After announcing the introduction of new types of residence permits, various financial institutions in Luxembourg have analyzed what this would mean for the economy. And the news is good: the new permits would definitely lead to a diversified economy. Our attorneys in Luxembourg can offer information on the current types of residence permits which can be obtained by investors interested in starting a business in the Grand Duchy.
One of the key features of the new types of residence permits the Luxembourg government thought of is that it will address investors and highly-qualified individuals which would also help non-EU companies to transfer employees to their branches or subsidiaries in Luxembourg. This would make it easier for non-EU entrepreneurs to come and invest in Luxembourg. This is because the new permit will have a three-year validity period and will give sufficient time for new investors to accommodate and for their business to grow sufficiently in a stable economic environment.
The conditions to obtain the new residence permit are to invest at least 500,000 euros by starting a new business in Luxembourg or by depositing at least 200,000 euros in a local bank for a five-year period.
According to government officials, the lack of wealth tax and the healthy social security system are the existing benefits investor can take advantage from at this moment. However, new benefits will be added, among which the possibility of bringing the family along when moving and schooling and housing facilities granted under the form of tax exemptions.
Foreign students in the last year of study will have the possibility of obtaining a job with a Luxembourg company directly. Also, newly registered companies will also benefit from assistance in recruiting personnel.
The main purpose of the new residence permit is to make Luxembourg more attractive to investors and qualified personnel, which is why the government is taking into account all the details which would make them consider the Grand Duchy before other EU countries.
For information on how to apply for an investor residence permit, please contact our law firm in Luxembourg.
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