The transposition of Directives 2014/36/EU and 2014/66/EU1 offers interesting opportunities for the Luxembourg government to position Luxembourg as an entryway for entrepreneurs and investors into Europe.
Prior to summer 2016, the government introduced a dedicated draft law (draft law n°6992). This draft law foresees, amongst the five types of residence permits to be implemented in the Luxembourg law, a kind of exclusive residence permit dedicated to third-country HNW investors.
With this new “European visa” for wealthy investors, the government demonstrates a clear line of attraction for entrepreneurs as well as a vision of diversifying the Luxembourg economy. It appears that it fully expects the development of alternative/complementary solutions that are able to remodel the current shape of Luxembourg’s financial center.
As such, the targeted investors will have four possible options available for their work permit:
The residence permit would be granted for an initial period of three years, and would be subject to further extension.
This new exclusive premium-based permit could promote Luxembourg as a destination of choice for international HNW investors looking for a high-end relocation destination with top business opportunities.
The local business community is expecting the draft law to become a final bill soon, though there is some uncertainty as to whether and how the Luxembourg State Council’s recently stated reservations will be addressed in the bill.
1Directives which restructure the immigration environment and provide new conditions of entry/residence for seasonal third-country nationals.
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