De voordelen van domiciliëring van uw fonds in Luxemburg

Luxemburg is onbetwistbaar een van de grootste fondsencentra in Europa. Het totale vermogen onder beheer van het land is de afgelopen tien jaar verdubbeld, van 2 biljoen euro in 2011 tot 5,9 biljoen euro in 2021.

Dat het land aantrekkelijk is voor fondsbeheerders en internationale beleggers wordt door verschillende factoren bepaald, zoals de economie met een AAA-rating, de politieke stabiliteit en het uitgebreide nalevings- en regelgevingskader.

Waarom is Luxemburg een aantrekkelijk rechtsgebied voor buitenlandse fondsbeheerders?

Voor fondsbeheerders in de Verenigde Staten is een van de belangrijkste verkoopargumenten van Luxemburg als beleggingsdomicilie zijn robuuste instrumentarium voor alternatieve beleggingsfondsen. De Luxemburgse toolbox voor alternatieve beleggingsfondsen is onlangs geactualiseerd om tegemoet te komen aan de uiteenlopende behoeften van private-equitygroepen, ongeacht hun rechtsgebied.

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). 

Waarom is Luxemburg een aantrekkelijk domicilie voor buitenlandse investeerders?

In Luxemburg gevestigde fondsdienstverleners bieden algemene partners en aandeelhouders een centraal knooppunt, dat hen op zijn beurt in staat stelt administratie-, beheer-, rapportage- en boekhouddiensten uit te besteden om gebruik te kunnen maken van de richtlijn inzake beheerders van alternatieve beleggingsfondsen (Alternative Investment Fund Manager – AIFM). Met het BAB-model wordt beoogd het proces te stroomlijnen en de lasten voor beheerders van alternatieve beleggingsfondsen te verlichten, zodat zij tijd overhouden om zich op de beleggingsstrategieën van hun fondsen te concentreren.

Voor general partners en beleggers die verantwoord willen beleggen, biedt Luxemburg ook expertise op het gebied van milieu, maatschappij en governance (ESG) . Tot dusver is het de zesde meest groene financiële hub in de wereld.

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.

Zes redenen waarom fondsbeheerders ervoor kiezen een fonds in Luxemburg te openen?

Zeer flexibele en veelzijdige toolkit voor alternatieve beleggingsfondsen

Luxemburg biedt een breed scala aan fondsstructureringsmogelijkheden voor zowel gereglementeerde als niet-gereglementeerde fondsen.

Robuust regelgevingskader

Een robuust regelgevingskader betekent dat beleggers en fondsbeheerders meer vrijheid hebben bij het kiezen van de beleggingsstructuur die past bij hun specifieke eisen en doelstellingen.

Aanbieders van fondsdiensten bieden een centrale hub voor beleggingsverrichtingen

Door alle diensten te bundelen die nodig zijn om een beleggingsfonds op te zetten, kunnen fondsbeheerders en beleggers profiteren van een soepel en gestroomlijnd proces, van oprichting, beheer en boekhouding, tot het voldoen aan de rapportage-eisen.

Een aantrekkelijk fintech-ecosysteem

De grote namen in de fintech-industrie hebben hun hoofdkwartier in Luxemburg, onder meer Rakuten, Amazon en PayPal hebben hun hoofdkwartier in Luxemburg.

ESG geloofsbrieven

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

Grootste Centrum voor Investeringsfondsen in Europa

Per 31 december 2021 bedraagt het totale nettovermogen van de Luxemburgse beleggingsfondsen onder beheer 5,5 biljoen 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. 

Deze informatie is niet bedoeld ter vervanging van specifiek geïndividualiseerd fiscaal of juridisch advies. Wij raden u aan uw specifieke situatie te bespreken met een gekwalificeerd fiscaal of juridisch adviseur.

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.