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.
Cost of living of Luxembourg residents
If we look at services and other consumer goods, prices in Luxembourg are higher than other European countries. The housing reaches price levels comparable to those of London and Paris. In some districts of Luxembourg-City, prices per square meter reach 10,000 euros or more.
The costs of food and clothing are also rather high compared to the surrounding countries.
On the other side, some products are cheaper such as alcohols, tobacco, fuels, vehicles. Value Added Tax amounts to 17%.
At the same time, wages in Luxembourg are above the European average, and more particularly in the other components of the Greater Region.
According to the IMF, GDP stood at $107,708 per capita in 2017, well ahead of other European countries including Switzerland (2nd in the ranking) with $80,837 per capita.
Economy and finance
Luxembourg’s finances are healthy as evidenced by the triple AAA of S & P, Fitch and DBRS renewed in 2018 by the main rating agencies. Fitch even forecasts an acceleration of growth in 3.3% and then a stabilization at 3%. Almost half of the Government expenditure are financed by direct taxes such as the income tax. Contrary to numerous countries, almost all of the income of the private individuals are subjected to taxation.”
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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