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00:00Ah, Luxembourg!
00:02A verdant haven in the heart of Europe,
00:05medieval castles, vineyards,
00:07Nature as far as the eye can see.
00:09A territory smaller than the Moselle department
00:12and the richest country in the world per capita.
00:15A model of economic success and a haven of peace and prosperity.
00:20However, behind this postcard image lies a completely different reality.
00:23Because Luxembourg has a dubious reputation,
00:26marked by repeated scandals,
00:28embarrassing revelations
00:30and sophisticated schemes to circumvent European financial rules.
00:34Luxembourg is a haven for wealthy people who flee from taxes.
00:38No wealth tax on real estate,
00:40no social security contributions on investment income,
00:42capital gains exempt after only six months,
00:45Thousands of wealthy French people have made the choice
00:47to cross the border to escape the tax authorities.
00:50Specialized law firms orchestrate complex financial arrangements,
00:54holding companies, Luxembourg life insurance companies,
00:57trusts and foundations.
00:59A perfectly honed system that allows money to disappear from tax authorities' radar.
01:03while remaining within the bounds of legality.
01:05When European authorities attempted to restore order,
01:07Luxembourg has promised to play ball.
01:10But in reality, the system simply adapted.
01:13New tricks, new setups, same result.
01:16For the humble French citizen watching this video,
01:18Questions are flying.
01:20Is it really possible to avoid the French tax authorities?
01:22by settling on the other side of the border?
01:24Is investing there better than in France?
01:26At what income level does it become worthwhile?
01:29And those famous Luxembourg life insurance policies that everyone is talking about,
01:32Is it solid or just hot air?
01:34Slowly, slowly, I will answer you.
01:37In this video, I explain how Luxembourg became
01:39the continent's money laundering machine,
01:42Why do scandals keep happening without anything really changing?
01:45And most importantly, is Luxembourg really worth it?
01:48But before that?
01:48As you know, the Macro Insider group had to close its doors
01:51on July 7th to welcome in the best possible way
01:53the many members who have joined us.
01:55But don't worry, we're not going to leave you behind.
01:58A waiting list system has been put in place
02:00to allow you to be notified in advance.
02:02If you missed the boat and are interested
02:04To join the group, go to the description for the link.
02:07As a reminder, Macro Insider is the first French-speaking group
02:09to democratize the Global Macro strategy,
02:11used by billionaires for decades
02:13to weather crises and grow their wealth.
02:16This method generated over 4.7% in 2008
02:20when the market collapsed,
02:21down only 1.6% in 2020
02:23and an impressive increase of 8.98% in 2022
02:27during the global stock market crash.
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02:58To truly understand Luxembourg, one must look at the numbers.
03:01600,000 inhabitants, 2,600 km²,
03:05a speck on the map of Europe stuck between France, Belgium and Germany.
03:09But this tiny nation boasts a GDP of $132,000 per capita.
03:14the absolute world record,
03:153 times more than France, 2 times more than the United States.
03:19A very sexy figure on paper, but one that amounts to a grand illusion.
03:23Because Luxembourg has 600,000 inhabitants, admittedly,
03:26but there are also 200,000 cross-border commuters who cross the border every day.
03:30200,000 people from France, Belgium, Germany,
03:33who work in Luxembourg but do not live there.
03:35These cross-border workers generate wealth that is counted in Luxembourg's GDP.
03:39but they are not counted in the population.
03:41As a result, GDP per capita mechanically explodes.
03:45It's a statistical sleight of hand that gives the illusion of colossal wealth.
03:49In reality, Luxembourg is first and foremost a service-oriented country.
03:52First, business services: accounting, auditing, consulting, legal services.
03:58International firms are setting up shop, PwC, Deloitte, EY, KPMG, the famous Big Four.
04:04They come to help multinationals structure their European operations.
04:08And since the 2000s, Luxembourg has positioned itself as a European financial hub.
04:13Today, it is the second largest investment fund market in the world after the United States.
04:17Over €5 trillion in assets under management,
04:19hundreds of private banks, thousands of investment structures.
04:23And that's where services and finance come together to create a lucrative business.
04:27Domiciliation.
04:291,600 businesses share the same address.
04:325 rue Guillaume Kroll.
04:34Companies that have neither an office nor employees, just a mailbox.
04:38Holding companies, subsidiaries of multinationals, investment funds.
04:41These structures have only one objective,
04:43to route the money through Luxembourg to benefit from extremely advantageous taxation.
04:48This is how GDP inflates.
04:51Billions of euros are spent in transit, and management fees are charged.
04:54profits are declared.
04:55On paper, it's economic activity.
04:57And in reality, it's all just hot air.
04:59For the inhabitants of Luxembourg, this wealth remains inaccessible.
05:03The average salary is 6,200 euros net per month.
05:06Impressive.
05:07Except that a 2-3 room apartment rents for 2,800 euros per month.
05:11A studio, 1,400.
05:12And who can afford to buy at a minimum of 10,000 euros per square meter.
05:17Even with a good salary, finding accommodation in Luxembourg is a real challenge.
05:20Hence the 200,000 cross-border workers.
05:22They pocket their Luxembourg salary, but sleep elsewhere.
05:25where life is still affordable.
05:27Luxembourg is therefore rich on paper,
05:28but much less so in reality.
05:30It is primarily a financial platform.
05:32And all of this is based on a sophisticated tax system.
05:35A system built over decades by an entire industry.
05:37Tax law firms, private banks, wealth managers,
05:42They all specialized in tax optimization on an industrial scale.
05:46Their arsenal is formidably effective.
05:49First, holding companies.
05:51The principle is simple: instead of holding your assets directly,
05:54You create a Luxembourg company that owns it in your place.
05:58This holding company receives dividends from your investments.
06:01In France, these dividends are taxed at 30% via the flat tax.
06:05In Luxembourg, it's different.
06:06You only declare 50% of your dividends, the other half is totally exempt.
06:11And above all, zero social security contributions.
06:14In France, social security contributions represent an additional 17.2%.
06:18It does not exist in Luxembourg.
06:20In concrete terms, for a rentier who receives 100,000 euros in dividends per year,
06:23The savings amount to tens of thousands of euros.
06:26Furthermore, if you appreciate having this kind of financial information analyzed for you,
06:30Subscribe to the channel, it's a small gesture for you.
06:32But it really helps us to continue our work.
06:35I'll continue with capital gains on securities.
06:38In France, selling shares generates a 30% tax via the flat tax.
06:42In Luxembourg, if you hold your securities for more than 6 months,
06:45The capital gain is completely exempt.
06:47Totally.
06:48Zero tax.
06:49This explains why so many French fortunes
06:51transfer their share portfolio to Luxembourg before selling.
06:54Then there are Luxembourg life insurance policies.
06:57Unlike French life insurance policies, which are capped at €70,000 in coverage
07:00In the event of the insurer's bankruptcy, Luxembourg women have no limit.
07:04The protection relies on what is known as the safety triangle,
07:07The insurer, the custodian of the funds and the manager are three separate entities.
07:11If one fails, the other two protect your capital.
07:14Not to mention that these contracts provide access to investment funds that are not eligible in France.
07:18with management overseen by private bankers.
07:20And for large fortunes, it's an armored safe.
07:23with potentially higher yields.
07:26And for the very wealthy, those with fortunes exceeding several million euros,
07:29There are trusts and foundations.
07:30These structures allow for the legal separation of ownership of assets from their beneficiary.
07:35As a result, anonymity is preserved, and transmission to heirs is facilitated.
07:38without prohibitive inheritance tax,
07:40and above all, discreet management away from prying eyes.
07:44Please note, this is not fraud, it is legal tax optimization.
07:47Fully documented and validated by the Luxembourg administration,
07:52surrounded by armies of lawyers who know every loophole, every exception,
07:55each niche of the European Tax Code.
07:57Luxembourg has industrialized this process and is defending its position.
08:01For them, it's legitimate tax competition between sovereign states.
08:04After all, why shouldn't a country be able to choose its own tax rates?
08:08Why force a European tax harmonization that does not exist in any treaty?
08:13What was once reserved for a handful of ultra-rich people
08:15has become a standardized product sold to thousands of private banking clients.
08:19An optimized machine running at full speed
08:21it handles hundreds of billions of euros every year.
08:24The problem is that sometimes, this well-oiled machine breaks down.
08:27And the scandals eventually erupt.
08:30The most resounding example was LuxLeaks.
08:3228,000 pages of confidential documents reveal 548 secret tax agreements
08:36for 343 companies.
08:38Amazon, Apple, Ikea, Disney—all paid less than 1% in taxes.
08:43while the official rate is 29%.
08:46These agreements, the Tax Rulings, were validated within a few days.
08:49by the Luxembourg administration, a signature, a stamp
08:52and billions escaped taxation.
08:54At the center of the scandal is Jean-Claude Juncker.
08:57Prime Minister of Luxembourg for 18 years,
08:59He became President of the European Commission in November 2014.
09:03the same institution responsible for regulating taxation in Europe.
09:06Four days after he took office, LuxLeaks exploded
09:10And faced with this scandal, Europe must react.
09:13In 2015, it implemented a new directive,
09:16obligation to exchange tax agreements between member states.
09:19Except that the system simply adapted.
09:21In 2021, an investigation by Le Monde revealed another scandal,
09:24that of LuxLetters.
09:26The principle is simple.
09:27Instead of requesting an official, stamped agreement,
09:29Tax specialists send a letter to the administration
09:31describing the setup they intend to use.
09:34The administration is not responding.
09:36This silence is worth cortacite.
09:38No stamp, no obligation of European transparency.
09:41And there you have it, the trick was done.
09:43Sometimes, discussions take place.
09:44Phone calls, discreet meetings,
09:46but everything remains oral.
09:47Nothing is traceable.
09:49The European Commission claims to know nothing about his letters.
09:51However, 18,000 tax evasion cases were recorded at the end of 2019.
09:56of which 75% come from Luxembourg and the Netherlands.
09:59The system hasn't disappeared, it's just disguised itself.
10:01Understanding its tax and financial mechanisms,
10:03This is essential for making the right decisions regarding your assets.
10:06whether you have 10,000 euros or 1 million euros to invest.
10:09In fact, that's why 46,000 people
10:11They already receive our free newsletter every Tuesday.
10:13It analyzes the markets,
10:15we analyze an action in depth
10:16and we give you the keys to optimize your assets
10:18in an intelligent and legal manner.
10:21Joining the community is free.
10:22The link is in the description.
10:23Getting back to our scandals, 2024 was a great year.
10:2861 million euros disappeared from Caritas Luxembourg,
10:31one of the largest NGOs in the country.
10:34Volatiliser, the biggest embezzlement in Luxembourg's history.
10:38How is this possible?
10:39Either the controls don't exist, or they are not being implemented.
10:42either the system is so opaque
10:44that even charitable organizations can serve
10:46to embezzle funds for years.
10:48Every scandal is followed by promises.
10:51Each promise is followed by a new trick.
10:52The system protects itself, adapts, and endures.
10:56Too many people are taking advantage of it.
10:58Multinational corporations, the very wealthy,
10:59but also an entire industry that thrives on tax optimization.
11:02Thousands of jobs depend on this system
11:04and political leaders have built their power by protecting it.
11:07You're probably thinking that all of this isn't very moral.
11:10That you would do it differently.
11:12Perhaps.
11:14Finally, though.
11:15How does it work for you?
11:16For you, humble French citizens,
11:18Can this system also be useful to you?
11:21Or is it reserved for the ultra-rich?
11:22The answer will surprise you.
11:25Let's start with salaries,
11:26because that's often what attracts people.
11:28Incomes higher than in France.
11:29With an annual income of 40,000 euros,
11:31You pay 32% tax in Luxembourg compared to 30% in France.
11:34First of all, it's more expensive.
11:36At 50,000 euros,
11:37You climb to 39% in Luxembourg compared to 30% in France.
11:40Now, things are starting to get really bad.
11:42At 80,000 euros,
11:43Luxembourg falls back to 39%.
11:45while France rises to 41%.
11:48We're starting to find our balance.
11:50Luxembourg is not fiscally advantageous for employees
11:52below 38,000 euros
11:54or above 150,000 euros.
11:56There is one advantage, though.
11:57automatic indexing.
11:59In Luxembourg,
11:59when inflation reaches 2.5%,
12:01Wages automatically increase by 2.5%.
12:04No negotiation.
12:05it's systematic
12:06and during periods of inflation,
12:07That matters.
12:08But everything changes when we talk about heritage.
12:10because that's where Luxembourg
12:11becomes a veritable tax haven.
12:13I've already talked to you about income from assets,
12:15interests,
12:16dividends,
12:16capital gains on securities,
12:18but in Luxembourg,
12:19No wealth tax on real estate.
12:21In France,
12:22The IFI applies to amounts over 1.3 million euros.
12:24of real estate assets.
12:25In Luxembourg,
12:26You can have 50 million in real estate assets,
12:28You won't pay anything.
12:29As for the myth of Luxembourg life insurance,
12:31it really doesn't make sense
12:32that if you actually move to Luxembourg
12:34or if you have substantial assets
12:36beyond 500,000 euros,
12:38or other advantages,
12:39diversification and security,
12:40compensate.
12:41Below,
12:42management fees,
12:43often higher than in France,
12:44They are chipping away at the tax advantages.
12:46SO,
12:46for whom Luxembourg
12:47Is it really worth it?
12:48For high-income salaried employees,
12:50above 150,000 euros,
12:51That could make sense.
12:52Taxation is becoming advantageous again
12:54and you can absorb the cost of housing.
12:56But the tax difference remains marginal.
12:58It's not a revolution.
12:59For those living off investments
13:00and large fortunes,
13:01beyond 500,000 euros,
13:02On the other hand,
13:03It's the jackpot.
13:04The larger the heritage,
13:05the more interest grows.
13:06As you've understood,
13:07no need to sell your house in Caen
13:09and to drop everything and settle in Luxembourg.
13:11With your meager savings,
13:12It's not necessarily worth it.
13:14It's paradise.
13:15but only if you are already rich.
13:18In any case,
13:18this system has a cost
13:19to which nobody really pays attention.
13:21Between 50 and 70 billion euros,
13:23that's what the European Union
13:24loses every year
13:25because of tax optimization
13:26practiced in Luxembourg,
13:28in the Netherlands,
13:28in Ireland and Cyprus.
13:3070 billion that do not fund
13:31nor the hospitals,
13:32nor the schools,
13:33nor the infrastructure,
13:34nor the war in Ukraine.
13:3670 billion that evaporate
13:37from phantom holding companies
13:38and legal arrangements.
13:40When you consider that in France,
13:41We are being told about reform.
13:41pensions to save
13:4210 billion per year,
13:44It gives one pause for thought.
13:45Luxembourg is not an anomaly,
13:47that's just the symptom
13:48of a Europe that has become
13:48tax haven
13:49with variable geometry.
13:51Waiting for,
13:52Tell me in the comments,
13:53for you,
13:54This is legitimate optimization.
13:55or a disguised escape?
13:57The debate is open.
13:58While European stock indices are plunging,
14:00those who have the right strategy
14:01adapt and thrive.
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