Luxembourg has a proven expertise in wealth management, an attractive approach to taxation and a geographical location right in the heart of the biggest art market in the world.
Luxembourg Art & Finance cluster
Luxembourg government actively supports any initiative that can contribute to create an Art & Finance cluster in Luxembourg.
As part of this project, the government has voted on 14 July 2011 to set up a Freeport at the Findel airport, completing the amended law of 12 February 1979 concerning Value Added Tax. The Freeport will, in a first phase, be a storage facility of more than 15,000 m2 dedicated to valuable goods. It is foreseen that it will be operational by the first half of 2014.
Deloitte Luxembourg works closely with the Luxembourg government for the development of this Art & Finance cluster.
Luxembourg in a nutshell
- A safe and financially healthy country: Luxembourg has an “AAA/A-1+” S&P sovereign ratings, and ranks as the world’s top city for personal safety and security (2011 Mercer Human Resource Consulting Quality of Living Survey)
- A top level financial cluster: Luxembourg is the 2nd largest investment fund centre in the world behind the US, the 1st captive reinsurance market in the European Union and the 1st private banking centre in the Eurozone. It has the greatest concentration of banks in the European community (over 145 banks from 24 different countries)
- A competitive business centre: Luxembourg ranks among the top competitive countries in the world for pro-business attitude. It benefits from a multilingual and qualified workforce and is the ideal gateway to the European market with some 500 million consumers
- A highly performing logistical network: Luxembourg Airport is the 5th largest air cargo platform in Europe. Cargolux Airlines International S.A. is a leading supplier of worldwide air cargo services and has long been entrusted with the transportation of artworks
- A place for art and culture: Luxembourg was the 1st city to be named European Capital of Culture twice (1995 / 2007). The city is also on the UNESCO World Heritage List, on account of the historical importance of its fortifications. It has severable notable museums, including the National Museum of History and Art (MNHA), the Luxembourg City History Museum, and the Grand Duke Jean Museum of Modern Art (Mudam). It is right in the heart of the art market, surrounded by art fairs (FIAC, Art Brussels, Art Cologne, TEFAF, Art Amsterdam, Frieze, Art Basel, Art Show Zurich, etc.)