Has anyone had any experience in registering a UK Trust holding an offshore investment bond in the Luxembourg jurisdiction?
Is it required? What is the process? (I’ve had a look at their registration page but it appears only those with a Luxembourg ID, or a member of the EU has access to it.)
It would seem that registration is required in both the UK and Luxembourg.
Article 13(2) of the “Law of 10 July 2020 Establishing A Register Of Fiducies And Trusts” states;
(2) Any fiducie and any express trust whose fiduciaires or trustees are not established either in the Grand Duchy of Luxembourg or in another Member State shall be registered in the Register of Fiducies and Trusts where the trustee or fiduciaire, on behalf of the trust or fiducie, enters into a business relationship in the Grand Duchy of Luxembourg with a professional or acquires real estate which is situated in the Grand Duchy of Luxembourg.
I think a Luxembourg based life insurer would have a business relationship with the UK trustees as the insurer will administer the bond and implement investment decisions made by the trustees.
I don’t think there is any doubt that the UK trustees will have to register in the UK.
As the UK is no longer a ‘Member State’ of the EU, the equivalent register ‘exemption’ is not available.
For reference, I have received a reply from the Luxembourg registration department.
The registration can only be done via the website guichet.lu.
If no party to the Trust has Luxembourg ID, you have to mandate a person in Luxembourg that is in possession of a certificate to connect to myguichet.lu to fill in the procedure. An example of this could be a public officer like a notary.