Money and tax system in Luxembourg
The Grand Duchy of Luxembourg, a small country situated in the centre of Europe, is known for its banks and financial institutions and its services of private management. Often associated with a tax haven, the country however shows fiscal transparency nowadays.
Luxembourg residents’s standard of living
The standard of living in Luxembourg is relatively high if we compare it to that of the other European countries in particular, and more particularly with the bordering countries.
If certain budget headings as the housing reach price levels comparable to those of London and of certain districts of Paris, with prices of 10.000 euros/m² or even more, the remunerations are clearly higher in Luxembourg than the European average, and more particularly than the other elements of the Greater Region.
In this context, as underlines Michel Roumieux, Partner and Personal Tax Leader of PwC Luxembourg, “Luxembourg finances are healthy as shown by the triple AAA from S&P. Nearly half of the government expenditure are financed by direct taxes following the example of the income tax. Unlike numerous countries, almost all of the private individuals’ incomes are taxed”.
The tax system in Luxembourg
- Which tax system is applicable to Luxembourg, to a Luxembourg fiscal resident, to an inhabitant of the border zone ( more than 180,000 border workers), to a non-resident?
- How to declare your taxes? What is the tax card?
You have just arrived in Luxembourg? Here is what is necessary to know to manage your budget:
- How to choose your bank wisely? What is necessary to know if you want to invest your money in Luxembourg?
- How to open a bank account?
- What is the cost of living in Luxembourg? What is the average wage?
- Can you benefit from family allowances?
- What investments to make? Do you have to invest in real estate in Luxembourg?
Just Arrived new resident in Luxembourg guide
The guide of the resident and the new resident in Luxembourg was designed to make your life easier: help you finding your bearings, make your initiatives easier, help you in your accommodation or job research…
Do not hesitate to ask for this invaluable tool of integration, and serenely start your new life in your new host country!
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