Fördelarna med att placera din fond i Luxemburg

Luxemburg är utan tvekan ett av de största fondcentren i Europa. Landets totala förvaltade tillgångar har fördubblats under det senaste decenniet, från 2 biljoner euro 2011 till 5,9 biljoner euro 2021.

Landet är attraktivt för fondförvaltare och internationella investerare på grund av flera faktorer, bland annat dess AAA-klassade ekonomi, politiska stabilitet och omfattande efterlevnad och regelverk.

Varför är Luxemburg en attraktiv jurisdiktion för utländska fondförvaltare?

För fondförvaltare i USA är en av Luxemburgs främsta försäljningsfaktorer som investeringsdomicil dess robusta verktygslåda för alternativa investeringsfonder. Verktygslådan för alternativa investeringsfonder i Luxemburg har nyligen uppdaterats för att tillgodose de olika behoven hos private equity-grupper, oavsett jurisdiktion.

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). 

Varför är Luxemburg ett attraktivt hemvist för utländska investerare?

Fondtjänsteleverantörer som är baserade i Luxemburg erbjuder komplementärer och aktieägare ett centralt nav, vilket i sin tur gör det möjligt för dem att lägga ut administration, förvaltning, rapportering och redovisningstjänster för att dra nytta av direktivet om förvaltare av alternativa investeringsfonder (AIFM). AIFM-modellen syftar till att effektivisera processen och lätta på bördan för förvaltare av alternativa investeringsfonder, så att de får tid att fokusera på sina fonders investeringsstrategier.

För general partners och investerare som vill göra ansvarsfulla investeringar erbjuder Luxemburg också expertis inom miljö, sociala frågor och styrning (ESG ). Hittills är det den sjätte mest gröna finanshubben i världen.

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.

Sex skäl till varför fondförvaltare väljer att öppna en fond i Luxemburg?

Verktygslåda för mycket flexibla och mångsidiga alternativa investeringsfonder

Luxemburg erbjuder ett brett utbud av fondstruktureringsalternativ för både reglerade och oreglerade fonder.

Robust regelverk

Ett robust regelverk innebär att investerare och fondförvaltare har större frihet att välja den investeringsstruktur som passar deras specifika krav och mål.

Fondtjänsteleverantörer erbjuder ett centralt nav för investeringsverksamheten

Genom att samla alla tjänster som krävs för att bygga upp en investeringsfond får fondförvaltare och investerare en smidig och strömlinjeformad process, från bolagisering, förvaltning, redovisning till att uppfylla rapporteringskrav.

Ett attraktivt fintech-ekosystem

De stora namnen inom fintech-industrin har sitt huvudkontor i Luxemburg, bland annat Rakuten, Amazon och PayPal har sitt huvudkontor i Luxemburg.

ESG-legitimationer

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

Europas största centrum för investeringsfonder

Den 31 december 2021 uppgick de totala nettotillgångarna för luxemburgska investeringsfonder som förvaltas till 5,5 biljoner euro.

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. 

Denna information är inte avsedd att ersätta specifik individualiserad skatt eller juridisk rådgivning. Vi föreslår att du diskuterar din specifika situation med en kvalificerad skatte- eller juridisk rådgivare.

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.

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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.