Personal accounts: Luxembourg

Updated 5 October 2026

An honest assessment before work starts, the quote is fixed in writing.

Luxembourg is one of Europe's main private banking centres: well over a hundred banks operate here, many specialising in managing the wealth of foreign clients. For a non-resident this means an account is possible, but the format almost always depends on the amount: a standard current account with no link to the country is rarely opened, while private banking is available for significant assets.

Who can open a personal account in Luxembourg

The law sets no threshold for private banking: each bank sets its own, usually from several hundred thousand euros. We confirm the amount for your case before applying.

What a basic account includes

A basic account lets you receive and send transfers, set up standing orders, withdraw cash and pay by card. The bank provides it for a reasonable fee, and it cannot go overdrawn. It suits people moving to Luxembourg from another EU country or working here while living nearby.

An account when moving to or working in Luxembourg

If you are moving to Luxembourg or will work here while living in France, Belgium or Germany, you need an account for salary, rent and utilities. The bank usually asks for a lease or employment contract and, after registration with the commune, the Luxembourg national identification number assigned for social security and tax. We tie the account opening to these steps so your salary lands in a Luxembourg account from the first month.

What the bank checks

• Passport, proof of address and tax residence: the bank reports accounts of foreigners to the tax authority of their country.
• Source of wealth: sale of a business or property, inheritance, dividends, salary - with documents covering several years.
• Purpose of the account: holding, investment, payments, mortgage.
• Links to public office, sanctions lists, payment countries.
• For private banking, the investment profile and experience.

Timeline

Deposit protection

The Luxembourg deposit guarantee fund (FGDL) protects up to €100,000, about $112,100, per depositor per bank. Temporarily high balances, such as proceeds from a home sale, are protected up to €2.5 million, about $2,801,000, if they arrived less than 12 months before the deposits became unavailable. Securities under management are a separate regime: they remain the client's property.

Tax on interest

On a Luxembourg resident's interest the bank withholds a final 20% tax, except small amounts up to €250 a year and certain accounts. Interest paid to non-residents carries no Luxembourg withholding tax and is declared in the country of residence.

Why Luxembourg banks refuse

• The amount is below the bank's private banking threshold.
• The source of wealth is not fully evidenced or the documents are old.
• The account is wanted for frequent small transfers rather than holding and management.
• Citizenship or payment countries on a higher-risk list.
• No clear reason to hold money in Luxembourg specifically.

How we help

We assess your profile and amount, determine whether you are entitled to a basic account or need private banking, choose a bank, prepare the source of wealth file and handle the meeting and correspondence with the bank until a decision.

What we do

• Personal account - opening assistance

See also

Company formation · Business account · Investment property · Country taxes · All country programs

FAQ