Financial activities

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Since the 1980s the financial sector has expanded considerably so that the Luxembourg financial market, with all of the associated activities that it involves, now occupies a central place in the economy of Luxembourg. The adoption of specific measures and a favourable legal framework (bank secrecy, absence of withholding tax on savings income (until 2004), flexible system in respect of bank provisions, actively combating money laundering) have firstly allowed a rapid expansion in holdings and SOPARFI [companies with financial holdings], and then in foreign banks and collective investment undertakings.

The pillars of today's financial sector are the interbank market, private banking, and also the administration and distribution of UCITS. More recently, insurance (especially life insurance under the free provision of services regime) and reinsurance (reinsurance captives) activities have, in turn, been growing.

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