SPF Table
| SPF | |
|---|---|
| Applicable legislation | Law of 11 May 2007 (“SPF Law”) |
| Authorisation and supervision by the CSSF | No |
| Qualification as an AIF | In principle, no (as it would not be considered as “raising” capital from a number of investors as the structure generally serves for the investment of the private wealth of a “pre-existing group” (as defined in the Esma guidelines on key concepts of the AIFMD)). |
| Exemption from AIFMD full regime under lighter regime (AIFMD registration regime) | Not applicable. |
| Eligible investors | Restricted to: - natural persons acting in the context of the management of their personal wealth; - management entities acting solely in the interest of the private wealth (e.g. trusts, private foundations); and intermediaries acting for the account of the above mentioned eligible investors (e.g. bank acting under a fiduciary agreement). |
| Eligible assets | Restricted to acquisition, detention, management and realisation of financial assets. The SPF is not allowed to carry out commercial activities or to hold directly real estate (except for its own use or through its participations). |
| Risk diversification requirements | No risk diversification requirements. |
| Legal Form | - SA - Sàrl - SCA - SCoSA |
| Umbrella structure | No. |
| Capital requirements | Depends of the form: - SA / SCA: EUR 30,000 - Sàrl: EUR 12,000 - SCoSA: no minimum capital |
| Required Luxembourg service providers | Registered auditor in principle not required unless two of the following criteria are met: (i) net turnover above EUR 8.8 million, (ii) balance sheet above EUR 4.4 million and (iii) average number of employees above 50.However, depending on the legal form of the company, there may be an obligation to appoint a commissaire aux comptes. |
| Possibility of listing | No |
| European passport | No |
| Net asset value (NAV) calculation and redemption policy | Not required. |
| Overall income tax (corporate income tax and municipal business tax) | No income tax. |
| Subscription tax | Annual subscription tax of 0.25% on the amount of paid up capital and issue premium (if any). |
| Wealth tax | No wealth tax. |
| Withholding tax on dividends / interests and capital gains | Not subject to withholding tax. |
| Benefit from double tax treaty network | No |
| Benefit from the EU Parent Subsidiary Directive | No. |
| Thin capitalization rules (debt-to-equity ratio) | Tax of 0.25% on the debt that exceeds 8 times the paid-up capital increased by the issue premium. |
| Practical use | Individuals wishing to optimise their personal tax planning (private wealth management purposes). |
