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• Internationally recognised financial centre
• Wide range of career opportunities
• Stepping stone to an international career
• Multicultural, multilingual environment
• High quality working environment
• Broad range of lifelong training programs
• Attractive salaries
• Favourable tax system
• Excellent social security system
• Political stability with good labour relations

Around 40,000 people are employed directly, and another 23,000 indirectly, by the financial services industry, of which around 23% are of Luxembourg nationality. The remaining 77% are composed of foreign residents in Luxembourg and cross-border commuters from neighbouring France, Belgium and Germany. As such, Luxembourg is characterised by a highly stimulating multinational and cosmopolitan environment. The financial centre is steadily recruiting skilled, multilingual staff.

Working in the Luxembourg financial centre is a challenging experience and, due to the presence of numerous multinational companies, can be the starting point for an international career. Most of the major international banks have a branch or a subsidiary in Luxembourg.

In terms of professional training and higher education, Luxembourg is well equipped. With a view to promoting continuous training, the Luxembourg School of Finance at the University of Luxembourg and the Institute for Training in Banking (IFBL-Institut de Formation Bancaire Luxembourg) institutions offering provide specific training in banking and finance. In addition to these, a large number of institutions offering training and higher education programmes are present in Luxembourg.

The Luxembourg labour market

Luxembourg is politically stable, enjoys a low unemployment rate and has a healthy economy. As such, it is a very competitive world player.

The standard of living is extremely high, reflected in an average income of 3,726 euros per month and a minimum gross salary of 1,609 euros per month. In addition, Luxembourg’s income tax rate for individuals is one of the lowest in Europe. The progressive income tax system is based on 17 brackets, with a maximum marginal tax rate of 38%.

All residents in Luxembourg benefit from a comprehensive social security system. It covers family benefits, unemployment insurance, work accident insurance, health care, old age and disability pensions as well as long-term care insurance. Employees and the self-employed are automatically enrolled in their respective state social security system and, in the majority of cases, benefits extend to family members, such as the spouse, children and other dependent family members in the household.

Regarding work permits for non EU-citizens, Luxembourg adopted new legislation in July 2008 that simplifies the granting of a work permit to highly qualified individuals.