VAT

The Luxembourg government has decided to temporarily reduce the VAT rate by 1% from 1 January 2023, for one year.

This measure is intended to alleviate inflation and strengthen consumer purchasing power.

From 1 January 2023

• The standard rate of VAT will decrease by 1% to 16% and
• The intermediate rate of VAT will decrease by 1% to 13%.

Below is a summary of the Bank’s services to which the standard and intermediate VAT rates apply.

Standard VAT

• Discretionary management and investment advisory (flat-rate management fee, performance fee, quarterly fee on the value of the portfolio in EUR)
• Gold and precious metals
• Account fees (DHL delivery)
• Tax and legal services
• Safe-deposit boxes (quarterly rental, holding fee for sealed envelopes)
• Bank cards(DHL delivery, duplicate statements)
• Fees for declarations and searches (duplicates and certificates, fees for miscellaneous information).

Intermediate VAT

• Custodial fees

Details of services subject to VAT can be found in our Rates and Conditions brochure available on our website or from your adviser.