Private banking
Private banking in Luxembourg: minimum assets and what's included
Luxembourg private banking has no legal minimum, but entities typically set a reference wealth of around €500,000 in financial assets to open a full private banking relationship. Below that level, custody-only or introductory services may still be available. From the reference threshold, the service usually includes a dedicated banker, an international investment platform, multi-currency accounts and, depending on the entity, discretionary management or advisory.
Why €500,000 and not a fixed legal figure
There is no law setting a minimum wealth to bank in Luxembourg. The €500,000 reference is a commercial threshold each entity sets so that a personalised service, a dedicated banker and access to an international platform make sense for both sides.
Below that threshold, some entities still offer custody accounts or simpler execution-only services, but without the dedicated relationship that defines private banking.
What moves the threshold up or down
- The type of service: custody alone requires less than discretionary management or tailored advisory.
- The vehicles used: a SICAV sub-fund or a unit-linked life insurance policy can carry their own minimum subscription.
- The client's country of tax residence, which shapes which structure and reporting are appropriate.
- Whether the relationship is purely custody or includes credit lines such as a Lombard loan, which some entities size relative to total assets.
What the service includes once you cross the threshold
From the reference wealth, a client typically gets a single point of contact, access to an international investment platform (funds, equities, bonds, SICAV sub-funds, unit-linked policies) and multi-currency operations in EUR, USD and GBP from one account.
The account sits within Luxembourg's regulatory framework, under CSSF supervision, and client assets are held with a custodian that is legally separate and distinct from the entity providing advice or management.
What it does not include
Private banking is not a guarantee of returns. All investments involve risk, including the possible loss of capital, and past performance does not guarantee future results.
Fees for custody, management or advisory are agreed and disclosed up front under MiFID II rules, and taxation on any income generated depends on the personal circumstances and country of residence of each investor.
Frequently asked questions
Can I start with less than €500,000?
It depends on the entity and the service. The reference wealth is indicative rather than a fixed rule, so it is worth discussing your specific situation directly.
Does the minimum have to be in cash?
Not necessarily. It can be an existing portfolio that is transferred in, savings, or proceeds from a sale — each case is reviewed individually.
Does a higher minimum mean lower fees?
Not automatically. Fee structures vary by entity and service type; ask for the full fee schedule before comparing options.
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