Contact

Maître Alain LORANG

Maître Marie-Béatrice WINGERTER

41 avenue du X Septembre
B.P. 1734
L-2551 Luxembourg

Phone : 00352 44 71 76 1
Fax : 00352 45 34 49

E-mail :

FAMILY ASSETS COMPANY

Form of the company: SA, SARL, SCA, COOPSA.
Authorised activities:
- the holding, acquisition, management and realisation of financial assets such as shares or bonds, securitization, forward trading, SICAV, etc.
- in addition, a Family Assets Company (SPF in the French acronym) is authorised to issue securities and contract debts vis-à-vis its shareholders or third parties.
Prohibited activities: commercial activity or holding real estate for commercial purposes.
Family Asset Company Shareholders:
- May be physical persons, whether or not resident.
- Shareholders in the Family Assets Company may also be so-called asset entities whether or not residents, acting in the context of managing private assets.
Supervision of the SPF by the administration of registration and domains.
Taxation of SPF
- Taxation on constitution:
  - Contribution duties/abolished since 1 January 2009
  - Subscription tax: the base for taxation will be constituted by the paid up capital, debts and the issue bonus. The tax is payable quarterly. The annual tax is 0.25% with a minimum of 10 Euros and a maximum of 125,000 Euros.
- Taxation of income and dividends, profits or any other revenue received by the SPF.
- Taxation of capital gains on the sale of shares in the SPF: this depends on the legal status of the shareholder:
  - if the latter is a Luxembourg resident, he/she will be taxed
  - otherwise he/she will benefit from an exemption.
Taxation of the SPF
- Wealth tax: the SPF is not subject to wealth tax.
- Value Added Tax: the SPF is not subject to Value Added Tax.
- The SPF does not benefit from treaties against double taxation or European Union Directives (Directive 90/435/CEE)
Taxation of revenue received from the SPF
- On dividends paid to SPF shareholders:
  - Luxembourg resident shareholders: no deduction at source but imposition of local taxes on the income of physical persons (30.38% from 15,000 Euros).
  - Non-Luxembourg resident shareholders: no deduction at source.
  Taxation of the SPF income falls within the exclusive remit of their state of residence.
- On interest paid for advances and debts of the SPF to physical persons:
  - Luxembourg resident shareholders: releasing deduction at source of 10%.
  - Non-resident shareholders: deduction at source of 15%.