“Can I open a bank account in Luxembourg?” is a question that we receive more often than you might think…
While Luxembourg is relatively unknown to non-Europeans as a banking hub, many EU citizens view it as a stable and secure banking jurisdiction.
But more than that, Luxembourg is especially popular for structuring and administration of wealth management entities as well as large corporates.
With this in mind, Luxembourg is not a retail or personal banking hub. Instead, it is suited to private banking, wealth management, and large international corporations in need of a business IBAN account.
In this article, we’ll explore the banking options in Luxembourg and share several unique insights into this lesser-known banking hub.
Feel free to use the table of contents to jump ahead to any sections that are immediately relevant to your search.
Table of Contents
- Can I Open a Bank Account in Luxembourg?
- Luxembourg Banking 101
- Who Can Open Bank Accounts in Luxembourg?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Can I Open a Bank Account in Luxembourg?
Yes, you can open a bank account in Luxembourg as long as you choose the right bank, meet the bank’s account opening requirements, and have a suitable client profile. Not all banks in Luxembourg are created equal and do not accept the same client types. It’s important to know which banks, bankers, and branches to approach before starting the application process.
Before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Business Banking Starter Guide. It’s designed to help your business find and open accounts with the services you need around the world.
Luxembourg Banking 101
We’ve written about Luxembourg several times before, and the reason that we keep coming back to this tiny European country is simple:
Luxembourg is one of the largest financial centers in the world.
And, thanks to its status as one of the most important financial centers, it is also one of the wealthiest in terms of GDP per capita, typically ranking in the second or third spot globally.
But why has Luxembourg become such a magnet for international deposits?
Well, Luxembourg is home to a massive private banking sector, one of the most established structuring and fund administration sectors, and has very favorable legislation for tax efficiency.
In other words, it’s as if the leaders of Luxembourg sat down and decided to combine everything good about Switzerland, the Cayman Islands, and the Bahamas… in the middle of Europe.
Who Can Open Bank Accounts in Luxembourg?
So, if Luxembourg is such a great place from a banking, structuring, and tax perspective, you might be wondering, why doesn’t everyone bank here?
Well, the answer is simple: most people can’t afford it.
Luxembourg is a private banking and wealth management hub. If you want to open accounts here, you typically need to deposit between 1mm and 3mm euros.
Yes, there are exceptions. And in special cases, you might even be able to open an account with a few hundred thousand euros.
But, if you are looking to bank in Luxembourg as a foreign non-resident, banks here will typically be looking to onboard you as a private client, not a retail client.
Alternatively, if you are looking for an online corporate banking service or a virtual company bank account, you’re in luck. We share everything you need to know how to virtual business bank accounts at the link above.
Frequently Asked Questions
Below are two of the most common questions that we receive from people looking into opening a virtual company bank account. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can a Non-Resident Open a Virtual Bank Account in Luxembourg?
Non-residents and non-resident businesses can consider opening virtual bank accounts in Luxembourg through one of the virtual providers that have chosen to obtain a license in the country. That said, there are limited options available, and in most cases, one of the other European jurisdictions is better suited to the needs of non-resident clients and foreign companies from a virtual banking perspective.
How Much Money Do You Need to Deposit to Open an Account in Luxembourg?
In order to open an account in Luxembourg, non-resident clients are typically required to deposit between 1mm and 3mm euros. That said, accounts can be opened for less if the bank feels that the balance will grow over time and the client is someone with whom the bank wants to build a relationship with. Likewise, if you have a Luxembourgish entity, you may be able to access certain Luxembourg banks at lower thresholds.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
You can learn more on the products page from the main menu above.
