Luxembourg – Crowned Heads of Europe
Luxembourg is ruled by the Grand Duke and Duchess Henri and Maria Theresa. They have five children, the eldest of whom is Prince Guillaume, the heir apparent. They reside at the impressive 15th Century pile, Berg castle in the town of Colmar-Berg.
However, the considerably power in this diminutive nation is held not by crowned heads but companies.
Luxembourg has a population of 400,000 – less than half that of the UK city of Manchester – even so, the place punches way above its weight. With over 400 different banking organisations Luxembourg has more banks per capita than anywhere else in the world. The financial sector is also home to 15,000 holding companies and 12,000 investment funds – and the numbers just keep on stacking up…
Estimates suggest that the net worth of Luxembourg-managed financial institutions exceeded €1500b in 2005, compared with a GDP of some €29bn.
Arcelor Mittal the world’s biggest steel company is based in Luxembourg. The outfit employs 310,000 employees in over 60 countries and turned over €32.6b in 2005. Cargolux air freight, SES and RTL Group represent the leading media conglomerates stationed here. One reason for this is that ASTRA satellites, which bring hundreds of TV channels and radio stations to millions of households across Europe, are owned and controlled by Luxembourg.
With an eye on Luxembourg’s growing population of digital companies, AOL recently moved their European headquarters there, joining Amazon, eBay, Skype, PayPal, Digital River, Napster and iTunes – all household names who have selected Luxembourg as their European base.
In fact, Luxembourg’s influence extends way beyond finance. The diminutive nation is home to the European Court of Justice, the Court of Auditors, and Eurostat.
Of course, Luxembourg’s laws are conducive to commerce, too. In fact, all companies based here have one thing in common – an enthusiasm for the nation’s liberal legal framework, which provides not only banking secrecy, but also an advantageous taxation system which taxes profits, not turnover.
India’s federal government recently signed a Double Taxation Avoidance Agreement (DTAA) with the Government of the Grand Duchy of Luxembourg for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on Income and on capital.
Luxembourg is like an OFC with one obvious advantage – it’s right in the heart of Europe
Luxembourg is like an OFC right in the heart of Europe – with one obvious advantage…
Landlocked between Belgium, France, and Germany with silk-smooth access to over 550 million consumers, Luxembourg is the delineation of the three golden rules of business success – location, location, location. Palm-fringed beaches and Bermuda shorts are all well and good, but at the corporate coal face, setting still counts for everything – ten daily flight connections to the UK is not to be sniffed at.
The nation’s strategic location at a major European crossroads has been used to great effect since Roman times. In fact, it’s quite possibly the most welcoming place there is for the MICE industry in the economic heartland of Europe. Luxembourg offers excellent infrastructure and high quality service.
The nation’s strikingly dynamic Conference Centre, Luxembourg Congrès, may not match up with the gargantuan expo facilities on offer across Europe, but size isn’t everything. Certainly, it suits the European payments industry right down to the ground.
In May 2010, the EBAday hosts its fifth annual event at the Luxembourg Congrès. Organised by the Euro Banking Association and Finextra, the conference comprises keynotes, panel discussions and break-out sessions comprising more than 50 of Europe's leading figures in payments who will discuss new challenges in the transaction business in Europe.
The conference was previously held in Vienna, where more than 600 payments professionals from 20 countries gathered to network, debate and shape the agenda for the payments industry.
Luxembourg Conference Bureau should be the first point of contact for any potential events organisers or participants.
The official conference bureau for the city of Luxembourg, they will partner all aspects of conference and incentive travel planning – from site inspections to bid proposals for social programmes and hotel accommodation.
Luxembourg’s small but perfectly formed capital city is somewhere you could easily get to know better…