As vantagens de Domiciliar o seu Fundo no Luxemburgo

O Luxemburgo é indiscutivelmente um dos maiores centros de fundos da Europa. O activo total sob gestão do país duplicou na última década, de 2 biliões de euros em 2011 para 5,9 biliões de euros em 2021.

A atractividade de financiar gestores e investidores internacionais é predisposta por vários factores, incluindo a sua economia com classificação AAA, estabilidade política, e conformidade abrangente e quadros regulamentares.

Porque é o Luxemburgo uma jurisdição atractiva para os gestores de fundos estrangeiros?

Para os gestores de fundos nos Estados Unidos, um dos principais factores de venda do Luxemburgo como domicílio de investimento é a sua robusta caixa de ferramentas para fundos de investimento alternativos. A caixa de ferramentas do fundo de investimento alternativo do Luxemburgo foi recentemente actualizada para apelar às várias necessidades dos grupos de private equity, independentemente da sua jurisdição.

The extensive suite of fund structuring solutions offer fund managers greater flexibility in marketing and managing their services to prospective investors. Some of the most popular alternative investment structures include limited partnership (SCS), special limited partnership (SCSp), and reserved alternative investment fund (RAIF). 

Porque é que o Luxemburgo é um Domicílio Apelador entre os investidores estrangeiros?

Os prestadores de serviços de fundos baseados no Luxemburgo oferecem aos parceiros gerais e aos accionistas um núcleo central, o que por sua vez lhes permite externalizar a administração, a gestão, os relatórios e os serviços contabilísticos para obterem um efeito de alavanca da directiva de gestão de fundos de investimento alternativos de terceiros (AIFM). O modelo AIFM visa simplificar o processo e aliviar a carga dos gestores de fundos de investimento alternativos, dando-lhes tempo livre para se concentrarem nas estratégias de investimento do seu fundo.

Para parceiros gerais e investidores que pretendem praticar o investimento responsável, o Luxemburgo também oferece perícia ambiental, social e de governação (ESG) . Até à data, é o sexto centro financeiro mais verde do mundo.

Additionally, Luxembourg is home to Luxembourg Green Exchange that is set up to bring environmental, social and governance into the mainstream financial sector through its strategic branding efforts.

Seis Razões pelas quais os Gestores de Fundos Escolhem Abrir um Fundo no Luxemburgo?

Conjunto de ferramentas altamente flexível e versátil de fundos de investimento alternativos

O Luxemburgo oferece uma vasta gama de opções de estruturação de fundos, tanto para fundos regulamentados como não regulamentados.

Quadro regulador robusto

Um quadro regulamentar robusto significa que os investidores e gestores de fundos têm maior liberdade na escolha da estrutura de investimento que se adapta aos seus requisitos e objectivos específicos.

Prestadores de Serviços Financeiros Oferecem um Hub Central para Operações de Investimento

Ao agregar todos os serviços necessários para construir um fundo de investimento, os gestores de fundos e investidores desfrutam de um processo suave e racionalizado, desde a incorporação, gestão, contabilidade, até ao cumprimento dos requisitos de relatórios.

Um Ecossistema Fintech Atractivo

Os principais nomes da indústria fintech estão sediados no Luxemburgo, incluindo Rakuten, Amazon, e PayPal estão sediados no Luxemburgo.

Credenciais do ESG

Luxembourg is continuous in its efforts in promoting sustainable and responsible investments, thus attractive more foreign investors over time. 

O maior centro de fundos de investimento da Europa

A 31 de Dezembro de 2021, o activo líquido total dos fundos de investimento luxemburgueses sob gestão é de 5,5 triliões de euros.

For fund initiators, private equity groups, and international investors looking to establish a fund in Luxembourg, Damalion offers a comprehensive, single-source solution for all your fund formation needs. Our global service network consists of professionals that can assist you in establishing and further growing your presence in Luxembourg and throughout Europe. We will help you incorporate your preferred fund structure speedily and efficiently, with just one point of contact from start to finish. We have enduring relationships with seasoned Luxembourg lawyers, accountants, tax planning consultants, and other service providers who are well prepared to support you in accomplishing various activities, including bank account opening, bookkeeping, accounting, tax planning, and more. To learn more about the alternative investment fund landscape in Luxembourg and how it can contribute to your success, reach out to a Damalion expert today. 

Esta informação não pretende ser um substituto para aconselhamento fiscal ou jurídico específico e individualizado. Sugerimos que discuta a sua situação específica com um consultor fiscal ou jurídico qualificado.

The advantages of domiciling your fund in Luxembourg — EU access, flexible vehicles (RAIF, SCSp, SIF, SICAR, UCITS), strong service ecosystem, and clear investor protection.

For professional and well-informed investors, GPs, PE/VC houses, real assets, private debt and multi-strategy sponsors. Damalion helps scope needs, organize documentation and coordinate providers. Authorizations and bank acceptance remain at each institution’s discretion.

Last updated:

Why Luxembourg works for funds

Luxembourg is an established fund hub in the EU. Sponsors choose it for legal clarity, investor trust, and cross-border distribution. The market offers flexible vehicles for private and public strategies. You can match the form to the investor base and the level of supervision you want.

Key advantages in plain words

• EU reach. AIFMD and UCITS frameworks support cross-border marketing when conditions are met.
• Choice of vehicles. RAIF, SIF, SICAR, SCSp/SCS, SICAV compartments, and UCITS for retail strategies.
• Time to market. RAIF launches without product authorization (an authorized AIFM is required).
• Service depth. Experienced depositaries, administrators, auditors, legal and banking partners.
• Investor comfort. Clear rules on governance, valuation, risk, and disclosure.
• Tax neutrality design. Partnership options can be tax-transparent; fund taxes depend on the regime chosen and facts.
• Compartment logic. Ring-fencing is available in umbrella structures.
• ESG support. Market practices for SFDR disclosures and sustainable strategies are mature.

Common fund vehicles at a glance

Vehicle	Supervision	Typical investors	Notes
RAIF	Not product-authorized; requires an authorized external AIFM	Professional / well-informed	Fast set-up; broad strategy scope; subscription tax may apply; offering document required.
SIF	CSSF-supervised	Professional / well-informed	Long-standing regime with diversification rules.
SICAR	CSSF-supervised	Professional / well-informed	Focus on risk capital (PE/VC); different tax treatment than SIF/RAIF.
SCSp / SCS	Vehicle form (often used for AIFs)	Professional / well-informed	Contractual flexibility, often tax-transparent; terms set in the LPA.
UCITS (SICAV/Partnership)	CSSF-authorized product + management	Retail	Daily-liquidity rules and strict risk limits for transferable securities strategies.

What you need to launch

• Clear strategy and investor profile.
• Drafts: offering document or prospectus, LPA or articles, policies (valuation, conflicts, risk).
• Key actors: AIFM or ManCo, depositary, administrator, auditor, legal counsel, paying/registrar agents where needed.
• Governance: board or GP, signatories, and internal controls proportionate to the strategy.
• Banking: collection and operating accounts with defined user rights and limits.

Time and cost

• Timelines depend on the vehicle, the completeness of documents, provider onboarding, and bank account opening.
• Costs vary by supervision level, service scope, number of compartments/feeder lines, and reporting.
• Simple, consistent documentation reduces back-and-forth and extra reviews.

Related reading

• Launching your master–feeder fund structure in Luxembourg
• Launch a Luxembourg RAIF for international investors
• Setting up UCITS funds in Luxembourg
• Guide to the Luxembourg SCSp
• SCSp vs SCS: understand the differences

Frequently asked legal questions

Who may invest in a RAIF?

Professional and well-informed investors under Luxembourg law. Minimums and suitability checks apply. The offering document sets entry terms.

Is an authorized AIFM required for a RAIF?

Yes. A RAIF must appoint an authorized external AIFM. The AIFM handles portfolio and/or risk management and regulatory reporting.

Can a RAIF launch without CSSF product approval?

Yes. The fund relies on its authorized AIFM’s supervision. The fund itself is not product-authorized by the CSSF.

What is the role of the depositary?

The depositary safekeeps financial instruments, oversees cash flows, and performs oversight duties defined in applicable law and contracts.

When do we need a ManCo or AIFM in Luxembourg?

UCITS require a UCITS ManCo. AIFs require an AIFM (internal or external). A RAIF must appoint an external authorized AIFM.

Can a SCSp be tax-transparent?

Often yes, for Luxembourg corporate income tax and net wealth tax. Municipal business tax may apply depending on activity and GP thresholds. Always verify with tax advisors.

How do compartments work?

Umbrella funds may create segregated compartments. Assets and liabilities are ring-fenced by law and the constitutive documents.

Can we market across the EU?

UCITS use the UCITS passport. AIFs use AIFMD passports or national private placement where available, subject to local rules and notifications.

Does ELTIF 2.0 help with semi-professional access?

ELTIF 2.0 (in force in the EU) improves flexibility for long-term assets. Availability depends on the chosen vehicle, manager approval, and product rules in each country.

What disclosures apply under SFDR?

Managers classify products (e.g., Article 6/8/9) and disclose sustainability risks, adverse impacts, and product objectives where relevant.

What changes with AIFMD “II”?

The 2024 AIFMD amendments adjust areas such as loan-originating AIFs, delegation reporting, and depositary access in some cases. Application dates are staggered by EU law and national transposition.

Can non-EU sponsors run a Luxembourg AIF?

Yes, through an authorized EU AIFM (external) or by setting up an authorized AIFM in the EU where conditions are met. Third-country rules and distribution constraints must be reviewed.

Is a PRIIPs KID required?

For offers to EEA retail investors, a PRIIPs KID is generally required. Professional-only offers may be out of scope. Confirm per distribution plan.

How are valuations handled?

Policies must be documented. Valuation is performed by the AIFM or an external valuer with the required independence and expertise.

Who approves marketing materials?

UCITS materials follow UCITS rules and CSSF practices. AIF materials must meet AIFMD and local rules in each target country. The manager is responsible for compliance.

Are side letters allowed?

Yes, if they respect fund documents, law, and equal treatment principles. Conflicts and disclosure should be addressed.

Can we use master–feeder structures?

Yes. Feeder funds can invest in a master vehicle. This is common for RAIF/SCSp combinations and also seen in UCITS, subject to specific rules.

How does AML/CFT affect onboarding?

All parties follow AML/CFT rules. Investors and key principals provide identification, source-of-funds, and source-of-wealth information as required.

Do we need audited accounts?

Yes for most fund forms. The auditor’s scope and frequency are defined by the applicable regime and law.

Can we use multiple currencies?

Yes. Multi-currency share classes and accounts are common. Policies for FX and hedging should be defined.