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Luksemburgas vērtspapīrošana: laba struktūra investoru piesaistei

by | Aug 27, 2024 | Vērtspapīrošana

The Luxembourg securitization a good structure to attract investors

Luxembourg has long been recognized as a leading financial center in Europe, thanks to its stable political environment, favorable regulatory framework, and strategic location within the European Union. One of the cornerstones of its financial services industry is its securitization market, which provides robust and flexible options for investors. At the heart of this market lies the Luxembourg Securitization Vehicle (SV), an entity designed to facilitate securitization transactions, attract investment, and offer innovative financing solutions. Damalion sums up the principles, regulatory framework, and tax considerations of the Luxembourg securitization vehicle, highlighting why it is an attractive structure for investors.

Luksemburgas vērtspapīrošanas principi

Vērtspapīrošana ir process, kas ietver dažādu veidu finanšu aktīvu, piemēram, aizdevumu, hipotēku vai debitoru parādu, apvienošanu un pārvēršanu vērtspapīros, kurus var pārdot investoriem. Galvenais mērķis ir palielināt likviditāti un pārnest risku no iniciatora uz investoriem. Luksemburgas 2004. gada likums par vērtspapīrošanu ir Luksemburgas vērtspapīrošanas juridiskais pamats, kas nodrošina augstu elastīguma un juridiskās noteiktības pakāpi.

The basic principle of Luxembourg securitization is to create a vehicle that is separate from the originator of the assets. This separation ensures that the securitized assets are bankruptcy-remote, meaning that the insolvency of the originator does not affect the SV or the securities issued by it. This feature is crucial for protecting investors’ interests and maintaining the integrity of the securitization structure.

Luxembourg SVs can take various forms, including companies (SARL, SA…), partnerships, and funds. This flexibility allows the structure to be tailored to the specific needs of the transaction and the preferences of the investors. The SV can issue different types of securities, including bonds, notes, and shares, depending on the underlying assets and the desired risk-return profile. This adaptability makes Luxembourg SVs suitable for a wide range of securitization transactions, from simple to highly complex.

Luksemburgas vērtspapīrošanas regulējums

Luksemburgas vērtspapīrošanas režīmu regulē 2004. gada Luksemburgas vērtspapīrošanas likums, kas nodrošina visaptverošu regulējumu vērtspapīrošanas instrumentu izveidei, pārvaldībai un darbībai. Šis likums ir izstrādāts, lai nodrošinātu tiesisko noteiktību un ieguldītāju aizsardzību, kas abi ir būtiski investīciju piesaistei un vērtspapīrošanas tirgus netraucētas darbības nodrošināšanai.

Saskaņā ar Likumu par vērtspapīrošanu Luksemburgas SV juridiskajai adresei jābūt Luksemburgā, un to pārvalda Luksemburgā reģistrēta struktūra. Šī prasība stiprina SV saikni ar jurisdikciju, palielinot tās uzticamību un stabilitāti. SV pārvaldībai un administrēšanai jāatbilst Luksemburgas regulatīvajiem standartiem, kas ir saskaņoti ar labāko starptautisko praksi. Tas nodrošina pārredzamību un pārskatatbildību, vēl vairāk veicinot ieguldītāju uzticību.

Luksemburgas vērtspapīrošanas režīma īpatnība ir iespēja SV ietvaros izveidot nodalījumus. Katrā nodalījumā var turēt dažādus aktīvus un emitēt dažādus vērtspapīrus, un katra nodalījuma saistības ir nodalītas. Tas nozīmē, ka riski, kas saistīti ar vienu nodalījumu, neietekmē pārējos, nodrošinot papildu aizsardzības līmeni ieguldītājiem. Šī nodalījuma iezīme padara Luksemburgas SV īpaši pievilcīgus vairāku aktīvu vai vairāku ieguldītāju vērtspapīrošanas darījumiem.

Nodokļu apsvērumi attiecībā uz Luksemburgas vērtspapīrošanas instrumentiem

Viens no pievilcīgākajiem Luksemburgas vērtspapīrošanas aspektiem ir tās nodokļu režīms. Lai gan nepastāv īpašs nodokļu režīms, kas būtu paredzēts tieši vērtspapīrošanas instrumentiem, Luksemburgas vispārējie nodokļu likumi piedāvā būtiskas priekšrocības, kas var samazināt ar nodokli apliekamo ienākumu bāzi līdz nullei. Tas tiek panākts, atskaitot izdevumus, tostarp procentu maksājumus, kas var kompensēt ienākumus, ko rada vērtspapīrotie aktīvi.

Luksemburgas SV parasti tiek aplikti ar uzņēmumu ienākuma nodokli un pašvaldību uzņēmējdarbības nodokli, taču tie var atskaitīt visus izdevumus, kas radušies saistībā ar to vērtspapīrošanas darbībām. Tas ietver procentu maksājumus investoriem, pārvaldības maksas un citas darbības izmaksas. Rūpīgi strukturējot šos izdevumus, ir iespējams samazināt SV ar nodokli apliekamo ienākumu līdz nullei, faktiski panākot nodokļu neitralitāti. Šī nodokļu neitralitāte ir galvenais Luksemburgas SV pievilcības faktors, jo tā ļauj vērtspapīrošanas ieguvumus novirzīt investoriem, nesamazinot tos nodokļu saistību dēļ.

Procentu atskaitāmības ierobežojums

Neraugoties uz nodokļu režīmu, Luksemburgas pārvēršanas vērtspapīros instrumentiem ir jāievēro daži ierobežojumi attiecībā uz procentu atskaitīšanu, kas ieviesti kā daļa no globālajiem centieniem apkarot izvairīšanos no nodokļu maksāšanas un nodrošināt taisnīgu nodokļu uzlikšanu. Šie ierobežojumi atbilst Direktīvai par nodokļu apiešanas novēršanu (ATAD), kas ir ieviesta visā Eiropas Savienībā, tostarp Luksemburgā.

Saskaņā ar ATAD tīro procentu izdevumu atskaitīšana ir ierobežota līdz 30 % no uzņēmuma peļņas pirms procentiem, nodokļiem, nolietojuma un amortizācijas (EBITDA). Šis ierobežojums ir paredzēts, lai novērstu pārmērīgus procentu atskaitījumus, kas varētu mazināt nodokļu bāzi. Tomēr Luksemburgas SV var izmantot dažus atbrīvojumus un atvieglojumus, kas var mazināt šo ierobežojumu ietekmi.

Piemēram, ja SV tīrie procentu izdevumi nepārsniedz noteiktu robežvērtību, kas pašlaik ir 3 miljoni eiro, atskaitīšanas ierobežojums netiek piemērots. Šis atbrīvojums ir īpaši izdevīgs mazākiem vērtspapīrošanas darījumiem, kuros procentu izdevumi ir salīdzinoši zemi. Turklāt ATAD noteikumi pieļauj neatskaitāmo procentu izdevumu un neizmantotās procentu kapacitātes pārnešanu uz nākamo periodu, tādējādi nodrošinot elastību procentu atskaitāmības pārvaldībai laika gaitā.

Luksemburgas vērtspapīrošanas instrumentu priekšrocības

Luksemburgas SV piedāvā vairākas priekšrocības, kas padara to par pārliecinošu izvēli vērtspapīrošanas darījumiem. Šīs priekšrocības izriet no valsts labvēlīgās tiesiskās, normatīvās un nodokļu vides, kas kopā veido drošu un efektīvu platformu vērtspapīrošanai.

  1. Juridiskā noteiktība un ieguldītāju aizsardzība: Luksemburgas likums par vērtspapīrošanu nodrošina skaidru un paredzamu tiesisko regulējumu, kas nodrošina ieguldītāju interešu aizsardzību. SVV bankrota attālinātība apvienojumā ar iespēju izveidot nodalītus nodalījumus palielina ieguldījumu drošību un samazina savstarpējas piesārņošanas risku starp dažādiem vērtspapīrošanas darījumiem.
  2. Flexibility in Structuring: Luxembourg SVs can be structured as companies, partnerships, or funds, allowing for a high degree of customization to meet the specific needs of the transaction and the investors. The ability to issue a wide range of securities, from simple bonds to complex structured products, makes Luxembourg SVs suitable for various types of securitization deals.
  3. Nodokļu režīms: Luksemburgas nodokļu likumi ļauj atskaitīt ar vērtspapīrošanas darbībām saistītos izdevumus, tādējādi potenciāli samazinot ar nodokli apliekamo ienākumu līdz nullei. Šī nodokļu neitralitāte ir būtiska priekšrocība, jo tā nodrošina, ka vērtspapīrošanas ieguvumus nemazina nodokļu saistības.
  4. Tiesību aktu atbilstība un pārredzamība: Luksemburgas normatīvo vidi raksturo augsti atbilstības un pārredzamības standarti. Prasība, ka SV ir jābūt reģistrētam birojam un vadībai Luksemburgā, nodrošina, ka tie ir pakļauti šīs jurisdikcijas regulatīvajai uzraudzībai, kas atbilst starptautiskajai paraugpraksei. Tas palielina SV uzticamību un sniedz pārliecību ieguldītājiem.
  5. Stratēģiskā atrašanās vieta un piekļuve tirgum: Luksemburga kā Eiropas Savienības dalībvalsts nodrošina piekļuvi ES vienotajam tirgum, piedāvājot ievērojamas iespējas pārrobežu vērtspapīrošanas darījumiem. Valsts stratēģiskā atrašanās vieta apvienojumā ar tās kā vadošā finanšu centra reputāciju padara to par ideālu bāzi vērtspapīrošanas darbībām, kas vērstas uz Eiropas un pasaules investoriem.

Luksemburgas vērtspapīrošanas instrumenti piedāvā stabilu un elastīgu struktūru, kas ir labi piemērota mūsdienu vērtspapīrošanas darījumu vajadzībām. Bankrota attālinātības un aktīvu nodalīšanas principi apvienojumā ar visaptverošu tiesisko regulējumu un nodokļu režīmu rada pārliecinošu vidi vērtspapīrošanai. Lai gan saskaņā ar ATAD pastāv ierobežojumi attiecībā uz procentu atskaitīšanu, Luksemburgas SV joprojām var panākt nodokļu neitralitāti, veicot rūpīgu strukturēšanu un plānošanu.

Juridiskās noteiktības, elastīguma, nodokļu efektivitātes un atbilstības normatīvajiem aktiem priekšrocības padara Luksemburgas vērtspapīrošanas instrumentus par pievilcīgu risinājumu gan investoriem, gan iniciatoriem. Tā kā globālais pieprasījums pēc vērtspapīrošanas turpina pieaugt, Luksemburga ir labā pozīcijā, lai arī turpmāk būtu vadošā jurisdikcija vērtspapīrošanas darbībām, piedāvājot drošu un efektīvu platformu piekļuvei kapitāla tirgiem un finanšu risku pārvaldībai.

Damalion supports you to setup your securitization vehicle in Luxembourg, Please contact your Damalion expert now.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. 

Damalion

The Luxembourg securitization: a good structure to attract investors — stable law, flexible compartments, clear CSSF perimeter, investor-oriented tax mechanics

For originators, asset managers, private credit funds, family offices, private equity, and corporates. This page explains the Luxembourg securitization framework in clear legal language.

Last updated:

Overview

Luxembourg runs a mature securitization regime based on the Securitization Law of 22 March 2004, modernized in 2022. Vehicles can be companies or funds. Compartments allow ring-fenced pools. Funding can be by debt, equity, or other instruments whose return depends on securitized risks.

Tax mechanics

  • Company-type vehicles are fully taxable (CIT and MBT). Payments and commitments to investors that depend on securitized risks are generally deductible if set in the articles or issuance terms. This gives practical neutrality.
  • No Luxembourg withholding tax on arm’s-length interest; qualifying note payments are typically made gross.
  • Minimum net wealth tax applies based on balance sheet and asset mix.
  • Transfer pricing applies to related-party servicing, funding, hedging, and guarantees. Use arm’s-length terms with support files.

ATAD interest limitation (Article 168bis LITL)

  • Exceeding borrowing costs are deductible up to the higher of 30% EBITDA or EUR 3,000,000 per year.
  • Possible reliefs: stand-alone entity, financial undertakings, public infrastructure, and grandfathering for certain pre-17 June 2016 loans (subject to modifications and strict conditions).
  • Carry-forward and carry-back rules apply under Luxembourg law for unused capacity and excess costs.
  • Assess the interest barrier together with investor-linked deductions to determine the residual tax base.

Hybrid mismatch and GAAR

  • ATAD 2 applies to associated-party and structured arrangements. It may deny deductions or require income inclusions where a mismatch arises.
  • Luxembourg’s GAAR applies. Structures must reflect valid commercial reasons and real risk transfer.
  • Substance: ensure effective management in Luxembourg and records that match the activities.

Structures and instruments

Topic Key points
Forms SA, Sàrl, SAS, SCS, SCSp, SENC, or securitization funds.
Financing Debt, equity, or other instruments whose return depends on securitized risks.
Ring-fencing Compartment segregation is statutory; cross-compartment support is possible if disclosed.
Ranking Legal subordination applies; terms can refine priorities within legal limits.
Insolvency Use limited recourse and non-petition wording consistent with Luxembourg law.
Reporting Annual accounts and, where required, audit; compartment information can be organized in the constitutional documents.

Practical cases of Luxembourg securitization

Across Europe and the United States, companies use Luxembourg structures to obtain competitive funding, isolate risk by compartment, and give professional investors clear access to defined cash flows. These concise, real-world style illustrations show how it works in practice.

# Country Country  Industry  Illustration
1 DE Germany Residential Real Estate A Berlin housing developer placed future rents into a Luxembourg company. Investors subscribed to notes by building compartment, refinancing construction while keeping risk ring-fenced.
2 FR France Commercial Real Estate A Paris office owner transferred long-term lease receivables to a Luxembourg vehicle. Legal segregation supported bankruptcy remoteness and tax-neutral mechanics at issuer level.
3 IT Italy Consumer Products An appliance maker securitized EU trade receivables. Medium-term notes replaced short bank lines; sales regions split into separate compartments to manage concentration.
4 ES Spain Renewable Energy A solar platform monetized 15-year PPAs via a Luxembourg fund. ESG-labelled tranches attracted EU institutions under clear disclosure and servicing standards.
5 GB United Kingdom Banking & Capital Markets A fintech lender consolidated performing consumer loans into a CSSF-supervised issuer. True-sale improved capital ratios and opened the door to EU investors.
6 NL Netherlands Transport An aircraft lessor securitized lease payments by fleet. Each series ran in its own compartment, giving clean recourse and simple reporting.
7 CH Switzerland Telecommunications & Media A streaming platform securitized subscription revenues. Monthly inflows became predictable coupon payments while IP remained at the operating company.
8 AT Austria Power & Utilities A grid operator securitized regulated tariff receivables. Compartment terms mirrored regulator updates; investors took compartment-only risk.
9 BE Belgium Technology A SaaS vendor packaged multi-year licenses into a Luxembourg fund. Recurring revenue supported rated notes purchased by pension funds.
10 SE Sweden Renewable Energy A wind operator securitized merchant output under floor-price PPAs. Investors benefited from limited recourse and gross-of-withholding note payments.
11 NO Norway Oil, Gas & Chemicals An offshore service group funded vessel upgrades via profit-participating notes issued by a Luxembourg compartment, ring-fenced from other assets.
12 FI Finland Sustainable Finance Energy-efficiency receivables were pooled under a Luxembourg fund. The set-up combined ATAD-compliant neutrality with ESG reporting.
13 PL Poland Industrial Manufacturing A machinery exporter securitized vendor leases by client tier in separate compartments, reducing concentration and smoothing cash flows.
14 CZ Czech Republic Urban Development A toll-road concessionaire monetized usage fees through a Luxembourg issuer, with transparent covenants and back-up servicing.
15 HU Hungary Engineering & Construction A contractor securitized receivables from EU-funded infrastructure, giving investors defined exposure and milestone-based reporting.
16 GR Greece Tourism & Hospitality A hotel group pooled management fees across island resorts into one compartment. Liquidity reserves bridged seasonality.
17 PT Portugal Restaurants A franchise operator securitized royalties and supply invoices. The structure lowered borrowing costs and created steady coupons.
18 IE Ireland Aviation An aircraft lessor moved a narrow-body portfolio into a Luxembourg vehicle using multi-compartment governance to match aircraft risk.
19 DK Denmark Logistics A shipping group securitized charter receivables, replacing bank debt with investor notes backed by freight contracts and vessel-level security.
20 US United States Life Sciences A medtech company monetized royalty rights on patented devices via a Luxembourg fund, giving European investors exposure to predictable IP revenues.

Frequently asked questions

1) What is a Luxembourg securitization vehicle?
An entity formed under the Securitization Law to acquire or assume risks and to finance itself by issuing instruments whose return depends on those risks.
2) Which legal forms are available?
Companies (SA, Sàrl, SAS), partnerships (SCS, SCSp, SENC), and securitization funds. The choice depends on governance and investor needs.
3) When is CSSF authorization required?
When the vehicle issues to the public on a continuous basis. Offers to professional clients and denominations of at least EUR 100,000 are generally outside the “public” scope.
4) What does “continuous” issuance mean?
As a general rule, more than three issues in a twelve-month period.
5) Can the vehicle hold assets directly?
Yes. Direct and indirect holding are allowed if aligned with the securitization purpose and set in the documentation.
6) Is active management permitted?
Permitted for risks linked to debt instruments where there is no public issuance. Otherwise, management is limited to what is necessary for the securitization.
7) How does ring-fencing work between compartments?
Assets and liabilities are allocated to each compartment. Creditors have recourse only to that compartment unless otherwise disclosed.
8) How are payment priorities set?
Statutory subordination applies between equity/beneficiary interests and debt. Issuance terms may refine priorities within legal limits.
9) Are payments to investors deductible?
Payments and commitments whose amount depends on securitized risks are generally deductible at issuer level if specified in the articles and issuance terms.
10) Is there Luxembourg withholding tax on interest?
No Luxembourg withholding tax applies to arm’s-length interest. Payments on qualifying notes are typically made gross.
11) How does Article 168bis LITL apply?
Exceeding borrowing costs are deductible up to the higher of 30% EBITDA or EUR 3,000,000 per year. Exemptions and carry rules apply under set conditions.
12) Do ATAD 2 hybrid-mismatch rules apply?
Yes. Where a mismatch arises with associated parties or via a structured arrangement, deductions may be denied or income included.
13) What substance is expected in Luxembourg?
Effective management in Luxembourg and records that match the business and risks (board, decisions, files, and contracts).
14) Do transfer pricing rules apply?
Yes. Related-party servicing, funding, hedging, and guarantees must be at arm’s length and supported by analysis.
15) Are listings required?
No. Listing is optional and depends on investor demand or deal terms.
16) Are audits required?
Annual accounts are required. Audits apply in line with Luxembourg law and the legal form. Compartment disclosures can be organized in the articles.
17) May the vehicle grant third-party security?
Yes, when the security supports obligations connected to the securitization and this is disclosed.
18) How are derivatives used?
Hedging is common to align asset and liability risks. Contracts must serve the securitization purpose and meet transfer-pricing standards if related parties are involved.
19) What is the VAT treatment?
The issuance of securities is outside Luxembourg VAT. Certain services may have VAT effects depending on their nature and place-of-supply rules.
20) Can compartments provide cross-support?
Yes, if the cross-support is clearly disclosed. Otherwise, liabilities remain compartment-limited.

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