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Thema von RobertGibson im Forum Dies ist ein Forum in...
Today banking has the biggest share of the Luxembourg economy estimating by net worth and turnover. Back in year 2017 according to the data of the Global Financial Centres Index, Luxembourg was ranked as having the 18th most competitive financial center in the world, in the same time getting the third place of competition level amongst banks in European Union. Luxembourg has a narrow specialization in the trans-border finance administration industry. Due to the fact that Luxembourg's internal market is quite small, the country's financial centre is mostly internationally-oriented.
Today there are in total 144 banks on the territory of Luxembourg. Over 120 of them are actually branches and subsidiaries of international banks. Luxembourg's financial sector is currently one of the biggest contributors to the internal economy. The overall net worth of assets of Luxembourg banks are roughly estimated at nearly €760 billion. Luxembourg is also second largest global investment center following after the U.S.A.
Below you can find an overview of the top 6 biggest commercial banks in Luxembourg.
Deutsche Bank Luxembourg S.A. Total volume of assets in year 2015: ~ €80,023,000,000
Annual total profit in year 2015: ~ €289,000,000
One of the biggest German banks - Deutsche Bank has successfully established a subsidiary bank on the territory of Luxembourg back in year 1970. Back in the days it was one of the first foreign subsidiary banks in the post-World War II period. Deutsche Bank Luxembourg was one of the original financial institutions which were incorporated in the state. Today Deutsche Bank Luxembourg S.A. provides wealth management services to wealthy private individuals and clients, issues international loans as well as provides agency services, corporate and investment related banking services, and retail investment services.
CACEIS Bank Luxembourg Total volume of assets in year 2015: ~ €46,082,000,000
Annual total profit in year 2015: ~ €84,000,000
CACEIS originates from France. It specializes in fund management. CACEIS is a part of Credit Agricole Group - a French banking cooperative comprised of 39 smaller local banks. The bank was established in year 2003 and today one of the biggest financial institutions in the country. CACEIS provides wide range of services, including different kinds of deposits and custody related services, wealth management, transfer agency, as well as institutional and corporate banking services.
Banque et Caisse d'Epargne de l'Etat (BCEE) Total volume of assets in year 2015: ~ €42,797,000,000
Annual total profit in year 2015: ~ €230,000,000
The Banque et Caisse d'Épargne de l'État (also known as BCEE) currently is the biggest domestic financial institution in Luxembourg. Better known as Spuerkeess in local language, it was established in year 1856 and since then is fully owned by the state of Luxembourg. The bank provides wide range of commercial and corporate banking services, including fund management, project investment, and narrow specialized private banking. Bank's long term credit rating according to Moody's is Aa2, which is a high grade.
Société Générale Bank & Trust Total volume of assets in year 2015: ~ €36,399,000,000
Annual total profit in year 2015: ~ €406,000,000
Societe Generale Bank & Trust is one of the oldest international financial institutions based in Luxembourg. It was originally established as a branch bank of Société Générale Alsacienne de Banque (also known as OGENAL). In the past well known as Luxbanque Société Luxembourgeoise de Banque S.A., the bank had changed its name to Société Générale Bank & Trust S.A. back in year 1995. Societe Generale Bank & Trust currently provides a great variety of banking services and products, including wealth management, securities trading and fund management, provision of corporate financing services both in Europe and globally.
BGL BNP Paribas Total volume of assets in year 2015: ~ €32,969,000,000
Annual total profit in year 2015: ~ €152,000,000
Banque Générale du Luxembourg (also known as BGL) was incorporated back in year 1919 as a local bank. In year 2009, BGL became a part of the international BNP Paribas Group. Today Banque Générale du Luxembourg offers banking products mostly in retail banking, individual wealth management, as well as corporate and institutional investment banking and fund management. BGL BNP Paribas' long term credit rating according to Moody's is A1, which is upper medium grade.
UniCredit Luxembourg S.A. Total volume of assets in year 2015: ~ €19,728,000,000
Annual total profit in year 2015: ~ €64,000,000
UniCredit Bank historically was one of the first international financial institutions to operate on the territory Luxembourg. The bank is a part of UniCredit Group, which was established by a merger of several banks from Italy, Germany, and Austria, in addition to acquisitions in Central and Eastern Europe. Currently UniCredit Group runs several branches and subsidiaries in almost 50 countries of the world. The bank provides wealth management and corporate banking services and had been granted a long-term credit rating of A3, upper medium grade, according to Moody's.
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In general, a beneficiary is a natural person who gains profits or other advantages from something. In financial world, a beneficiary refers to someone who is qualified to receive distributions from a will, life insurance or a trust. In business world, it refers to a beneficial owner who ultimately owns and controls a business and/or another natural person on whose behalf a certain transaction is being conducted. Ultimate beneficiary is a person who exercises an ultimate effective control over a legal entity or an arrangement. Terms ultimately owns or controls as well as ultimate effective control are useful in situations when ownership of the company is exercised via chain of ownership and does not clearly shows the direct and actual owner of the business.
Importance of indicating an ultimate beneficial owner of the account Beneficial ownership currently is the main issue for anti-money laundering (AML) compliance professionals in banks. And there is a well-grounded reason why. Developing extensive know your client (KYC) and other due diligence procedures before opening a bank account and throughout a cooperation with clients, banks have succeeded in countering terrorism, tax frauds and other crimes. Large-scale fraud is frequently related to inappropriate use of commercial structures. For example:
60% of inappropriately used business entities are involved in economic and financial crimes; 75% of known criminal organizations made use of business entities to mask their activities. While banks risk losing their clients and profits after once again intensifying their KYC and other due diligence procedures, it is usually done to conform to rising AML requirements from the national governments and international institutions. Global AML standards are dictating that understanding ultimate beneficiaries of the bank accounts is an essential part of each financial institution's AML program, and can be reached via extensive know your client and other due diligence procedures.
Who exactly is considered an ultimate beneficiary of the bank account The EU's Fourth Anti-Money Laundering Directive (MLD4) substantially addresses ultimate beneficiaries. Under this directive, ultimate beneficial ownership is assumed in one of three cases:
A natural person holds an interest of 25% or more in the legal entity's capital; A natural person can exercise 25% or more of the voting rights during the general shareholders meetings; A natural person is a beneficiary of 25% or more of the entity's capital. It is sometimes hard to determine the ultimate beneficiaries of a company. The above directive also dictates senior managing officials to be treated like beneficial owners in case the above criteria are not determined.
Ultimate beneficial owner and the nominees In case a beneficial owner wants to keep his name from public records, the company can use a service of nominee shareholder. Nominee shareholder is generally an unrelated third party on which the shares of the legal entity are formally registered and are held on behalf of a beneficial owner. The ultimate beneficiary of the company can enjoy the actual ownership of the company, while the public ownership is kept in the name of the nominee shareholder. Generally, the true identity of the Ultimate beneficiary is known only to the law firm or the company formation service and the beneficiary itself.
Usually ultimate beneficiaries do not want to lose control over their companies, although they do not want to be publicly seen as the owners of the company either. Therefore it is crucial to set up appropriate documentation establishing the rights of the true ownership. These documents include trust declaration and nominee service agreement and are kept strictly confidential.
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With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Angola. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates, tax laws, and fees vary depending on the specific country in which you are investing; careful research and strategic financial moves could result in significant portfolio growth.
When considering opening a bank account in Angola, one must enlist the help of international experts to guide them through the process.
Legal structures in Angola Every international jurisdiction abides by a different set of legal structures for taxation and banking. Confidus Solutions helps you to understand the nuances of each country's legal structures. To do business in Angola, it will be critical for you to have a firm grasp on the financial and legal implications.
Initial investments The vast majority of bank accounts in Angola will require an initial financial outlay to secure account opening. This value differs from bank to bank and also depends on variable rates of currency exchange. An international finance expert will help to navigate these conversions as well as the assorted fees and minimums involved in sustaining a bank account. Be sure to understand interest and growth rates associated with any potential international bank account so that you are able to maximize your earnings while minimizing risk.
Tax structures in Angola For best results and to avoid bureaucratic and legal pitfalls, enlist the support of an expert in international finance and economics. This initial investment in proper processes and research will help to avoid a litany of long-term costs and fees associated with unforeseen errors and legal miscues. Language expertise, financial knowhow, and bureaucratic experience will ensure that your account opening is handled smoothly and without unintended consequences.
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The Republic of Panama, or simply Panama, is a country in Central America, bordered by Costa Rica to the west and Colombia to the southeast. Panama City is the country's largest city and capital and is home to two million people, which is approximately 50% of the population. Panama's official language is Spanish due to Spanish rule in this area until 1821.
Panama Canal revenue accounts for a significant portion of Panama's GDP, while industries such as banking, trade and tourism are important and growing sectors. Thanks to the canal, Panama has managed to create the largest international financial center in the Central American region, with assets worth more than three times Panama's GDP. Stability, along with a favorable business and economic climate, is considered the main strength of Panama's financial sector. Panama's banking system conforms to the Basel Principles of Effective Banking Supervision. Nevertheless, Panama has a worldwide reputation as a tax haven. In particular, since the publication of the Panama Papers in 2016, the country has made significant progress in improving compliance with anti-money laundering recommendations. In February 2016, Panama was removed from the FATFGAFI gray list, but the IMF continues to see a need to strengthen the country's financial transparency and fiscal structure.
Bank account in Panama Panama is known for having one of the strictest banking secrecy laws in the world. While foreigners are welcome to open a bank account with Panamanian banks, they often require more documentation than European or North American banks. As such, opening a bank account in Panama can be a relatively lengthy process - unless you have someone you trust to connect you with a bank's account manager, setting up a bank account can take two weeks or even two months.
Different banks may require different information when opening a bank account, but you should be prepared to provide documents and other information as listed below (all documents must be in Spanish):
Copy of your passport photo, information page and page with a Panama entry stamp; Up to two bank reference letters; A letter of reference from a lawyer or accountant; Copy of another ID – national ID or driver’s license; bank statement for the last 3 months; proof of income; Evidence of your relationship with Panama (e.g. proof of ownership, utility bills, cedula, etc.); Completed forms with information about you and your family and your funding source. If you decide to withdraw more than $5,000, you may be asked to indicate how you intend to use those funds.
Procedure for opening a bank account in Panama In general, account opening procedures may differ slightly from bank to bank, but if you decide to work with a service provider that specializes in opening bank accounts for foreigners, the process might turn out to be quicker and easier for you. Companies offering such services usually have their partner banks and they are familiar with the procedures and legal requirements. The procedure for opening a bank account generally consists of five steps:
Submit an online application; Submit payment to the bank account opening service provider; Interview – Banks in Panama require an in-person interview before opening a bank account. The call will be coordinated by your service provider. All applications and required documents are submitted during the interview. Due diligence process (this takes about 20 to 30 business days); Setting up the bank account – after completing the account opening process, you will be provided with the bank account number, deposit and transfer history and contact information of your bank.
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Sharia law, or simply Islamic law, is part of Islamic traditions and derives from such religious perspectives of Islam as Hadith and the Qur'an. This law defines every aspect of the life of a person who has chosen to follow the Islamic religion, and finance and banking are no exception. In general, banks and other financial institutions operating under Islamic law are considered Sharia compliant. While all Islamic banks are operated according to Sharia law, more and more Western banks are also making sure to become Sharia-compliant and thus open up new customer groups and partners.
Differences between traditional and Islamic banking The most important difference between the traditional banking model and Sharia-compliant banking is that the Qur'an does not allow interest or fees to be charged during a monetary transaction. This stems mainly from the fact that, unlike traditional banking, Islamic law sees money as a measure of value rather than an asset, and therefore no one should profit from money. Collecting interest is now labeled usury - a practice of making immoral and unethical money loans that are unfair to the borrower and enrich the lender.
Islamic banks are typically governed by a Sharia Advisory Board, made up of Islamic clerics and scholars, whose primary role is to ensure that all activities conducted by the bank are conducted in strict accordance with Sharia law. Those who prefer Sharia-compliant banking believe that the Islamic banking system is superior to Western capitalist banking, largely due to the fact that it is built around a "strict code of ethics" based on the Qur'an that prohibits exploitative practices. According to proponents of Islamic banking, this enables banking to play an integral role in a moral society governed by the Qur'an. In contrast, they see capitalism as purely profit-oriented, which incites exploitation of others and greed, which in turn leads to Western social problems such as wealth inequality and class division.
Importance of Sharia Compliant Banks According to Islamic Bank USA, Shariah-compliant banks must offer products and services that:
interest free, Trade related – for real financial need in its purest form, Ethical – Funds cannot be allocated to pork, liquor, pornography, gambling or anything else that Islamic law deems unlawful. Usually, Sharia-compliant banks charge a surcharge on the risk amount instead of interest on the products offered. Sharia law also prohibits debt trading, meaning compliant banks do not issue traditional bonds. Instead of interest attributed to bonds, yields are calculated using a mathematical formula that is used to relate the cash flow generated by the asset to the cost of the asset. In addition, Sharia-compliant banks must donate 2% of their profits to Muslim charities.
Islamic Banking in the Western World The Islamic banking system has evolved significantly over the past decade and has become a notable part of the international financial system. While still in a relatively embryonic stage in the western world, the Islamic financial system has become the fastest growing segment of the international financial system.
Sharia compliant banks position themselves as a moral alternative to Western banks and currently 75% of all Muslims in England prefer Sharia compliant banking products. But the Islamic banking model extends beyond the Muslim community — it's trying to become the preferred banking option for non-Muslims as well. In London, about 20% of all requests for Islamic banking products and services come from non-Muslims.
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The Cook Islands are considered a large nation due to their total area. Its total land area is 236 km² (about 91 mi²). The Cook Islands continental shelf is approximately 0 km². The Cook Islands are in Oceania. Oceania is a region that includes many of the islands in the tropical Pacific. It is sometimes referred to as Oceanica. Countries in Oceania include New Zealand and the Solomon Islands, among others. The Cook Islands are not a landlocked country. It means it is bounded by at least one major body of water.
Neighbors The total length of land borders of Cook Islands is 0 kilometers (~0 miles). The Cook Islands have no land borders, which means they also have no neighboring countries in the traditional sense of the word.
Cities The capital of the Cook Islands is Avarua.
Elevation The highest point in the Cook Islands is Te Manga with an official elevation of 652 m (2,139 ft). The lowest point of the Cook Islands is the Pacific Ocean. The difference in elevation between the highest (Te Manga) and lowest (Pacific Ocean) points in the Cook Islands is 652 m (2 ft).
Area The total land area of the Cook Islands is 236 km² (about 91 mi²). and the total Exclusive Economic Zone (EEZ) is 0 km² (~0 mi²). The Cook Islands continental shelf is approximately 0 km². Including the landmass and the EEZ, the total area of the Cook Islands is approximately 236 km² (~91 mi²). The Cook Islands are considered a large nation due to their total area.
Forest and farmland There are 40 km² of arable land in the Cook Islands, which makes up 17% of the country's total area.
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Bahrain is considered a developing country. A nation's stage of development is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality and quality of life. As a developing country, Bahrain may not be able to provide consistent social services to its citizens. These social services can include things like public education, reliable health care, and law enforcement. Citizens of developing countries can have a lower life expectancy than citizens of developed countries. Each year, Bahrain exports around US$20.69 billion and imports around US$14.41 billion. 1.3% of the country's population is unemployed. The total number of unemployed in Bahrain is 20,371. Government spending on education is 2.9% of GDP. The country's Gini index is 57. Bahrain experiences inequality. The gap between the richest and poorest citizens in this country is significant and evident, resulting in drastically different living standards for rich and poor citizens. Bahrain has a Human Development Index (HDI) of 0.815. Bahrain has a high HDI score. This suggests that the majority of citizens will be able to live a worthwhile life while providing significant help and support to citizens with lower living standards. The Global Peace Index (GPI) for Bahrain is 2,142. Bahrain's Strength Law Index is 1. Overall, it is considered rather weak – bankruptcy and collateral laws fail to protect borrowers' and lenders' rights in the event of credit-related complications; Credit information, if any, is scarce and difficult to access.
Currency The currency of Bahrain is the Bahraini Dinar. The plural form of the word Bahraini dinar is dinar. The symbol used for this currency is .د.ب, abbreviated as BHD. The Bahraini dinar is divided into fils; There are 1000 in a dinar.
Credit rating The credit rating depth index for Bahrain is 7, which means that the information is mostly sufficient and fairly detailed; Accessibility is not a problem. According to rating agency S&P, Bahrain has a credit rating of BBB- and the outlook for this rating is negative. According to the rating agency Fitch, Bahrain has a credit rating of BBB and the prospects for this rating are stable. According to rating agency Moody's, Bahrain has a credit rating of Baa1 and the prospects for that rating are negative.
Central bank The benchmark interest rate of Bahrain's commercial banks is 6.8. In Bahrain, the institution that manages the state's currency, money supply and interest rates is called the Central Bank of Bahrain. Locally, the Central Bank of Bahrain is called مصرف البحرين المركزي. The average interest rate on deposits offered by local banks in Bahrain is 1%.
National debt Bahrain has a public debt of 32.1% of the country's gross domestic product (GDP) as estimated in 2013.
Tax information Corporate tax in Bahrain is 0%. Personal income tax ranges from 0% to 0% depending on your specific situation and income level.
Finances The total Gross Domestic Product (GDP) valued as Purchasing Power Parity (PPP) in Bahrain is US$34.908 billion. The Gross Domestic Product (GDP) per capita in Purchasing Power Parity (PPP) in Bahrain was last recorded at US$0 million. PPPs in Bahrain are considered below average compared to other countries. Below-average PPPs indicate that citizens in this country find it difficult to buy local goods. Local goods can include food, shelter, clothing, healthcare, personal hygiene, essential furnishings, transportation and communications, laundry, and various types of insurance. Countries with below-average purchasing power parities are dangerous locations for investments. The total gross domestic product (GDP) in Bahrain is 29 billion. Based on this statistic, Bahrain is considered to be a small economy. Countries with small economies generally support fewer industries and investment opportunities. However, worthwhile investment opportunities can be found.
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17.09.2024 13:08
