Family Office - 21/12/2012
New opportunities for Luxembourg
On Wednesday 19 December 2012, the Law on the activities of Family Offices in Luxembourg has been adopted. The legislative process should come to an end soon and the Law should enter into force shortly. The aim is to create a new supervised framework for the advices and services to wealthy families, the so-called High Net Worth Individuals (HNWI) and the Ultra High Net Worth Individuals (UNHWI).
This above mentioned Law allows a monitoring by the CSSF and the creation of a quality label which should result in positioning Luxembourg as a centre for excellence. A customer of family offices should be confident to find in Luxembourg proper and regulated services.
The new Law therefore focuses on all professional advisory’s or services’ activities related to financial assets of natural persons, families or legal structures, which are held by individuals or families, or in which they act as founders or beneficiaries (multi family office). Hereof are excluded the activities that are provided solely to an individual or a family (the so called single family offices).
The new regulation is expected to create new additional activities for Luxembourg and creates an other business line with potential for the place.
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