Luxembourg to introduce residence permit for attracting entrepreneurs, talent from outside EU

In February, Luxembourg voted for a new law to grant exclusive residence permits to high net worth investors and highly skilled workers from outside the European Union. To be published in early June, the draft law would be introducing five new residence permits for intra-company transfers, seasonal workers, investor residency permits, business continuity plans for non-EU companies and non-EU national students. Frédéric Scholtus, who works with KPMG, was quoted by Luxemburger Wort as saying that intra-company transfers would allow workers to tap more easily the Luxembourg market because non-EU companies will be permitted to temporarily transfer their executives and experts.

 

The new investors’ residence permit, issued for three years, would promote and develop Luxembourg’s investment activities and diversify its economy, he said. Investors would have to invest either a minimum of €500,000 in a new enterprise, which undertakes  commercial, industrial or artistic activities, and would also given an assurance of hiring five local employees in the first three-year period or invest a minimum of €20,000,000 as a deposit in a financial institution in Luxembourg for a duration of five years. The new law will also allow non-EU individuals relocating to Luxembourg with the new residence permit to bring their spouse and dependent children to the country.

 

Earlier, these people were not allowed to bring them until they had spent considerable time in Luxembourg. This new law would allow non-EU students to stay on in the EU following their graduation to start working immediately. If you are looking to migrate to Luxembourg, get in touch with Y-Axis, one of the most well-known immigration consultancy companies, to apply for a visa from one of its several offices.