Relocating to Luxembourg

Magazine | DECEMBER 2015 / JANUARY 2016
Dossier
LIVING AND WORKING IN LUXEMBOURG
Luxembourg: Quality of (business) life
Developing your financial career in Luxembourg
Relocating to Luxembourg
Trailblazing spouses
Starting up in Luxembourg
WHAT MAKES LUXEMBOURG SUCCESSFUL?
BUILT TO LAST: LUXEMBOURG NATION
BRANDING
AUGMENTED REALITY APP LAUNCHES IN
LUXEMBOURG
NICOLAS MACKEL
Dear readers,
Among the many factors defining the competitiveness of countries or financial
centers the availability of talent plays a tremendously important part, and this
certainly includes the capacity to attract talent.
In this global race for talent, Luxembourg is probably not one of the best known
contenders – despite the fact the country ranks 3rd globally precisely because of
its capacity to attract, develop and retain talent (INSEAD Talent Competitiveness
Report, IMD World Talent Report). At the expense of stating the obvious, major
cities like New York, Paris, London, Hong Kong or Shanghai simply create more buzz.
However, having myself moved back from Shanghai to Luxembourg two and a half
years ago, I rediscovered with delight the convenience of life in a small city, all the
while enjoying a fascinating job in the local financial services industry. My kids love
the international school they attend and my trailing spouse quickly integrated into
the local art scene to pursue her professional activity.
Nicolas MACKEL,
CEO,
Luxembourg for Finance
After 11 years of life abroad, I also found Luxembourg having become even more
international than it already was. Today, nearly half the population of the country
is foreign and in the city of Luxembourg the percentage is even higher. Any outing
to one of the many weekend family activities or the state-of-the-art playgrounds
in the numerous parks or forests will make you feel like attending the UN General
Assembly.
While it might not be an obvious choice for those who do not know it, Luxembourg
is seen as a blessing for those who have moved here. The work-life balance that
people can enjoy in Luxembourg is unparalleled. Where else can you raise your
children in an environment where you will live less than 20 minutes from school,
from work, from the forest, from the city center and from the airport and still be
at the top in the international financial services industry? Where else will your
children have the chance to learn and practice English, French and German?
I hope our dossier dedicated to working and living in Luxembourg, featuring
numerous testimonials from people who have come here and built a life and career,
will illustrate these points convincingly as well as provide useful information.
This magazine also features an article on two recent publications. The first is
LUXFIN2020, a vision for the future development of our financial center in
which we articulate three core ambitions for the next five years. The second,
SurprisingLux, elaborated in cooperation with Luxembourg for Business and
Luxinnovation, sheds light on Luxembourg’s economic diversity and offers a number
of surprising economic facts about the Grand Duchy. You can download both from
our website ww.luxembourgforfinance.com .
Raising the profile of Luxembourg abroad, and thus successfully communicating on
the values that make Luxembourg "Luxembourg", is one of the the key objectives of
the ongoing nation branding process. In this context, we interviewed Sasha Baillie,
Diplomatic advisor of the Deputy Prime Minister, who chairs the Luxembourg
nation branding committee.
Let me conclude by asking you to join me during this holiday period in thinking of
those who have lost loved ones in the atrocities committed by depraved barbarians
or who have had to flee their homes because of them.
I wish you and your families all the best for the new year !
EDITORIAL | P.2
WHAT MAKES
LUXEMBOURG SUCCESSFUL?
Luxembourg for Finance
has launched in the last
few weeks two initiatives
to showcase the factors of
Luxembourg's economic
success: LUXFIN2020 and
SurprisingLux.
LUXFIN2020
The report LUXFIN2020 details how
Luxembourg has grown into one of Europe’s
leading financial centres over the past
three decades and how it plans to build
on its existing strengths, while identifying
opportunities in other, newer sectors of the
financial services arena.
Thanks to its inherently international
position, Luxembourg has developed crossborder products and services in a variety
of sectors including banking, investment
funds, wealth management, insurance and
LUXFIN2020 | P. 3
capital markets. In recent years, Luxembourg
has become a leading hub in the European
Union from where many financial
institutions manage their international
operations.
Luxembourg’s solid foundations as well as
the vision developed in LUXFIN2020 will
enable it to remain a leading international
financial centre for years to come.
LUXFIN2020 lays out how Luxembourg will
continue to improve its competitiveness and
establish itself as the destination of choice
in the European Union for international
investors.
CORE GROWTH AMBITIONS
The vision developed in the report is built
around three principal objectives:
1 — TO DEVELOP FURTHER AS A CENTRE
OF EXCELLENCE IN CROSS-BORDER
FINANCE
Consolidate and develop Luxembourg’s
expertise in cross-border financial services
2 — TO BE THE EU ONSHORE FINANCIAL
HUB OF REFERENCE
Expand Luxembourg’s role as the European
location of choice for global financial
services providers
LUXFIN2020 | P. 4
3 — TO BECOME A DIGITAL LEADER IN
EUROPE
Foster innovation and become a leader in
digital financial services
These objectives will be accompanied by
improvements in hard and soft infrastructure
and supplemented by growth drivers for
each underlying sector of the financial
centre.
FINTECH
The digitalisation of the financial industry
will be one of the main priorities for the
financial centre over the next five years in
what is likely to be the start of a new era
in financial services. Luxembourg aims to
position its financial industry as a leader
in digital financial services. By bringing
together the different communities involved
in the FinTech revolution, it will create an
environment that is conducive to financial
innovation.
Stability in motion
LOOK CLOSER FOR OPPORTUNITIES
BEYOND BORDERS
SURPRISING SUCCESS STORIES
SurprisingLux tells the story behind
Luxembourg’s economy using facts, figures
and anecdotes to showcase its strength
and diversity. Whether it’s developing car
components or lunar tyres, connecting
vehicles with SIM cards, or managing
air traffic from space, Luxembourg is
everywhere you turn and is determined to
remain at the forefront of global innovation.
The new publication is supported by a
microsite and a social media campaign
that will continue to be enriched with new
examples.
Solidly rooted,
naturally innovative.
Take a closer look @ surprisinglux.com
FROM MICROSCOPE TO TELESCOPE
Part 1 of this publication is symbolised
by a microscope and invites the reader
to take a closer look at Luxembourg.
Although SurprisingLux reveals what
many stakeholders in Luxembourg already
know, much of it is less known outside
Luxembourg. This is why the first part
includes four messages illustrated by a
variety of key figures and examples. It
encourages readers to take a closer look at
Luxembourg’s assets and strengths as an
international business centre:
- Welcome (to) Europe: connecting
international business with Europe
- Stability in motion: solidly rooted, naturally
innovative
- Human scale, global skills: the shortest
route to international talent
LUXFIN2020 | P. 5
- Quality of (business) life: grow your
business, live your life
Part 2 is symbolised by a telescope and
shows the Luxembourg’s financial and
economic sectors in greater detail with
concrete examples that highlight the
existing synergies between sectors in pages
entitled as “trailblazers”.
Luxembourg for Business and Luxembourg
for Finance welcome contributions from
all of Luxembourg’s relevant stakeholders
to help showcase success stories,
additional surprising products, innovative
services, and international expertise. New
contributions will be unveiled gradually on
the Surprisinglux.com digital platform and
via social media. The brochure is available in
English, French, German and Chinese.
Both initiatives included a new
publication that can be downloaded on
www.luxembourgforfinance.com and
www.surprisinglux.com. LR
LIVING AND WORKING IN LUXEMBOURG | DEVELOPING YOUR FINANCIAL CAREER IN LUXEMBOURG
Jeffrey TESSLER
Chairman and Member of the
Deutsche Börse Executive Board,
Clearstream
DEVELOPING YOUR
FINANCIAL CAREER IN
LUXEMBOURG
LFF talked with five figures at
different levels of hierarchies to find
out why they made the decision
to move to Luxembourg and
explain how they have successfully
developed their international
financial careers in Luxembourg.
American Jeffrey Tessler is Chairman of Clearstream. He
moved to Luxembourg in 2005, continuing a successful
banking career which involved positions in New York and
London. Fellow American, Martin Dobbins, was seconded to
Luxembourg in 2001. Spotting an opportunity to grow the
business, he requested to stay on in Luxembourg and is now
Managing Director, Senior Vice President and Country Head
of State Street Luxembourg.
British banker Nigel Fielding, began his career in London and
Hong Kong, moving to Luxembourg in 1999, becoming Country
Chief Executive Officer of HSBC in 2010. Scottish private
equity manager, Ruth Sillars-Mathouillot, began her career in
Luxembourg ten years ago. After returning to the UK for five
years to enhance her skills in Glasgow, Edinburgh and London,
she now works at Banque Pictet & Cie.
Swedish and Italian Daniela Klasén-Martin, has more than 20
years experience in the financial sector. As Managing Director
and Luxembourg Country Head of Crestridge, a global fund
services and administration specialist, she combines a key
global role with a busy family life.
LIVING AND
FINTECH
WORKING
DOSSIER
IN LUXEMBOUG
| P. 6
| P. 6
DECIDING TO MOVE TO LUXEMBOURG
Nigel Fielding was working in Boston when he was offered the
opportunity to become general manager of an international fund
administration and custody banking business in Luxembourg, a city
he says he knew little about.
"I got the opportunity to visit Luxembourg for a few days, and when I
saw the city and the countryside, I just knew this was the place for me",
enthuses Fielding. "I was fascinated that Luxembourg had this massive
international fund centre and I wanted to know more about it. I thought
that's the financial centre where I should develop my career, and the
decision was easy".
The diverse origins of Luxembourg's population make the country
remarkably unique and welcoming to foreigners. A country where
more than 170 nationalities rub shoulders, boasting one of the world's
highest standards of living.
Nigel FIELDING
Country Chief Executive Officer,
HSBC Luxembourg
"I was asked to help position the company for growth, as we saw
Luxembourg as being a great opportunity", points out State Street
Managing Director Marty Dobbins, who initially came to Luxembourg
on an eight-month assignment. "It was very easy to settle in here
because of the international atmosphere and since then, both my family
and I have stayed and fallen in love with the country".
It was the opportunity to work in a multi-lingual and cosmopolitan
environment in the heart of Europe that attracted Daniela KlasénMartin to take up the position of Financial Controller at Schroder
Investment Management in 1997.
"I didn't know much about Luxembourg before coming here. I am
myself quite multi-cultural. I was born in Italy, with an Italian mother,
a Swedish father, and I have a French husband", points out KlasénMartin, who speaks four languages fluently.
CONNECTING TO LUXEMBOURG
Moving from London to Luxembourg enabled Jeffrey Tessler, Chairman
of Clearstream to fully understand the potential of the rapidly
developing European market and to connect to global markets.
"You are more closely connected to what is going on in regulatory
channels when you are in the heart of Europe", explains Tessler, who
manages clients in 110 countries. "I travel frequently, and one of the
benefits of living here is that my home and office are only a ten-minute
drive to the airport".
Luxembourg's modern airport located on the outskirts of the financial
centre offers rapid and solid connections to the principal European
capital cities.
"The ease of connecting with our clients is fantastic", adds Dobbins.
"Getting from Luxembourg to London City is like a commute from Boston
LIVING AND WORKING IN LUXEMBOUG | P. 7
Discover our video blog
by scanning the QR code
to New York and there are direct connections from Luxembourg to all the
major financial centres in Europe. On a personal level, it is only a four-hour
drive to the ski slopes, and a two-hour train ride to Paris, so it is a fantastic
location to explore and enjoy continental Europe".
DEVELOPING AND GROWING A BUSINESS
When Nigel Fielding was appointed HSBC Country Head in 2009, his
first task was to strategically review the activities in Luxembourg.
"The HSBC Group is present in over 70 countries and our businesses in
Luxembourg had been viewed as being quite disparate, and it was not
clear how it all fitted together", explains Fielding who successfully
reshaped and expanded the business in Luxembourg. "Now, the HSBC
Group recognises that here in Luxembourg we have four key customerfacing businesses: private banking, fund and asset management,
alternative funds, corporate banking, and fund services. These fit
strategically into what HSBC is doing globally and the Group sees
Luxembourg as a significant market in these areas".
Before moving to Luxembourg, Dobbins spent eight years specialising
in company restructuring. "It was great to get back to what I had
traditionally done, which is to run and grow a business", explains
Dobbins. "In 2001 when I came here, there were only 350 employees
in Luxembourg and today we are approximately 1,100 employees and
service clients from over 20 different countries around the globe".
FIRST MOVER ADVANTAGE
An innovative mindset has helped Luxembourg to define the future
needs of the financial centre to enhance its attractiveness for new
actors. Minister of Finance, Pierre Gramegna has made the further
development of the FinTech sector in Luxembourg one of his priorities.
Marty DOBBINS
Managing Director, Senior Vice
President and Country Head,
State Street Luxembourg
"The opportunity for Clearstream to be involved in the development
of FinTech in Luxembourg is quite unique", points out Tessler, who sits
on a working committee aimed at supporting digitalisation in the
financial sector. "It is the hallmark of a small country that is focused
on growth. I look at Luxembourg in the same way as I look at Singapore
- the government gets it. They understand that the only way in which
they are going to be successful is to be partners with business and
Luxembourg does that very well".
"The business environment in Luxembourg is a real differentiator in
Luxembourg", points out Fielding. "The government and politicians in
Luxembourg are very accessible and prepared to take the time to listen and
act, that can be much more difficult in some of the bigger financial centres".
"Luxembourg products tend to be really on the cutting edge of technology
as well as regulatory change", points out Dobbins. "The breadth of
experience across the community is very deep in all professions and
regulations can be discussed quickly at a very detailed level".
LIVING AND WORKING IN LUXEMBOUG | P. 8
DEVELOPING YOUR CAREER
Daniela Klasén-Martin has spent over 17 years in Luxembourg and sits on various ALFI (Association of the Luxembourg
Fund Industry) committees involved in risk management, and fund governance. In 2006, she left her job at an investment
management company after an approach by another financial business to become its new CEO. "You have headhunters
in Luxembourg who are internationally based and know the market well, but I would say that most management jobs at my
level come about through networking". In 2010, Klasén-Martin was directly approached by Crestbridge to initiate a new
office in Luxembourg. She saw the opportunity of combining her expertise in running management companies with
Crestbridge’s track record within the alternative funds and launch one of the first third party AIFMs.
"The advantage of Luxembourg is that it is a market that is moving all the time, and it is very open to new ideas and new
ways of doing things", points out Klasén-Martin. "Luxembourg saw the opportunity with the dawn of UCITS III and the
tightening up of risk management frameworks to develop expertise in this sector. We have been able to transpose that
expertise within alternative funds and now have a growing hub of risk managers in Luxembourg, which is a a key function
within Crestbridge and a key competitive advantage for Luxembourg".
With 143 international banks, as well as a world leading funds industry, the financial centre offers plenty of opportunities
to enhance professionals at all career levels.
"There are a lot of players in Luxembourg, so there is a big job market", points out Fielding. "The market usually has a fairly
constant demand, so there are plenty of opportunities to move around and you do see a lot of people moving around to
develop their career".
WORK LIFE BALANCE
"In Luxembourg, you can easily manage work and family life because
the city is a perfect size and childcare so accessible", points out KlasénMartin. "Careerwise, it offers you diverse opportunities that you would
not get working in a market that is purely domestic". Klasén-Martin
combines her high profile job with bringing up her two children.
"When I had my first child, I realised that I could not have had such a
demanding job in a large city and I certainly would not have seen my
kids grow".
Three years ago Ruth Sillars-Mathouillot and her husband left their
banking jobs in London to return to Luxembourg where they had
launched their careers in 2005.
"Taking on a role as a consultant when I returned to Luxembourg,
allowed me to work on projects within banks and within financial
structures, without instantly rushing into a full-time contract. It also
gives you access back into a fast moving market because the product
you might have worked with five years ago will have evolved and
changed", points out Sillars-Mathouillot.
LIVING AND WORKING IN LUXEMBOUG | P. 9
Daniela KLASÉN-MARTIN
Managing Director
and Luxembourg Country Head,
Crestbridge
Ruth SILLARS-MATHOUILLOT
Oversight Manager,
Private Equity Banque Pictet & Cie
Sillars-Mathouillot began working on a large migration project for
HSBC and then oversaw the opening and initial growth phase of
Standard Chartered Bank Operations in Luxembourg. Moving to
Banque Pictet earlier this year, Sillars-Mathouillot now works as
an oversight manager for the private equity side of the depository
bank. "It's a role that is very closely linked to the AIFMD regulation",
explains Sillars-Mathouillot who works in both English and French. "In
my building, there are at least 20 different languages spoken and this
makes for a rich cultural experience".
ACHIEVING A WORK-LIFE BALANCE
A key issue for Sillars-Mathouillot, who is now expecting her first
child, is flexible working time, to have a work-life balance.
"The flexibility of work pattern options and affordable childcare was a
big player for us when we decided we would move back to Luxembourg.
It is the sort of place where you can easily balance out life and work.
You have all the opportunities you would expect in a larger European
city, but at the same time it stays very small, so you can easily do work,
going out, sport, and it's all readily available to you".
LIVING AND WORKING IN LUXEMBOUG | P. 10
Luxembourg offers expatriate families the opportunity to educate
their children in French, German and English in the multi-lingual
state school system. There is a diverse range of international schools
in English, French and other European languages making it easy for
families with children of all ages to integrate.
Marty Dobbins moved his family to Luxembourg when his children
were in the early years of their school education. "It was very easy
for the family to settle into Luxembourg because of the international
atmosphere here. The International School of Luxembourg is where our
children attended and my wife is a teacher. The school had an excellent
academic reputation, and we have seen it first hand by the quality of
universities that students have been accepted".
After 17 years working in Luxembourg's financial centre, Nigel Fielding
is preparing to pass on the baton and retire from HSBC, but it is clear
that he is not packing his bags yet.
"My partner and I have decided to stay in Luxembourg because we love
being here. You have all the nationalities living together in a country
that works so well. When you think about the health system, the
transport system and the infrastructure, it is just so easy to live here. It's
not something we actually gave a second thought to", he says with a
twinkle in his eye, "because Luxembourg is our home". GM
LIVING AND WORKING IN LUXEMBOUG | P. 11
"It was very easy for
the family to settle into
Luxembourg because of the
international atmosphere
here.”
Marty DOBBINS
A WELCOMING INTERNATIONAL ENVIRONMENT...
• 46% of the population are foreigners and come from 170 countries.
• 2nd best city for expats in the EU and 5th worldwide.
(Expat Insider 2015)
• Ranks 1st in Europe for efficient and helpful administrative services.
(Eurostat Urban Satisfaction Rate 2013)
• Ranks 8th worldwide in terms of level of English proficiency and is the leading EU country for multilingual
skills, with 61% of the population able to speak at least 3 languages in addition to their mother tongue.
(EF English Proficiency Index 2015; European Commission Eurobarometer 2014)
• 3rd country worldwide where expats love to work.
(Expat Insider 2015)
... WITH A GREAT WORK-LIFE BALANCE ...
• One of the safest countries in Europe.
(Mercer’s Quality of Living Survey 2015)
• Cost of living in Luxembourg is lower than many other European capitals.
(Eca International 2015)
• High-quality sporting facilities ranking 2nd in the EU.
(Eurostat Urban Satisfaction study 2013)
• Ranks 2nd in Europe for its parks and gardens while the forest is never far away.
(Eurostat Urban Satisfaction study 2013)
• With 10 Michelin-starred restaurants, Luxembourg City boasts the most stars per capita of any city
in the world.
• Located only a few minutes driving distance from Luxembourg City Centre, Findel Airport offers direct flights
to 66 destinations.
... AND A GREAT PLACE TO GROW YOUR BUSINESS
• Ranks 3rd in the world for talent competitiveness and is a world leader in high-skilled employment.
(INSEAD Global Talent Competitiveness; World Economic Forum and International Labour Organization)
• Luxembourg city ranks 1st out of 468 cities and regions for economic potential.
(fDi Magazine: European Cities and Regions of the Future 2014/15)
• Most competitive country in the EU and ranks 6th worldwide.
(IMD World Competitiveness Yearbook, 2015)
• Ranks 9th in the world for ICT Readiness.
(Global Information Technology Report 2015)
on
Ad
ini s tra
ti
m
LIVING AND WORKING IN LUXEMBOURG | RELOCATING TO LUXEMBOURG
RELOCATING
TO LUXEMBOURG
LFF talked to three HR directors from
the large consultancy firms to discuss
the challenges and opportunities for
staff and employers of recruiting and
moving to Luxembourg. Belgian Geraldine Hassler, is Head of
HR at KPMG Luxembourg and has
been working in Luxembourg since
2005. German and Belgian Rebecca
Lehmann, has worked in Luxembourg
for 15 years and is Director within
the HR Department at Deloitte
Luxembourg. PwC Payroll and Human
Capital Partner, Vinciane Istace is
Belgian and moved to Luxembourg
23 years ago.
LIVING AND WORKING IN LUXEMBOUG | P. 14
RECRUITING KEY TALENT
L FF: WHAT ARE THE BIGGEST CHALLENGES YOU FACE
RECRUITING INTERNATIONAL TALENT?
G
H: Often we find that people know very little about Luxembourg
- either as a home for their family or as a place of work – so our
biggest challenge is to bring them up to speed on what the Grand
Duchy has to offer. When people do learn how young, vibrant and
multicultural the city is, we have little trouble convincing them to
make the leap and work here.
Our target recruits in the finance sector know Luxembourg as a
booming financial centre, with a high quality of life and anecdotally
good work-life balance. We’re on the map as a place where people
can gain international exposure, especially as the only prerequisite in
terms of language is English. A knock-on effect of this international
dimension are the thriving and growing expat communities: they play
a key role in helping people to get settled in and establish a network.
L FF: HOW IMPORTANT ARE LANGUAGE SKILLS FOR
WORKING IN THE FINANCIAL CENTRE?
GH: Luxembourg is a truly cosmopolitan place. With over 170
different nationalities living here, English has become the business
language. A second or third language (French and German) is also a
strong asset.
L FF: WHAT TYPES OF VISAS AND WORK PERMITS EXIST FOR
PEOPLE TO COME AND LIVE AND WORK IN LUXEMBOURG?
GH: For EU-citizens, the good news is that no visa or travel permit
is required, as Luxembourg is part of the borderless Schengen zone.
Non-EU citizens, on the other hand, need to follow a two-step
procedure to obtain the paperwork they need. Part of the process
– obtaining a temporary residence permit and visa if necessary should be done before arriving in Luxembourg. Upon arrival, you’ll
need to declare yourself to your local council (commune), have a
medical check and also submit an application for a residence permit
for third country national salaried workers. Highly-qualified workers
follow a special simplified process.
L FF: HOW EASY IS IT FOR NEW EMPLOYEES TO CUT
THROUGH THE RED TAPE AND BECOME RESIDENT IN
LUXEMBOURG?
GH: As a small country, Luxembourg has relied on immigration
to grow, so the administrative process is well-documented and
straightforward but may take between two to four months. Details
about all the administrative procedures are available in English,
German and French on www.guichet.lu. In addition to step-by-step
descriptions, the site also contains the relevant application forms,
contact details for the different administrative bodies and much
more essential information.
L FF: HOW EASY IS IT FOR NEW STAFF TO FIND AFFORDABLE
HOUSING?
GH: Within a 50km range, Luxembourg and its neighbouring countries
offer a wide range of options in terms of housing. What’s great about
Luxembourg is that - whether you like the lights of the city or the fresh
air of the countryside - you can easily find accommodation to suit your
needs. What’s more, you’re never too far from essential amenities, such
as schools, shops and local public services. With the constant influx of
people, the rental market here is hot, so when you find accommodation
that you like, it’s maybe best not to spend too long taking a decision.
LIVING AND WORKING IN LUXEMBOUG | P. 15
Geraldine HASSLER
Head of HR,
KPMG
REMUNERATION AND TAXATION
L FF: HOW DOES LUXEMBOURG’S PERSONAL TAXATION
SYSTEM WORK FOR EU AND NON-EU STAFF? R
L: Employees receive a tax card from their commune on which their
respective tax class figures. The tax class depends amongst others
on your marital status. Your employer will withhold a percentage
of your salary based on your tax class and pay it to the Ministry
of Finance directly. As many expenses in Luxembourg are tax
deductible, it may be in your interest to fill out a tax declaration
at the end of the year to claim back some of the taxes that were
deducted by your employer.
Your salary is built up in "brackets" (layers). On each "bracket", a
certain percentage of taxes apply, the lowest bracket (minimum
wage) being taxed at nearly 0 percent. Personal taxes are relatively
low in Luxembourg compared with other countries, e.g. a single
person earning 5,000 EUR gross, will pay approximately 22 percent
taxes on the monthly salary. It is important to take this into account
when looking for a job in Luxembourg and to compare net salaries
rather than gross salaries.
Rebecca LEHMANN
Director, HR Department,
Deloitte
"Tax-deductible expenses
include interests on
mortgages, investments in
pension planning, certain
insurance premiums,
domestic help, childcare,
or donations up to a
certain amount."
LIVING AND WORKING IN LUXEMBOUG | P. 16
L FF: WHAT ABOUT OTHER TAX BENEFITS AVAILABLE FOR
RESIDENTS IN LUXEMBOURG? R
L: Next to state subsidies, a list of expenses are tax deductible.
First on state subsidies; examples include reduced notary costs
when buying your first residence, child allowances or subsidies
on mortgages for families with children. Tax-deductible expenses
include interests on mortgages, investments in pension planning,
certain insurance premiums, domestic help, childcare, or donations
up to a certain amount. SOCIAL SECURITY SYSTEM LFF: WHAT ARE AN INDIVIDUAL'S OBLIGATIONS AND
ENTITLEMENTS UNDER LUXEMBOURG'S SOCIAL WELFARE
SYSTEM?
V
I: The Luxembourg Social Security System is designed to protect
the individual from a series of risks that would result in a potential
dependency or decrease/loss of remuneration. Its coverage is
rather extensive, but more information is available by scanning
the QR code.
The social welfare system in Luxembourg is compulsory: it does
mean that each worker is then affiliated to the "Centre Commun de
la Sécurité Sociale" (CCSS) upon his arrival in Luxembourg by the
employer.
The employees have to pay contributions for sickness and maternity
insurance, long-term care insurance and pension insurance (old-age,
invalidity and survivors' insurance). The amount of the contributions
is calculated as a certain percentage of their earnings. The employee
must pay half the contribution (12.45% @ 1.1.2015) while the
employer pays the other half.
L FF: IS IT NECESSARY FOR EMPLOYEES IN LUXEMBOURG TO
PAY COMPULSORY CONTRIBUTIONS TOWARDS A STATE
PENSION?
VI: State pension is also of a compulsory nature and Luxembourg
employees contribute monthly a given percentage on their gross
salary.
In order to qualify for an old-age pension, the employee must
cumulate an insurance period of at least 120 months, and have
reached the age of 65. In certain circumstances, an early old-age
pension can be awarded as from the age of 57 depending on the
length of the period of insurance (480 months). Periods of insurance
completed in other Member States of the European Union are taken
into account. If an employee does not qualify for a pension at the
age of 65, the paid contributions will be returned to him/her.
L FF: WHAT ARE THE HEALTHCARE BENEFITS FOR THOSE
WORKING IN LUXEMBOURG AND THEIR FAMILIES AND HOW
DO YOU QUALIFY FOR THEM?
VI: The entire population is covered by the mandatory Luxembourg
healthcare system. On top, people are free to choose a private
provider for private health insurance.
Vinciane ISTACE
Payroll and Human Capital Partner,
PwC
A person in Luxembourg is entitled to healthcare without any
qualifying period if he/she is in paid employment or self-employed
or qualifies for a range of other categories.
Scan the QR code
for more information.
Benefits and services are provided for an unlimited period for as
long as the employee is insured. When the insurance ends, the
employee is still entitled to benefits during the current month and
the following three months, provided the employee was insured for
an uninterrupted period of six months immediately preceding the
disaffiliation.
LIVING AND WORKING IN LUXEMBOUG | P. 17
L FF: WHAT MATERNITY AND PATERNITY BENEFITS ARE
AVAILABLE TO RESIDENTS IN LUXEMBOURG?
Maternity leave benefits
VI: The costs for care in connection with childbirth, assistance
by the doctor and midwife, the stay in hospital and medicine are
covered according to the rules applicable in case of sickness. Costs
associated with dietary products for infants are covered by
a lump sum.
A cash maternity allowance is awarded to employed and selfemployed women for 16 weeks, from eight weeks before to eight
weeks after confinement, provided they were obligatorily insured for
at least six months during the 12 months preceeding the start of the
maternity leave. This qualifying period of 6 months is to be carefully
considered when contemplating settling in Luxembourg. The
allowance is also paid where a woman who is pregnant or has given
birth has been released from work because the post she occupies
poses a risk to her health. The amount of the allowance corresponds
to the earnings she would have received if she had been able
to continue working. The maternity allowance is not paid as long as
her employer continues to pay her wage or salary.
"The entire population is
covered by the mandatory
Luxembourg healthcare
system. On top, people are
free to choose a private
provider for private health
insurance."
Vinciane ISTACE
Parental leave benefits
VI: Each parent bringing up one or more children aged under five for whom family allowance is paid may claim
parental leave benefit. Parental leave may be granted under a full time or partial time basis (half of initial working
time). An applicant who is not in paid employment must be pursuing a self-employed activity in Luxembourg when
the child is born or adopted. Applicants who are in paid employment must have been employed with the same firm
based in Luxembourg for at least a year prior to the commencement of parental leave.
Parental leave is six months for each child. In the case of part-time parental leave this may be extended up to a period
of 12 months.
Parental leave gives entitlement to a lump-sum benefit paid in monthly installments for the entire duration of the
leave. This payment is not subject to tax or any social security contributions other than for healthcare and nursing
care insurance. Pension insurance contributions are paid by the State.
It is to be noted that parental leave is under a reform that will be enacted soon (early 2016) consisting in granting
greater lump sum benefits linked to the last 12 month salary. Other changes refer to a parental leave simultaneously
enjoyable by both parents. GM
LIVING AND WORKING IN LUXEMBOUG | P. 18
LIVING AND WORKING IN LUXEMBOURG | TRAILBLAZING SPOUSES
TRAILBLAZING
SPOUSES
Trailing spouses are the unsung
heroes of international relocations,
playing an essential role in the
success of foreign assignments.
With increased support available
to cushion change for expats,
those accompanying their other
half overseas can carve out new
opportunities in a supporting and
nurturing environment.
LFF talked to four partners of
financial sector employees who
gave up their jobs to follow their
spouses to Luxembourg to find
out how they have been able to
reinvent their careers
in Luxembourg.
Five years ago, Camilla Herlev Jensby and her husband were juggling
senior banking jobs in Denmark with a hectic family life.
“My husband and I were coming home late every evening, and we
saw very little of our three young children, so we were ready to do
something drastic. When my husband was offered a high-level position
with an American bank in Luxembourg, we jumped at the chance”.
Herelev Jensby spent her first year in Luxembourg, settling their
three children into their local school in the city. However, a chance
meeting at a pilates class with a fellow expat mother, Mette
Stadsgaard-Haun, herself a former banker in Denmark, led to a
business partnership and the creation of ByDK. (www.bydk.lu)
“We both wanted to do something completely different, and it felt
like the right time to reinvent our careers", explains Stadsgaard-Haun
whose husband works for a Scandanavian bank in the financial
centre. “We both loved Danish design that by its nature is minimalist
and unique, and that was not on offer in Luxembourg so we wanted to
fill that gap".
LIVING AND WORKING IN LUXEMBOUG | P. 19
Herlev Jensby family
The businesswomen set about buying their first design collection
from the annual Copenhagen fashion and design fair, and reached
out to a group of expat women for support.
“The network we developed through the “Nordic Women’s Club”,
which is a group of small entrepreneurs was very important to us,
as we developed our business in Luxembourg. Just to have different
people in your life to exchange ideas with, who you could connect
with was very helpful”, adds Herlev Jensby.
ByDK Shop
Having given up his promising career in training and development in
Vancouver, Canadian Tim Driscoll followed his spouse to Luxembourg
twelve years ago. His French wife had accepted a job at the Royal
Bank of Canada in Luxembourg, one of the countries largest financial
sector employers.
"People don’t know when they arrive in Luxembourg that there is
a large expat community who can help them integrate into the
country and network with the home culture. Many groups can help
you re-establish yourself and start assessing what the potential work
opportunities are. In fact, it was an expat friend who told me, that
because I am married to a French citizen, I could work in Luxembourg".
In many countries, the trailing spouse is permitted a dependent visa
that does not allow them to work. However, EU law allowed Driscoll,
as a foreign national to work in Luxembourg, which enabled him to
bring his training skills to the marketplace.
Stadsgaard-Haun family
LIVING AND WORKING IN LUXEMBOUG | P. 20
"It is easy to find work here, it really is", explains Driscoll who spent
his first years offering language training. In 2008, spotting a gap in
the market for a language and HR training agency, Driscoll set up
EVA Training, now a successful enterprise in Luxembourg.
"Although the process of setting up the business was speedy,
there were rigorous checks made about our business viability and
credentials. In Luxembourg, the government requires that you have
a requisite degree and related experience to be permitted to set up
a business. My business partner has experience of being a company
director, and I also have an educational diploma from Cambridge
University, which qualifies me to manage a language school", adds
Driscoll. “The Luxembourg government came to our offices to check
the premises, and examined our training material, and authorisation
documents. It was appreciated by us because we are a legitimate
company, but it did come as a surprise, but reassuring at the same
time".
Following her move to Luxembourg from London in 2011, former
Canadian nurse Tara Donnell plunged herself into following her
passion of acting and making her dream of producing a feature film
a reality.
"Before relocating to Luxembourg, my husband, who works as a
financial controller, was based in Germany and London. During those
years I was a stay at home mum, but I took the opportunity to study
drama", explains Donnell. "After we had relocated to Luxembourg, I
joined a well-established drama society in the city and realised that
there was a clear demand for professional coaching, so I jumped in
with both feet and the minute I started offering acting workshops, the
doors opened up, and opportunities came by" explains Donnell who
herself has appeared in a few films already.
Owners of ByDK
Mette Stadsgaard-Haun
and Camilla Herlev Jensby
"Three years ago Luxembourg received its first Oscar, for the animated
film Mr. Hublot, so the industry is rapidly developing and is very
welcoming to new talent", points out Donnell.
"It was a challenge, at first, to relocate with young children, and
to manage acting workshops simultaneously, but the Luxembourg
government does a wonderful job of supporting families. There are
registered childminders in the city who could step in and help me
when I had to work. In total, it works out to be around ten euros an
hour for my three children for the times they are in childcare, so the
country's subsidised child care makes working possible for people like
me in the creative sector".
During the workshops, Donnell was inspired to create a film project
with her acting students. The idea for her first short film, "Oleander"
which tackles the worldwide humanitarian issue of trafficking of
humans had been seeded during a spell working as a nurse in a shelter
for prostitutes and volunteering in Central America.
"The experience of working as a nurse in a safe house, supporting
abused women never left me, and I wanted to bring these issues to the
screen".
LIVING AND WORKING IN LUXEMBOUG | P. 21
Tim DRISCOLL
Co-founder,
EVAtraining
"I raised the money through Crowdfunding campaigns and the
proceeds of my acting workshops, but the key was the support of
Luxembourg film professionals who believed in my vision and gave
their time to the project, many helping out for free".
“Oleander”
The short film premiered at the British-Irish Film Festival in October
to rave reviews, and Donnell is hopeful that her first film will soon
be screened in festivals around the world. "Oleander was my first
project, and we filmed it in only three days, but the feedback I have
received has been incredible. My plan now is to develop Oleander into
a television series, so I am in the process of submitting my proposals to
Amazon Studios, so watch this space", concludes Donnell who is also
working as a casting director now too. GM
Tara DONNELL
Actress and Film Producer
© Pungkai & Galerie Zadra
© Vasco Dos Santos photography
The Luxembourg Film Fund invests 40 million euros annually in the
industry, but as a first-time filmmaker, Donnell wanted to try doing
it on her own.
GFCA Luxembourg
acting workshops.
LIVING AND WORKING IN LUXEMBOUG | P. 22
LIVING AND WORKING IN LUXEMBOURG | STARTING-UP IN LUXEMBOURG
STARTING-UP
IN LUXEMBOURG
Kevin Colgan is what many people
call a “trailing spouse”, a husband or
wife following a marriage partner
who takes a job in another place.
Colgan, a British national, put his
career as an engineer on hold to
follow his wife to Luxembourg after
she accepted a senior job with the
European Commission. A chance
meeting with a fellow expat on a
football pitch led to the creation of
one of Luxembourg's newest ICT
start-ups, Houser (www.houser.lu),
a website that enables house buyers
to make better-informed property
decisions. He told LFF about the
high levels of support the start-up
is receiving to help get the awardwinning business off the ground.
LIVING AND WORKING IN LUXEMBOUG | P. 23
“My Canadian business partner Matti Heikkila and I used to play
amateur football together along with other expats”, explains Colgan
from his home in Cents, a popular family area in the city with great
sports facilities and a green, quiet environment. “The idea came about
when we were chatting on the pitch one afternoon about the lack of
information available on the sale prices of Luxembourg property”, adds
Colgan, who himself had bought a house with no direct understanding
of the property market. “Matti was looking to buy a house and was
as frustrated as I had been at trying to work out what was going on in
the property market. There was no easily accessible information on
how prices had changed and whether a property was good value, so
Matti started to collect his own statistics and created a database of live
property information, detecting all the changes", explains Colgan, who
suggested that he use his engineering background to put a website
round it.
Luxembourg, like many countries in southern Europe, does not have
an open property register, and the aim of the website is to provide
some additional information to support both buyers and estate
agents. The long-term goal is to go international and target new
markets.
“The idea is to provide some transparency into the market. The website
tracks every property on the market every day, so we can derive trends
from this”, adds Colgan. "So if you are interested in a three bedroom
house in Kirchberg, we can show you how the prices have changed just
for this type of property which you don’t get from government statistics,
and you don’t get from the on-line listing sites. Luxembourg is a small
market, and we hope by testing our service here we can grow on a
European scale".
Kevin COLGAN
Co-founder,
Houser
"We were a bit wary
about having to do
everything in French,
but actually, we were
able to do the statute
in English and then the
notary translated it into
French.”
Colgan and his business partner met with the Luxembourg Chamber
of Commerce to enquire about how best to set up the business. The
partners were advised to set up a private limited company (SARL) and
set about raising the 12,000 EUR needed to create the enterprise. “It
didn’t take us long at all. I already had an independent statute, which
is a license that says you are permitted to set up a business", explains
Colgan. "We were a bit wary about having to do everything in French,
but actually, we were able to do the statute in English and then the
notary translated it into French. In this type of company, the liability
of the shareholders is limited to the amount of capital you put up, and
your shares may be transferred only as provided for by the law, so it was
quite easy to set up".
The start-up was quickly nominated to join LuxInnovation, the
National Agency for Innovation and Research, as a start-up company.
The agency immediately saw its potential and suggested the
entrepreneurs enter the interregional network 1,2, 3 GO annual
business plan competition. The duo were successful and won 4,500
EUR and free-of-charge advice from an experienced entrepreneur
and business leader. “Our mentor was Robert Schauss, who is a very
successful businessman and we would meet him informally every month
in Luxembourg. He reviewed our business plan, and gave us some
excellent pointers and contacts”.
The website was launched in May to mark the start of the traditional
selling season for real estate in Luxembourg. “The housing market
remains buoyant in Luxembourg, and prices have increased by 20%
across the board since 2009", points out Colgan. "The website supports
buyers because it aggregates the property values of homes from the
largest Luxembourg real estate websites and users can see if a seller has
raised or lowered the asking price in the past and for how long it has
been on the market".
LIVING AND WORKING IN LUXEMBOUG | P. 24
During the summer, the start-up was accepted for Fit4Start, a new
support programme to improve the starting conditions of young
innovative enterprises in the information and communication
technologies (IT) sector.
“We are in the pilot edition of the scheme, so this is a new initiative to
help start-ups get from having a good idea to getting something on the
market in as quick a time as possible".
The scheme is funded by the Ministry of Economy, in partnership with
LuxInnovation and with the support of the Technoport incubator. By
participating in the four-month programme, the start-up benefits
from 50,000 EUR of public financing, free of charge facilities at the
national Technoport incubator, coaching and weekly follow up by
experts specialised in the “Lean Start-Up" methodology.
“The whole idea behind the lean start-up approach comes from Silicon
Valley. It favours experimentation over elaborate planning, customer
feedback over intuition, and interactive design over traditional “big
design up front development”, explains Colgan. "The idea is that you
create a key feature that people will immediately pay for so that you are
already on the road to becoming a viable company, and that is what we
have been doing for the last three weeks”.
Houser is one of three start-ups which includes BitBank, a security
FinTech start-up, participating in the four-month programme.
“You get the impression that Luxembourg is not just paying lip service
to the whole innovation thing; they want companies to be successful",
points out Colgan from his office in the Technoport. If this pilot
edition is as successful as expected, the future objective will be to
internationalise the programme to attract more talented people to
Luxembourg to further develop start-ups in the IT sector.
The entrepreneur is now expanding the business to support estate
agents, and plans to roll out the model across Europe are being drawn
up - an achievement Colgan says would never have happened had he
not left his career and home in Northern Ireland and followed his wife
to Luxembourg.
“If you are jolted out of your comfort zone, and you move to another
country, it makes you think, what can I do? One of the great things
about living here in Luxembourg is that the salaries are good enough
that you can get by on one salary – that makes it possible for you to
re-invent yourself and made it possible for me to live my dream”,
concludes Colgan. GM
LIVING AND WORKING IN LUXEMBOUG | P. 25
BUILT TO LAST:
LUXEMBOURG NATION
BRANDING
The main values of
Luxembourg's brand
have been defined via
a participatory process
during 2015. LFF spoke to
Sasha Baillie who chairs
the Luxembourg Nation
Branding Committee.
Unlike corporate brands, the idea that
nations or countries can also have brands
is a relatively recent concept. That does
not mean, however, that a country, just like
a company brand, does not evoke certain
images, emotions, ideas or represents certain
values. Based on the latter elements, nation
branding is essentially about defining,
building and communicating a country’s
entire image on the international stage.
Just as in the corporate world, some
countries have stronger brands than
others. In the case of Luxembourg, it is
a reality today that the country is not a
SURPRISINGLUX | P. 26
“recognisable” brand, as it is often not
sufficiently well known abroad and thus
evokes very few images or emotions. The
aim of the Luxembourg nation branding
exercise is to remedy this situation. But, in
order to position Luxembourg as a brand,
it was necessary to first define what makes
Luxembourg “Luxembourg”.
The basic strengths and values of
Luxembourg's brand have been identified
in the context of a participatory 'Nation
Branding' process. The Luxembourg and
foreign resident population as well as
cross-border commuters were involved
Sasha BAILLIE
Deputy Chief of Staff and
Diplomatic Adviser to Deputy
Prime Minister Schneider.
in developing this profile, as were key
actors from the fields of economy, finance,
culture, tourism and civil society in general.
In order to define an authentic and credible
brand, such a bottom-up approach was
crucial.
about these common values and to explore
how each sector can adapt them to its own
situation and purpose. Needless to say, this
will be an extremely intensive and lengthy
exercise. But there are no short cuts to
creating a strong national brand".
RELIABILITY, DYNAMISM AND
OPENNESS
MOVING FORWARD TOGETHER
Three main differentiating features define
Luxembourg’s brand image:
• R eliability, characterised by political
stability, security, quality of life as well as
solid infrastructures;
• d ynamism, manifesting itself through
the adaptability of the country which
has evolved from agriculture and steel, to
international business and finance;
•o
penness, as reflected by multiculturalism,
the large part of foreigners in the resident
population or multilingualism.
Sasha Baillie explains: “The first phase of
our work consisted in working out what
were the key values that represented
Luxembourg. These are values upon which
the country can create a positive, authentic
and valuable image. We are now working
on the implementation plan. It is absolutely
essential to raise awareness across society
SURPRISINGLUX | P. 27
Based on these values, brand experts have
selected the archetype or image of the
ally to describe the Grand Duchy, placing
cooperation, alliances and community at
its core.
The use of the various constituent elements
of the nation brand is summed up in the
brand promise as 'further together'. The
latter phrase is a condensed version of the
message, but must in no case be considered
as a slogan. It conveys the idea that
Luxembourg is a reliable partner for anyone
who works, lives, visits, invests, or develops
their project or business in the country.
Luxembourg is a place of encounter and a
fertile land allowing individuals, cultures,
ideas, projects and businesses to connect
and grow. “Further together”, moreover,
also reflects the dynamism of the country
and its orientation to the future, based on
what it has accomplished to date.
NEXT STEPS IN 2016
“Under the leadership of our State Secretary
for the Economy, Francine Closener, the
next phase will be launched and rolled out in
early 2016", adds Baillie. The aim is to start
the year with a few key announcements
and events.
Strengthening Luxembourg’s image as a
country will, of course, also be beneficial
to the positioning of the country’s key
industries. Indeed, a number of actors
within the financial services sector
have been urging the Nation Branding
Committee to build a strong national brand
so that the country is not only perceived as
a financial centre.
“It is crucial that the financial services industry
continues to be involved in developing and
implementing our brand. Personalities from
within this sector worked closely with us to
help define what our key values are and we
now need their support in implementing
them", concludes Baillie.
In implementing this brand, a key objective
of the Nation Branding work is to provide
tools, messages and arguments that can be
used and adapted by all stakeholders when
communicating about Luxembourg.
Creating and conveying a nation’s brand is
by definition a collective effort. LR
© itondo
AUGMENTED REALITY ART APP
LAUNCHES IN LUXEMBOURG
The Fine Art business has
been among the last of
the creative industries to
embrace digital. And no
wonder, oil, watercolour and
canvas seem at odds with
LED screens and pixels.
But one Luxembourg start-up
has found a way to combine
the two, delivering both
artistic, aesthetic pleasure
and digital convenience and
engagement.
Itondo is one of the latest artrelated businesses to move
to Luxembourg. The fine art
iOS visualisation app with
an international curated web
platform lets you see your
favourite artwork on your wall,
in real time, to scale.
The technology behind the
app is Augmented Reality and
the brainchild of Karen and
Dirk Zadra. They relocated to
Luxembourg from Australia
earlier this year to market
their app. LFF met up with
the entrepreneurs to find out
why they decided to set up
their business in Luxembourg.
LIVING AND WORKING
IN LUXEMBOUG | P. 28
itondo app
Art market professionals Karen and Dirk
Zadra are co-owners of Galerie Zadra, one
of Australia's most respected commercial
Aboriginal fine art galleries. As the
business continued to expand, and move
online, the pair noticed that many of their
clients had difficulty imagining how the
distinctive pieces of art would actually
look on their walls.
“It's not always easy to visualise your
room in your head while you're looking at
an artwork somewhere else. I used to do
Photoshop mock-ups for clients to help
them with their decision-making, but it was
time-consuming, and so we started looking
around for a technological solution”,
explains Karen. “That was when we started
on our adventure of developing what has
now become the itondo app”.
Karen and Dirk ZADRA
co-owners,
© Galerie Zadra
Galerie Zadra
“The US wasn’t an option because of the
VISA restrictions”, points out Dirk. "I hold
a German passport, so we decided to come
to Europe and we started looking around to
see where the best place for us to be from
a business point of view would be and our
research led us to Luxembourg".
The couple were impressed by the IT
infrastructure on offer in Luxembourg,
which boasts TIER IV datacenters and
cloud services, as well as the cross-border
expertise in art and finance.
“The business environment was important
to us, and we discovered that Luxembourg
is a stable country, which is very solution
orientated. If there is a problem and
problems occur all the time in business, in
Luxembourg, the aim is to find a solution
which for us coming here and starting a
new venture is very attractive", points out
Dirk.
LIVING AND WORKING
IN LUXEMBOUG | P. 29
However, it was the country's location
in the centre of Europe that became the
convincing factor.
“Because we are an international platform,
we didn’t want to be branded as being
Dutch, French, German or British. We
wanted to be seen as being international,
and I think that is the great thing about
Luxembourg, it doesn’t have that cultural
baggage. It is seen as being more of an
international place, and that was attractive
to us”, explains Karen.
The couple moved from Australia in
January 2015, quickly finding a home
in the city, and set about creating their
business.
“It took us six weeks to set up the company
in Luxembourg, and shortly after we
were accepted onto the pre-commercial
programme at Technoport, Luxembourg's
high-tech incubator. Technoport has been
great at supporting us with legal advice
and helping us find the right people we
need to talk to in Luxembourg to support
the development of itondo. It also gives us
access to shared space, so we can come in
and use a desk. They also run workshops
and invite venture capitalists (VCs) to talk
about what it means to approach VCs so
that kind of support is also very useful",
adds Dirk.
Wawiriya Burton,
Ngayuku ngura
© jala Arts & Galerie Zadra
The husband and wife team created a tool
to not only help art lovers, but to also
deliver a more efficient way for galleries
and artists to harness the power of IT to
engage existing and new clients. Given
Australia's remote geographical location,
Dirk suggested the couple consider moving
either to the US or Europe to develop their
new business and market their product.
© Pungkai & Galerie Zadra
The international art industry is one of
the last creative industries to make the
move into digital. In the world of online,
consumers expect to be able to shop when
and where they choose. Now galleries are
trying to catch up.
“We have luxury embracing digital because
they realise their clients are using the
Internet to research and to shop. The top
end of the market is now putting a lot of
money into digital platforms to serve their
clients, and the art market is following and
trying to catch up quickly", explains Karen.
itondo developed a Business-to-Businessto-Consumer (B-to-B-to-C) model, so
art buyers, art sellers and artists can all
benefit from the app. The augmented
reality tool is cutting edge, and no other
app on the market offers visualisation in
the same way.
“We initially targeted galleries and
independent artists in London, Paris,
Cologne, Dusseldorf, and Zurich who
could benefit from getting up-to-theminute information about which of their
works are being viewed "on my wall" as
opposed to just browsed. This information
allows our partners to determine
accurately buyer interest levels and
conversion to sales", adds Dirk.
The app has reported good sales and user
feedback since its launch in July and is
now focusing on the vast US market, with
the support of the American Art Dealers
Association. As sales continue to flourish,
the business, which is fully self-funded,
hopes to secure funding from a Private
Equity investor.
“Augmented reality is fantastically thrilling,
and we are only just starting to scratch the
surface of what our app can do. When we
can secure the financial backing, our next
phase will be to target the home decoration
market that is worth 700 billion USD
globally", concludes Karen. GM
Nyarapayi Giles,
Warmurrungu
LIVING AND WORKING
IN LUXEMBOUG | P. 30
© Tjarlirli Art & Galerie Zadra
Pungkai, Tali Tjala
UPCOMING LFF EVENTS
DIARY
ASIAN FINANCIAL FORUM, HONG KONG
18-19 JANUARY 2016
The Asian Financial Forum 2016 (AFF) will take place on 18 and 19 January 2016 in Hong Kong
bringing together some of the most influential members of the global financial and business
community to discuss developments and trends in the dynamic markets of Asia. H.E. Pierre Gramegna,
Minister of Finance, will be speaking at the conference and LFF will be represented with a booth.
FINANCIAL SEMINAR MILAN
28 JANUARY 2016
LFF will organise a financial seminar in Milan in the presence of H.E. Pierre Gramegna, Minister of Finance,
on 28 January 2016. This conference will be the 5th edition of its kind in Milan, promoting various aspects
of Luxembourg’s financial centre ranging from wealth management to investment funds.
FINTECHSTAGE LUXEMBOURG
18 FEBRUARY 2016
By scanning the QR code below,
view the full events programme.
On 18 February 2016 Luxembourg for Finance, Luxembourg for Business and Digital Luxembourg
have the pleasure to partner with FinTechStage in the organisation of FinTechStage Luxembourg,
a conference focusing on FinTech and bringing to Luxembourg a range of very experienced
specialists with an international background. The conference will take place at the Cercle Cité in
Luxembourg and address major trends in the area of digitalisation of financial technology, such as
blockchain, big data, digital distribution, security and others. FINANCIAL MISSION TO SINGAPORE (22.02) AND AUSTRALIA (SYDNEY, 24.02)
20-25 FEBRUARY 2016
Luxembourg for Finance will organise a financial mission to Singapore and Sydney on 20-25
February 2016. The mission is led by H.E. Pierre Gramegna, Minister of Finance and Chairman of
Luxembourg for Finance. Join the Luxembourg delegation to the vibrant city-state Singapore, the 4th
leading financial centre in the world. After Singapore the financial delegation will head to Sydney,
the largest corporate and financial centre in Australia. Luxembourg for Finance will host financial
seminars in Singapore on Monday, 22 February and in Sydney on Wednesday, 24 February 2016.
Please note that the Luxembourg Chamber of Commerce will join the delegation to Sydney with
an economic part of the mission. More details on the LFF website.
FINANCIAL MISSION SWITZERLAND 14-16 MARCH 2016
LFF will organise a financial mission to Switzerland in the presence of H.E. Pierre Gramegna,
Minister of Finance. Financial seminars will take place in Geneva on 15 March and Zurich on
16 March 2016. Please find more details on the LFF website.
Impressum
Editor: Luxembourg
Luxembourg for
forFinance
Finance••12,
12,rue
rueErasme
Erasme• •P.O.
B.P.Box
904904
• L-2019
• L-2019
Luxembourg
Luxembourg
• Tel.
• Tel.
(+352)
(+352)
2727
2020
2121
1 •1Fax
• Fax
(+352)
(+352)272720202121399
399• Email
• [email protected]
[email protected]• •www.luxembourgforfinance.com
www.luxembourgforfinance.com
Responsible for publication: Nicolas Mackel. Editorial Team: Ophélie
ElisabethBinet
Adams
(OB),
(EA),
Gilly
Ophélie
Mathieson
Binet (GM),
(OB), Gilly
LynnMathieson
Robbroeckx(GM),
(LR).Lynn
Circulation:
Robbroeckx
5,000(LR).
– quarterly.
Circulation: 6 000 – quarterly.
Photos: all rights reserved
© Éric Poupy –
Human scale, global skills
The shortest route
to international talent.
Take a closer look @ surprisinglux.com