Setting up a bank account in Luxembourg
Setting up a bank account in Luxembourg is not nearly as difficult as it seems. For example, you can open up a bank account legitimately at a local bank with a few hundred euros. Some of the offshore bank accounts, which are not open to everyone, may require thousands of euros in order to even be considered.
The first step in setting up your bank account is to contact the bank you want to work with. The bank will most likely want to have a minimum deposit. For most accounts, you should consider having 1000 Euro or the equivalent in another major currency such as the US dollar or Pound Sterling. If you do not have this much, a bank account really isn't the best place to be putting your money. Keep in mind you need a starting capital for your business anyway - and the best place to put this is a local bank in Luxembourg.
The next step in setting up your bank account is to give the bank you want to work with a letter from your current bank. This will basically state that you are a customer in good standing and have a sizable amount of money awaiting transfer. After your new bank looks all of this information over, they will give you a decision about whether or not you can open an account.
Most banks will accept or decline your application on the spot. As long as you have given all
of the details and made sure to tell your new bank about every possible creditor, you should be doing just fine. Just remember that most banks will keep all of your money a secret. Sure, some banks might do a better job than others. However, how will you know which bank is the best one overall? Truthfully, there is no way to tell if one bank is more secretive than another other than through personal experience.
Banks in Luxembourg are known for their discretion. There are basically three items you will need to open an account. Money, a letter of good standing from a current bank, and a letter stating what you will be using the money for in Luxembourg. You do not have to state what you will do with the money elsewhere. As long as you follow all of these instructions, you should do quite well. Most banks will be happy to welcome you with open arms, and will gladly take your account and open it right up. They will deposit as much money as you wish and keep it secure well into the future.
