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Luxembourg – a tax haven – the smallest and richest country in Europe

In Europe, Luxembourg amongst the affluent states, and is also known as a tax haven. Actually, numerous billionaires from other world choose to live in this country to be freed from the burden of taxes in their country of origin. Among the sources of income of Luxembourg is can be called telecommunications and steel industries.

 

Luxembourg in brief:

Luxembourg located between Germany, France and Belgium. It occupies a territory of only 2,586 square kilometers.

The population is 465.000. Capital – Luxembourg, with 76,000 inhabitants.

The nation is one of the six establishers of the European Union and is home to various institutions of the Union.

Languages spoken are French and Luxembourgish, German dialect with French influences. The political system is a constitutional monarchy; the head of state is Grand Duke and the Prime Minister.

Economy is the moneyed in the world (GDP, gross domestic product, higher than in Germany of 30%) is distinguished by low inflation, reduced unemployment and substantial stability. Even the most important economic is the sector of steel industry, currently dominated by the services in the financial and banking services. About 3,000 joint-stock companies have their financial management in Luxembourg. Also, the growing importance of tourism takes.

Grand Duchy, one of the constitutor of the European Union, is booming due to the tax benefits that it can offer. And banking secrecy remains one of the pillars of the economy.

All in the Grand Duchy know that the economy grew by attracting investment funds: the country, in fact, is the undisputed leader in the European financial market and attracts investors from around the world.

Bank secrecy? It works great.

Its prosperity is partly based on its reputation as a leading center of European investment funds.

As in Belgium, Austria, Luxembourg law also prohibits the bank to identify the data to the outside world, except in cases of criminal responsibility.

Small Western state was battlefields strong affirmation adjacent countries up to the formation of its constitution in the tenth century.  in the issue several victories over the invaders and territorial divisions, Luxembourg in 1815, has emerged as a Grand Duchy, gaining full independence in 1867.