
The fiduciaire has the obligation to keep a sepa- are permitted under Luxembourg law. However,
rate accounting of its personal estate and each no limitation of liability is possible for gross neg-
of the other fiducie estates. This is essential for ligence and wilful misconduct.
the fiduciaires, which are all regulated entities,
some of which are subject to capital adequa- 6.3 Fiduciary Regulation
cy rules that would have potentially damaging Absent derogation by agreement between the
consequences if they considered the assets and fiduciant and the fiduciaire, or a provision of the
liabilities attached to the fiducie estates. 2003 Law, the rules of the mandate agreement
established in the Civil Code are applicable to
The Fiducie Agreement the fiducie agreement. A major carve-out is the
In principle, the fiducie agreement has effect exclusion of any rule thereof that relates to the
towards third parties by its mere execution, with representation by the agent. In other words, the
the only exceptions being as indicated above. fiduciaire may not represent – and create obliga-
The extent and measure of this effect can, how- tions – on behalf of the fiduciant.
ever, give rise to subtle distinctions. The 2003
Law sets forth that restrictions on the powers If the fiduciaire contemplates representing the
of the agent under the fiducie agreement are fiduciant in any other transaction, it is assumed
only binding upon third parties who are aware that they will do it based on other contractual
of them. arrangements since there is no reason for the
fiduciaire to mix the capacities in which they
A third party that is unaware that assets are the act. This implies that neither the fiduciant nor
subject matter of a fiducie arrangement would the third-party contractor may invoke the exist-
thus not be bound by the terms of it, while other ence of a direct contractual relationship between
parties made aware of the terms of the fiducie themselves.
agreement would be subject to its limitation. A
15Law and Practice LUXEMBOURG
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
Other principles of the mandate agreement a period of 90 days, they need a subsequent
remain applicable. For example, the fiducie is registration certificate.
rendered gratuitously if no specific provision
sets forth the right to compensation. Should any Nationals from third countries need to apply for
compensation be envisaged, the fiduciaire will a prior work/residence permit. This needs to
be liable for mere negligence. The fiduciaire will be done before arriving in Luxembourg in most
be under an obligation to inform the fiduciant (or cases. The first work/residence permit is valid for
the third-party beneficiary) of the fulfilment of its a year, after which it can be renewed. After five
duties at the end of the agreement at the latest. years of residence in Luxembourg, third-country
nationals can apply for a long-term residence
6.4 Fiduciary Investment permit.
There are no specific investment rules or diver-
sification requirements. A special residency permit for investors has been
introduced. There are three possibilities: the
investor may either invest at least EUR500,000
7. CITIZENSHIP AND in a company that already exists or in one that is
RESIDENCY to be created in Luxembourg, or they may invest
at least EUR3 million in a Luxembourg invest-
7.1 Requirements for Domicile, ment structure, or finally they may invest at least
Residency and Citizenship EUR20 million as a deposit with a Luxembourg
Introduction bank in order to obtain a residency permit.
Residents that have been living in Luxembourg
for at least five years may acquire Luxembour- Acquisition of Luxembourgish Nationality
gish nationality by naturalisation under certain To apply for Luxembourgish nationality by natu-
conditions. The acquisition of Luxembourgish ralisation, the candidate must meet the following
nationality by naturalisation confers the status conditions:
of Luxembourger, with all attached rights and
duties. The applicant is not obliged to give up his • be at least 18 years old at the time the appli-
or her nationality of origin owing to the principle cation is submitted;
of dual nationality, provided the law of his or her • have legally resided in Luxembourg for at
nationality of origin allows this. least five years. The final year of residence
immediately preceding the naturalisation
Luxembourg applies the second generation jus application must have been uninterrupted;
soli: a child born in Luxembourg one of whose • have knowledge of the Luxembourgish
parents or adopting parents was already born in language, as evidenced by a Luxembourgish
Luxembourg is automatically a Luxembourgish language test certificate;
national. • have attended a civic course (Vivre ensemble
au Grand-Duché de Luxembourg) or passed
Residency the test covering the topics taught in this
Nationals from the EU and Iceland, Norway, course; and
Switzerland and Liechtenstein do not need a pri- • meet good repute and integrity requirements.
or residency/work permit to reside/work in Lux-
embourg. However, if their residency exceeds
16LUXEMBOURG Law and Practice
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
7.2 Expeditious Citizenship 8.2 Appointment of a Guardian
Luxembourgish nationality can be assigned to Appointing a guardian, conservator or similar
non-Luxembourgish nationals “by option”. This party requires a court proceeding and ongoing
is possible in ten specific cases and subject to supervision by the court.
further conditions (such as meeting good repute
and integrity requirements): 8.3 Elder Law
Under certain conditions, elderly people may
• for adults with a parent, adoptive parent or benefit from the Social Inclusion Act, which pro-
grandparent who is or was Luxembourgish; vides basic livelihoods to people whose pension
• for parents of a Luxembourgish minor; or other means of livelihood are insufficient. In
• in the event of marriage to a Luxembourgish addition, any person in need may contact the
national; social office of his municipality of residence,
• for persons born in Luxembourg, over the age whose purpose includes carrying out all steps
of 12; required to obtain social services and financial
• for adults having completed seven years of aid, accepting (to the extent possible) the super-
schooling in Luxembourg; vision imposed by the guardianship judge, and
• for adults residing legally in Luxembourg for covering the risk of illness, disability and senes-
at least 20 years; cence of uninsured people.
• for adults having fulfilled the obligations aris-
ing from the Welcome and Integration Con-
tract (Contrat d’accueil et d’intégration); 9. PLANNING FOR NON-
• for adults who settled in Luxembourg before T R A D I T I O N A L FA M I L I E S
the age of 18;
• for adults with stateless person, refugee or 9.1 Children
subsidiary protection status; or Children born out of wedlock enjoy the same
• for volunteer soldiers. rights as legitimate children.
Luxembourgish nationality may also be recov- The law distinguishes between full and simple
ered under certain conditions – eg, if a direct adoption. In the case of a full adoption, the
ancestor of the candidate was a Luxembourgish adoptee loses all legal ties with their family of
national on 1 January 1900. Due to the COV- origin, with the new filiation completely replac-
ID-19 crisis, the deadline to complete one of the ing the original filiation. In the case of a simple
formal requirements could be extended to 31 adoption, the adoptee maintains their filiation
December 2021. with their family of origin while acquiring inherit-
ance rights in his adoptive family.
8. PLANNING FOR The adoptee has the same civil rights as a non-
M I N O R S , A D U LT S W I T H adopted child within their adoptive family, except
D I S A B I L I T I E S A N D E L D E R S that the adoptee is not entitled to the forced heir-
ship (réserve héréditaire) in the succession of the
8.1 Special Planning Mechanisms ascendants of their adoptive parent.
There are no special planning mechanisms for
minors or for adults with disabilities in Luxem-
bourg.
17Law and Practice LUXEMBOURG
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
9.2 Same-Sex Marriage A foundation must be registered with the Lux-
Luxembourg recognises same-sex marriage, embourg register of trade and companies, and
and has also recognised the right to enter into must pursue a philanthropic, social, scientific,
a civil partnership since 2004. Partners have religious, artistic, educational, sports or tour-
fewer rights than spouses. Partnerships can be ist objective, each time without the intention to
terminated ad nutum. The ex-partner might be generate profit. Consequently, a foundation can
entitled to alimony in the year following the end be defined as an independent pool of assets or
of the partnership. rights with legal personality that is set up to carry
out a public interest purpose.
Contrary to marriage, a civil partnership does not
entail automatic succession rights for the surviv- Foundation Assets
ing partner. However, if the predeceased partner Most assets can be allocated to a foundation but
bequeaths (part of) their estate to their partner, only real estate assets that are used by the foun-
the tax exemption applies if the partnership was dation to carry out its purpose can be allocated
registered three years before his or her death. to the foundation (notably the registered seat of
the foundation).
1 0 . C H A R I TA B L E The allocation of assets by its founder(s), made
PLANNING through the deed of foundation, becomes irrevo-
cable upon approval of the Minister of Justice.
10.1 Charitable Giving This irrevocable nature also appears during the
Luxembourg has attempted to incentivise chari- foundation’s existence and at its liquidation. A
table giving by offering a variety of legal forms foundation is prohibited from distributing profits
that can be used to set up a Luxembourg charity: and may be liquidated if it cannot carry out its
public interest purpose.
• charitable associations (associations sans but
lucratif or ASBLs); If the foundation is liquidated, liquidation pro-
• charitable foundations (fondations sans but ceeds must be allocated to another foundation.
lucratif); and
• societal impact companies (sociétés d’impact Foundation Management
sociétal or SIS). A foundation is managed by a board of directors
whose appointment procedure must have been
Under certain conditions, donations to chari- stated in the foundation’s articles of association.
ties are deductible from income tax and may be The Ministry of Justice checks that foundations’
exempt from gift tax. assets are used in accordance with the public
interest purpose for which they were created.
10.2 Common Charitable Structures There is a requirement for the board of directors
Foundations are common charitable structures. to submit the foundation’s accounts and the pro-
Any person may establish a foundation by way visional budget to the Ministry of Justice within
of a notarial deed or will, by irrevocably allocat- two months following the end of each financial
ing all or part of their estate to this purpose. In year.
order to benefit from legal personality, the foun-
dation’s articles of association must be approved
by Grand-Ducal decree.
18LUXEMBOURG Law and Practice Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff Foundation and Taxes Foundations are taxable entities, but income derived from charitable or public interest activi- ties is exempt. Due to their public interest ration- ale, Luxembourg foundations are thus exempted from Luxembourg taxes. The exemption only applies as long as the activity carried out by the foundation is charitable or related to public inter- est. If a foundation carries out a commercial or industrial activity, it will normally be taxed for the part related to said activities. In this context, commercial or industrial activities are defined as those that aim to make profit. In addition, if a foundation carries out a different purpose than the charitable or public interest purposes for which it was settled, there is a risk of the dismissal of directors and the judicial liquidation of the foundation. The registration of a foundation deed with the Luxembourg register of trade and companies is subject to a fixed registration duty that amounts to EUR12. 19
Law and Practice LUXEMBOURG
Contributed by: Peter Adriaansen, Veronica Aroutiunian and Nelli Kluschin, Loyens & Loeff
Loyens & Loeff has a private wealth team in Middle East and North Africa, France, Germany,
Luxembourg that is part of a fully integrated (tax Italy, Spain, Portugal, the Nordic countries and
and legal) firm with home markets in the Ben- Russia/CIS. Most of them operate from local
elux countries and Switzerland, and offices in representative offices and provide face-to-face
all major financial centres. To meet the increas- advice on aspects of law that could impact
ing demand for expertise in all tax and legal as- clients’ businesses. The firm’s lawyers are im-
pects relating to the structuring of inbound or mersed in the local markets, keep abreast of the
outbound investments into or through Benelux constantly evolving legal and business environ-
and Switzerland, Loyens & Loeff also has vari- ment in Luxembourg and identify opportunities
ous regional teams in Asia-Pacific, Latin Amer- for their clients.
ica, Canada, Central and Eastern Europe, the
AUTHORS
Peter Adriaansen is a tax Veronica Aroutiunian is a
partner and specialises in senior associate in the
Luxembourg and Dutch investment management
international tax consultancy practice of Loyens & Loeff in
relating to private equity, Luxembourg. Her practice
investment funds, holding and covers corporate and financial
financing activities, joint ventures and M&A. He restructuring, investment management/funds,
regularly advises Luxembourg listed entities, private equity, private wealth and regulatory
family offices and international private clients matters. She is a member of various working
on cross-border structuring. Peter is a member groups at the Luxembourg Investment Funds
of the Latin America Region Team and visits Association (ALFI) and contributes to industry
the region on a frequent basis. He also belongs publications.
to the Dutch Association of Tax Advisers and
the International Fiscal Association.
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