Luxembourg has recently voted several amendments to the Immigration Law which now targets attracting more high net worth individuals interested in investing in the Grand Duchy, as well as enterprisers and skilled workers from outside the European Union. Precisely, the new law proposes the issuance of five new types of residence permits. Our attorneys in Luxembourg can offer more information on the current legislation related to immigrating to this country.
After issuing the draft law, the government also released additional information on its meaning and how it will be implemented. Frist of all, the new Immigration Law address transfers of employees from the foreign parent companies to branch offices or subsidiaries in Luxembourg and then the issuance of new types of residence permits – called exclusive residence permits – for foreign investors. Seasonal workers, students from countries from outside the EU are also targeted by the new legislation. Companies from outside the European Union seeking to establish their presences in Luxembourg will also benefit from certain advantages for the employees they will relocate.
Our lawyers in Luxembourg can assist foreign entrepreneurs seeking to obtain investor visas for the Grand Duchy.
The central authorities have started working on the new Immigration Law last summer and at the beginning of February this year its draft form was finally ready. Speaking about the benefits of the new law, analysts say that it will ease the transfer of specialized personnel of foreign companies.
With respect to the new investor residence permits, these will be issued for a three-year period of time and will encourage foreign investments in Luxembourg. Investors seeking to apply for this permit will be required to invest a minimum amount of 500,000 euros in a new Luxembourg company carrying out commercial, industrial or artisanal activities and hire at least five individuals on a period of three years. Another option is investing at least 200,000 euros under the form of a deposit in a Luxembourg financial company for a minimum period of five years.
The new law will be published at the beginning of June and for more information on its content we invite you to contact our law firm in Luxembourg.
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