How to open a private banking account in Luxembourg: steps and requirements

Private banking does not start with an online form. The first step is a conversation where the entity understands your situation: total financial wealth, country of tax residence, objectives and the kind of service you are looking for (custody, discretionary management or advisory).

This conversation also works in the other direction: it is your chance to ask about minimums, fees, the investment platform and how the bank works with clients resident in your country.

Luxembourg entities are supervised by the CSSF and apply strict know-your-client rules. Expect to provide a valid passport or ID, proof of tax residence, and documentation supporting the origin of the funds you will transfer (sale of a business, savings, inheritance, professional income).

For non-EU residents the list can be somewhat longer, but the logic is the same: the bank must be able to document who you are and where your wealth comes from before opening the relationship.

• Once KYC is approved, the account is opened and you receive your banker's details and access to the platform.
• You can fund the account with cash or, in many cases, by transferring an existing securities portfolio from another entity.
• Multi-currency operations (EUR, USD, GBP) are usually available from a single account.

A straightforward file is usually completed within two to six weeks. Costs depend on the service: custody, management or advisory fees are agreed up front and disclosed under MiFID II rules, so ask for the full fee schedule before signing.

All investments involve risk, including the possible loss of capital, and past performance does not guarantee future results. Taxation depends on the personal circumstances of each investor.