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Luxembourg governement has introduced a draft law regarding the Luxembourg private foundation.

Published Tuesday September 03 2013

On 22 July 2013, the Luxembourg governement introduced a draft law regarding the Luxembourg private foundation.

Once adopted, this new instrument will complement the existing palette of legal structures for asset management in Luxembourg and make our financial centre even more competitive on a global scale. For a number of years now, Luxembourg wealth management has successfully attracted an increasing number of international entrepreneurs with sophisticated cross-border demands.

The private foundation fills a gap in the existing offer and will allow our wealth managers to service these clients even more efficiently out of Luxembourg as well as help attract new clients, both in Europe and beyond. 
 
The trend in international private banking is clearly towards holistic wealth management, taking into account all the stages of a client's life, as well as those of his/her family and his/her companies. Cross-border oriented, one of the main advantages of this future legal structure will lie in succession planning, notably by giving entrepreneurs and company founders the means to ensure the continued existence of their company after death.

The Luxembourg Bankers' Association (ABBL) has just issued a leaflet explaining the various modalities of the Luxembourg private foundation, as currently defined in the draft law.

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