Luxembourg in the Post-Brexit Scenario
Almost a year ago, the United Kingdom through a referendum withdrawn from the European Union. Since the Brexit, changes and movements have been relatively felt across the EU. Luxembourg has been one of the top destinations of banks, insurance companies, corporations, and other financial institutions owing the country’s conducive financial ecosystem. The country is a growing financial hub, a center for investment funds management services and financial technology, making it a real attraction. Currently, Luxembourg offers infrastructures, beneficial tax system, and leverage investment opportunities. Paving way for financial streams, the country promotes venture capital start-ups and corporate benefits, concentrated supply of skills, and investment banking innovational programs.
Impact of Brexit on EU
Recently, announcements of relocation by large insurance companies to Luxembourg have been made. Big names such as AIG, FM Global, Hiscox, the Lloyd’s of London, Blackstone, JP Morgan, and among others have expressed their plans of moving to Luxembourg for opening of operations and expansion of offices. Favorable factors for choosing Luxembourg as the country of choice include the country’s geographical proximity, status as a EU founding member, and sound economic and political stability.
Given the country’s reputation as one of the world’s largest fund markets, a lot of Asian financial institutions are also divesting investments from London to Luxembourg.
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