Tax in Luxembourg

Allen & Overy Luxembourg

Allen & Overy Luxembourg's 'strong' two-partner team excels in providing tax structuring for the firm's stellar roster of alternative funds clients. Other work includes advice to financial services entities and multinational corporates on transfer pricing, tax-structured finance schemes, M&A-related tax structuring and general compliance. Jean Schaffner is 'very nice to work with' and he co-heads the team alongside Patrick Mischo, who as well as his funds-related tax structuring expertise, also regularly provides the tax input pursuant to structured finance and capital markets transactions handled by the firm. Julie Carbiener left the firm in 2021.

Practice head(s):

Jean Schaffner; Patrick Mischo

Other key lawyers:

Sophie Balliet

Testimonials

The firm has a strong team, with the capacity to adopt a pragmatic approach when requested.’

Jean Schaffner is a very kind person, who is always available, and very nice to work with.’

Key clients

Ares Management

Algebris Investments

AXA Investment Managers

Värde Partners

Nuveen

Oaktree Capital Management

Work highlights

  • Advised Eltrona, a Luxembourg-based cable company, on its partnership/joint venture with Belgium-based firm Telenet via its takeover (through a merger) of SFR-Coditel, Telenet’s existing operation in Luxembourg, and the subsequent sale of a minority stake in Eltrona to Telenet.
  • Advised AXA Real Estate Investment Managers on the launch of a new Luxembourg open-ended pan-European evergreen real estate investment fund investing in residential properties across Europe.
  • Advised London-based asset management firm Algebris Investments, specialising in investments in non-performing loans predominantly secured by high-end, residential real estate assets in Italy, on the establishment of its third Luxembourg-based non-performing loan fund.

Arendt & Medernach

Led by Thierry LesageArendt & Medernach's six-partner team has the critical mass to advise clients across a tremendous range and volume of work, including as it relates to corporate tax, transfer pricing, fund structuring, VAT and litigation. Splitting his time between the firm's Luxembourg and New York offices, Eric Fort is a prominent figure in the market as a result of his vast experience and ability to provide 'relevant, innovative and pragmatic solutions' to private wealth clients, as well as in the context of private equity and real estate transactions handled by the firm. Formerly head of the firm's Luxembourg tax desk out of New York, Jan Neugebauer has developed a particularly strong reputation advising North American clients considering investing or structuring through a Luxembourg corporate vehicle. Vincent Mahler also regularly handles US-related work, as well as tax matters with a nexus to France.

Practice head(s):

Thierry Lesage

Other key lawyers:

Eric Fort; Alain Goebel; Bruno Gasparatto; Jan Neugebauer; Vincent Mahler

Testimonials

The firm has in-depth knowledge about Luxembourg structures.’

They are open to work together as true business partners, understanding and identifying with the client’s needs to propose pragmatic real life solutions.

Eric Fort proposes thoroughly thoughtful, relevant, innovative and pragmatic solutions with excellent follow through, all the way to the end of the implementation process.

Jan Neugebauer is very well-prepared and has outstanding interpersonal skills.

Key clients

Spotify

Crédit Suisse

Bain Capital

Morgan Stanley

Aerium

Amethis Finance

Apera Capital

Summit Partners

Tunsdall Real Estate AM

Amundi

Work highlights

  • Advised investors grouped in investment vehicles managed by JB Asset Management, with the acquisition from York Capital and Stoneweg of 49% of the units in the Pegasus real estate fund managed by Kryalos Sgr which owns V Palazzo Uffici di San Donato Milanese, headquarters of Eni’s exploration & production division.
  • Advised Allianz Capital Partners, in the acquisition of additional interests in Autobahn Tank & Rast Gruppe GmbH & Co. KG, a leading company in the service sector on German motorways comprising 360 retail station services, 400 service area and 50 hotels.
  • Advised a private equity consortium jointly led by Astorg Partners and Cinven with its acquisition of the LGC group, a global leader in the life sciences tools sector.

Baker McKenzie

'A real powerhouse in taxation', Baker McKenzie provides a 'high standard of service across all tax disciplines'. 'The go-to-guy on international tax matters and investment structures’, Diogo Duarte de Oliveira has successfully built on the office's existing strengths in the market since his arrival from Stibbe in November 2019. He jointly heads the team with the 'well-respected and experienced' Antonio A. Weffer, who is widely recognised for his market-leading transfer pricing prowess and Amar Hamouche, who is praised for his ability to provide 'tailor-made solutions' to clients in the financial services field.

Practice head(s):

Diogo Duarte de Oliveira; Amar Hamouche; Antonio Weffer

Other key lawyers:

Andrea Addamiano; Olivier Dal Farra; Delphine Danhoui; Julien Schraub; Lionel Ancion; Miguel Pinto de Almeida

Testimonials

The firm’s co-ordinated tax professionals offer a high standard of service across all tax disciplines and helped us thrive in an era of rapid change. Also, their exceptional knowledge and experience within the industry is a perfect combination that makes them an ideal partner for our tax-related needs.’

Baker McKenzie is a real powerhouse in taxation. The firm has a strong international network and relies on a solid and experienced tax practice. It is a pleasure to work with them.

The team is very client-focused and demonstrated great professional skills in each and every project we have been working on together.

This firm is a place to go for tax advice on any complex cross-border transactions, be it M&A or group restructurings.

The team works well across tax and legal, and successfully co-ordinates the different aspects in the spectrum of setting up an investment structure, for instance.

Amar Hamouche provides tailor-made solutions and considers practical solutions adapted to business constraints.

Amar Hamouche is a unique collaborator who is always thinking outside-the- box, and always delivers a quality of work that is beyond expectations.

Amar Hamouche has exceptional know-how, is always in a good mood, very available, and very responsive and proactive. Takes real ownership of the file and interacts directly with the client.

Diogo Duarte de Oliveira stands out in the market and is the go-to-guy on international tax matters and investment structures.

Diogo Duarte de Oliveira delivers clear and well-grounded advice on complex matters.’

Antonio Weffer is the best transfer pricing advisor in town.

Antonio Weffer is a well-respected and experienced practitioner with great tactical skills and outstanding client communication. He is very energetic and can handle extreme pressures on the most complex matters, effective matter operator and team leader. It is a pleasure to work with him.

Bonn Steichen & Partners

Bonn Steichen & Partners' 11-strong team provides a 'superior service' to a range of international and domestic clients, both on standalone tax matters, as well as in the context of transactional work handled by the firm. Particular areas of strength include Luxembourg tax structuring for financial sponsors on their M&A, as well as advising creditors on the Luxembourg tax implications related to large debt exposure with regard to international insolvency mandates. The 'very experiencedAlain Steichen heads up the team and, as well as his advisory and transactional-related work, is also noted as one of the country's foremost tax litigators. Counsel Daniel Riedel is 'very competent' across a range of day-to-day tax advisory or compliance work, structuring and litigation.

Practice head(s):

Alain Steichen

Other key lawyers:

Gaëlle Felly; Pol Mellina; Daniel Riedel

Testimonials

The practice is very focused on the needs of the client and of delivering a superior service. They are on top of everything throughout the process and take care of things for the client.

Alain Steichen and Daniel Riedel are very commercial and understand the practical requirements of the client and they combine this with excellent technical knowledge and experience to deliver superior advice.

Alain Steichen is a very experienced partner.

Daniel Riedel is very competent.

Key clients

Goldman Sachs

Global Infrastructure Partners

Luxembourg State

Catalyst Capital

Index Ventures

Apax

B2Holding

DDM

Deutsche Bank

JP Morgan

JR AMC Co. Limited

Cromwell Property Group

Committee of Lenders – Skillsoft

Committee of Unsecured Creditors of Intelsat S.A. et al.

Work highlights

  • Advised Goldman Sachs in certain Luxembourg tax matters in the context of the £4.6bn disposal of iQ Student Accommodation to Blackstone.
  • Represents the Committee of Lenders holding debt instruments in excess of $2bn in the Chapter 11 proceedings of Skillsoft.
  • Represents the Committee of Unsecured Creditors holding debt instruments in excess of $10bn in the Chapter 11 proceedings of Intelsat S.A. et al.

Clifford Chance

Clifford Chance provides a 'pragmatic and business-oriented service' to clients on standalone tax issues, as well as on the tax structuring associated with corporate/M&A, finance and real estate transactions handled by the Luxembourg office. Much of the work is of a cross-border nature, which it is comfortably able to resource utilising lawyers from throughout the firm's broader global network. Team head Geoffrey Scardoni is appreciated for his ability to 'provide tailor-made advice' across a range of international tax law matters, particularly in the context of fund structuring.

Practice head(s):

Geoffrey Scardoni

Other key lawyers:

Maxime Budzin; Josselin Badoc; Kim Ngo

Testimonials

The tax team has a very business-oriented approach to all tax issues encountered by investment funds. It always tries to provide pragmatic advice, while taking into account and providing the right level of risk analysis.

‘Geoffrey Scardoni is a stellar lawyer. He is always available, understands the particularities of our structures, provides tailor-made advice and is a daily help for our legal and tax department.

Key clients

Patrizia

Rothschild Investment Management

Goldman Sachs

Pictet Alternative Advisors

ICN Development

Pacific AMC and Savills IM

Bain Capital Credit

Primonial REIM

Fierce Capital

Volkswagen

Work highlights

  • Advised Patrizia, the global partner for pan-European real estate investment, on the proposed €1.2bn acquisition of a pan-European portfolio of 42 logistics assets from BentallGreenOak.
  • Providing tax advice to Volkswagen on its issuance of €3bn in hybrid bonds.
  • Advised ICN Development, BESIX RED and TRALUX Immobilier on the structuring, acquisition and financing of the Villeroy & Boch site in Luxembourg.

Elvinger Hoss Prussen

Benefiting from a 'fair view and understanding of market practice and trends', Elvinger Hoss Prussen is able to provide 'solution-oriented and clear tax advice on complex matters', including as it relates to the design and implementation of international tax structures for the Luxembourg financial sector. Although former head Jean-Luc Fisch's departure to Dentons in August 2020 was clearly impactful, the team's pipeline of transactional work, track record in the space and longevity in the market, has ensured that it remains a leader in the field. The 'very client-oriented and agileElisabeth Adam is now one of the most senior members within the three-partner team and is appreciated by funds and private clients/family offices clients for her ability 'to provide advice and implement complex transactions, while ensuring legal security at the same time'. 

Practice head(s):

Elisabeth Adam; Isabelle Gervais; Dirk Richter

Testimonials

‘Dedicated to their clients. Deep knowledge of the relevant issues. Ability to propose tailor made solutions.’

‘Ability to listen and then suggest workable solutions. Extremely well connected.’

‘Very strong connection with the tax authorities. The firm is one of the leading practices in Luxembourg which helps them to get a fair view and understanding of market practice and trends.’

‘The team provides solutions-oriented and clear tax advice on complex matters.’

‘Elisabeth Adam is a very client-oriented and agile multi-disciplinary lawyer who provides clear legal advice. Particularly valuable is her competence at providing advice and implementing complex transactions while ensuring legal security at the same time of the corporate, financing and tax aspects of it, both for regulated and unregulated investment entities. She is also very helpful for private individual tax planning and family offices.’

Key clients

Richemont International Holding

atHome Group

Crystal Almond

Wecan Group

Azimut Private Equity I, SCSp

AMC Capital IV

Suntech Global Solar Fund Partners

Mirabaud Asset Management (Europe)

Kronos

Work highlights

  • Advised Richemont International Holding S.A on the Luxembourg tax aspects associated with its recent €2bn aggregate bond issuance.
  • Advised Crystal Almond Group and WIND Hellas in connection with a €525m high-yield bond offering.
  • Provided the transfer pricing advice to AMC Capital IV on its mezzanine and associated private equity investments in Central Europe.

Loyens & Loeff

Praised for its 'great international experience', as well as its 'excellent collaboration with other practice areas within the firm'the six-partner team at Loyens & Loeff has the critical mass to be able to provide a significant degree of partner specialisation across the spectrum of domestic and international tax matters. For example, team head Jochem van der Wal specialises in transactional tax matters and regularly works alongside practitioners from the firm's corporate, banking and funds group on the structuring associated with those mandates. Peter Moons is also involved in transactional tax matters, although he is best-known for his transfer pricing expertise and heads up the office's sub-group in this area. The team has also been active of late advising on tax aspects associated with Brexit-related group restructurings and has also developed somewhat of a niche providing the tax structuring to Latin American companies on their Luxembourg debt issuances.

Practice head(s):

Jochem van der Wal

Other key lawyers:

Peter Moons; Peter Adriaansen; Frank van Kuijk; Willem Bon; Charlotte Haarsma-den Dekker; Pierre-Antoine Klethi; Oliver Coulon; Tom Hamen

Testimonials

‘The firm has great international experience and a deep understanding of the specific needs for the industry/corporate-group structure.’

‘Outstanding experience and excellent collaboration with other practice areas within the firm.’

Key clients

Companhia Siderúrgica Nacional

EQT Partners

Goldman Sachs & Co LLC

Jack Wolfskin

Rede d’Or São Luiz S.A.

Summit Partners

Ultrapar International SA

Unigel Participações S.A.

Work highlights

  • Advising numerous major asset managers on all tax and legal aspects related to setting up Luxembourg funds entities, and applying innovative solutions to implement ATAD 1 and ATAD 2 structuring.
  • Advising several Latin American enterprises on their Luxembourg bond issuances for an aggregate sum in excess of several billion dollars.
  • Advises a number of multinational enterprises on all tax aspects related to group restructurings, addressing for example Brexit implications and other international developments.

TS&P

'A welcome oasis of technical excellence', independent business boutique law firm TS&P is 'always on the top of current developments of market practice and tax law changes' and is consequently able to provide very appropriate advice to clients and referring law firms alike. 'Very competent in international corporate tax', this manifests itself for a range of clients including banks and multinational corporates, although the firm has gained particular plaudits for its work on behalf of alternative investment funds. 'A very creative tax expert', team head André Pesch 'can solve the most complex issues in a very pragmatic way' and has been central to the firm's success in the area in such a short time since the firm's foundation in 2018.

Practice head(s):

André Pesch

Other key lawyers:

Romain Jacques; Arnaud Lebrave; Emilie Mattos; Carlos Morales Ribas; Juliette Zielinski-Vogt; Laurent Gengler

Testimonials

‘Very commercial and to the point. They give views and don’t try to qualify them with every possible risk that could apply.’

‘They are always on top of current developments within market practices and tax law changes/developments in Luxembourg. They have a brilliant ability to tailor advice and structure ideas to the client’s needs and facts.’

‘In a jurisdiction dominated by reliance on “market practice”, TSP is a welcome oasis of technical excellence. Their team really pays attention to each and every aspect of a transaction and considers the law, not just the market approach.’

‘The team is very competent in international corporate tax and very professional. They take time to listen to the client, in order to adapt their answer accordingly.’

‘André Pesch is a very creative tax expert.’

‘André Pesch is thorough, technically knowledgeable and unafraid to challenge the perceived wisdom.’

‘André Pesch has built an excellent team. He can solve the most complex issues in a very pragmatic way and is pleasant to work with. He is probably the best in the market.’

Romain Jacques is dedicated to delivering the best work possible.’

‘Carlos Morales is an excellent transfer pricing expert. He knows the asset management business very well and is very efficient.’

Work highlights

Ashurst

Since its establishment at the end of  2018, Ashurst has quickly gained a strong reputation in the market, as a result of its 'results focused and practical' service to funds, corporates and high-net-worth individuals across the spectrum of domestic and international tax issues. Led by Cécile Henlé and Georges Simon , the two-partner has, however, gained most acclaim for its tax controversy offering which has recently seen it representing the taxpayers in two high-profile cases before the European Court of Justice.

Practice head(s):

Cécile Henlé; Georges Simon

Other key lawyers:

Chiara Bardini; Vanille Peltier-Henry

Testimonials

‘The team provides results-focused and practical advice.’

‘They are very professional and always try to find the most pragmatic way.’

‘Cécile Henlé and Vanille Peltier-Henry are responsive, hands-on and thorough.

‘Chiara Bardini is a very rational and dedicate professional.’

Key clients

Samsung Securities

Kendall Square Asset Management

Roebuck Asset Management

KTB Asset Management

DTZ Investors

Castlelake

Soludec management

EQT Real Estate

Barings

Work highlights

  • Assisting several companies of the taxpayer (a multinational group) before the European Court of Justice regarding the request for a preliminary ruling from the Luxembourgish administrative Court. The case relates to the Luxembourg fiscal unity regime and its compatibility with EU law.
  • Assisting various taxpayers (high-net–worth-individual, family-owned business) before the European Court of Justice as regards the request for a preliminary ruling from the Luxembourgish administrative Court. The cases, which are still pending, concern two requests for information sent by the Spanish tax authorities to their Luxembourgish colleagues regarding a tax residency issue.
  • Advising on the cross-border acquisition of an Amazon logistics warehouse in Prague by Korean investors from AEW.

Charles Russell Speechlys

Leveraging the firm's overarching market-leading private client brand, Charles Russell Speechlys' two-partner team has most acclaim in the local market for the 'realistic and practical solutions' it provides to ultra-high-net-worth individuals and family offices on their tax structuring. Nevertheless, the team has successfully broadened the scope of its offering to include an increasing amount of work for larger institutional funds, including Battery Ventures, which it advised on a major restructuring project. Team head Yacine Diallo   'has strong and deep knowledge of Luxembourg and international tax considerations', which he implements to good effect for corporates and funds, including private equity sponsors investing in Africa. 'Extremely knowledgeable and proactive' Spanish speaking practitioner Rafael Moll de Alba is particularly adept at advising Spanish and Latin American entities and is also pivotal to the office's success on the private client front.

Practice head(s):

Yacine Diallo

Other key lawyers:

Rafael Moll de Alba

Testimonials

‘The team is very knowledgeable about tax law and offers realistic and practical solutions that are helpful in the tax management of their client’s businesses. Additionally, the team has a good working relationship with the tax authorities and is able to obtain tax relief and favourable tax positions for its clients in a timely manner.’

‘Yacine Diallo is commercial in his approach without compromising the integrity of the appropriate tax position.’

‘The extremely client-focused Yacine Diallo has strong and deep knowledge of Luxembourg and international tax considerations.’

‘Yacine Diallo is a creative and excellent solutions-oriented lawyer who provides practical advice focusing on the needs of the clients.’

‘Rafael Moll de Alba is an excellent professional with excellent knowledge of the market.’

Key clients

Battery Ventures

AfricInvest

Future Processing Group

Work highlights

  • Advising Battery Ventures on the tax aspects associated with a restructuring process relating to  the funding and shareholding structure of one of its platform holding a significant participation in a Swedish tech company.
  • The tax team has been involved on the exit strategy of a platform originally set up by AfricInvest together with the European Investment Bank under the form of a silent partnership organised under the laws of Luxembourg.
  • Assisting a Polish-based IT company Future Processing Group on the structuring and design of the investment strategy of an acquisition of a significant equity participation in a Polish tech company active in the smart farming industry. This investment has been structured via a UK intermediary company. The team has also provided tax advisory related to the profit repatriation strategy.

CMS

Strengthened by the arrival in January 2020 of two partners from Dentons, including Frédéric FeytenCMS' seven-strong team has enhanced resources and bandwidth to effectively represent standalone and firm-wide clients across both direct and indirect tax matters, including VAT and transfer pricing. Feyten now heads up the team and adds particular ballast to the firm's capability on cross-border deals, in light of his notable international tax planning expertise.

Practice head(s):

Frédéric Feyten

Other key lawyers:

Alois Charpenet; Habiba Kobci

Key clients

Terra Firma

Goldman Sachs

Abac Capital

Apax Partners

Amundi

SYG Capital AG

Barings

PetroRio

Work highlights

  • Assisted PetroRio, a Brazil-based holding company engaged in the oil and gas industry, with the acquisition of the Floating Production Storage and Offloading vessel, called OSX-3.
  • Assisting Goldman Sachs with the acquisition of DGAD, a Luxembourg company held by Crédit Agricole Corporate Investment Bank and its refinancing and restructuring.
  • Assisting Barings Real Estate with the acquisition of a UK property via a Luxembourg SPV.

Dentons

Dentons' tax offering is in somewhat of a transitionary phase following the departure of two partners, including former team head Frederic Feyten to CMS  at the beginning of 2020. The rebuilding process has, however, already begun and the arrival of Jean-Luc Fisch  from Elvinger Hoss Prussen in August 2020 was a notable statement of intent. Noted for his international tax expertise, Fisch heads the team and is well-positioned to exploit his cross-border private equity and real estate-related tax expertise, particularly in light of the firm's vast international network of offices.

Practice head(s):

Jean-Luc Fisch

Other key lawyers:

Romain Baroan

Hogan Lovells (Luxembourg) LLP

Benefiting from 'very good collaboration with their offices across Europe and the world', Hogan Lovells (Luxembourg) LLP excels in providing 'professional and pragmatic' advice to multinational corporates and investment funds on international tax structuring and planning matters. Team head Gérard Neiens provides 'responsive, cost-effective and efficient solutions.'

Practice head(s):

Gérard Neiens

Other key lawyers:

Jean-Philippe Monmousseau; Pierre-Luc Wolff

Testimonials

‘They are reactive and very professional. They care about their clients and know their files well.’

‘The team maintains close relationships with the various other Hogan Lovells offices, in an international context this is invaluable.’

‘They are open minded and nice to work with.’

‘The team answers our questions and analyses structures and options in a way that is clear and understandable.’

Gérard Neiens provides responsive, cost-effective and efficient solutions.’

‘Pierre-Luc Wolff is vary patient and adapts to endless changes.’

Key clients

ACE & Company

ACON Investments

Cheyne Capital

CNP Luxembourg

Grosvenor Capital Management

M&G Real Estate

Mercedes

Patrizia

Pantheon Ventures

RiverRock

Timberland Investment Resources Europe

Volkswagen

YESSS

Work highlights

  • Advised Timberland Investment Resources Europe on setting up their second investment vehicle in Luxembourg in the form of a Reserved Alternative Investment Fund (RAIF).
  • Advised RiverRock on its acquisition of French Exterimmo, by its RiverRock Brownfield Infrastructure I, from the French Caisse des Dépôts et Consignations.
  • Advised Ford on Volkswagen’s major investment into Ford’s autonomous vehicle platform company, Argo AI, which has a valuation of more than $7bn.

Linklaters

Led by Olivier Van ErmengemLinklaters‘ eight-strong team is particularly visible within the alternative funds space, and regularly provides the tax structuring associated with the establishment (and in many cases the subsequent investment work) of private equity, venture capital, real estate and debt funds. As well as advising on the tax ramifications of recent EU legislation, including crucial strategic advice to fund managers on issues relating to the two ATAD directives, the team also advises on transfer pricing, tax controversy and the structuring of complex financial products.

Practice head(s):

Olivier van Ermengem

Other key lawyers:

Guido De Wit; Aurélie Clementz; Joakim-Antoine Charvet; Danièle Buchler; Hadrien Brémon

Key clients

Triton Partners

DBAG Advising GmbH & Co. KG

Ardian SAS

Groupe Bruxelles Lambert

Work highlights

  • Assisted Triton Partners on the tax and Luxembourg corporate and banking aspects of the acquisition, by way of debt and equity financing, of the family-owned business All4Labels.
  • Advising Triton funds in relation to the acquisition of all shares in Atnahs International Holdings Limited, the holding vehicle of Atnahs Pharma UK Limited, a company specialized in the acquisition, development and marketing of a portfolio of mature branded medicines.
  • Acted for Ardian on the tax structuring of their fifth infrastructure fund, Ardian Infrastructure Fund V S.C.A., SICAR.

NautaDutilh

Led by Jean-Marc GroellyNautaDutilh's 'approachable and personable' eight-strong team excels in providing the tax structuring associated with M&A, banking and funds work handled by the firm. Other areas of strength include transfer pricing and tax-related regulatory advice.

Practice head(s):

Jean-Marc Groelly

Other key lawyers:

Audrey Derep

Testimonials

‘They are a confident group of professional lawyers, who are approachable, personable and easy to work with.’

Key clients

Horizon Equity Partners

Tosca Fund Asset Management LLP

Iwoca

Sonae Sierra Brasil Group

RiverRock European Capital Partners LLP

Work highlights

  • The firm is advising an international real estate company on the tax structuring associated with its business combination with a publicly-held Brazilian real-estate company.
  • The team assists an investment management firm with the implementation of Luxembourg regulated funds (real estate, private equity and debt vehicles) targeting value-add investments across major European markets.
  • Assisted an asset management firm, with the acquisition of 18 whole-buildings in central Athens to form a unique Greek real estate portfolio.

Stibbe

Led by Johan Léonard, following his recent arrival from NautaDutilhStibbe's 'young and dynamic' four-strong team provides a 'very client-focused service' to clients in the context of standalone advisory work, as well as on funds-related tax structuring. Praised for his 'proactive and accessible approach', Léonard excels at international tax planning, and is able to effectively advise private equity funds, in particular, on the underlying structuring associated with their M&A activity.

Practice head(s):

Johan Léonard

Other key lawyers:

Christophe Martin-Raynaud

Testimonials

‘The team is very client focused and demonstrates great professional skill in each and every project we have worked on together. The communication is very smooth and practical and the client servicing approach is hands-on and efficient.’

Besides the fact that they are great professionals with cutting-edge competences, they are also very accessible, always available and display a proactive approach.’

‘It is a young, dynamic team with solid competences in tax and corporate.’

Johan Léonard  has a proactive and accessible approach.’

Key clients

Morgan Stanley & Co. International plc

AccorInvest

Ginkgo Advisor

CBRE

Work highlights

  • The firm advised a major asset manager on the complete set-up of an investment structure specialised in the acquisition and remediation of brownfield sites, using innovative and environmentally respectful processes, with a target size of €250m.
  • Assisted with the legal and tax aspects of the acquisition of an iconic French haute couture house.
  • Assisted a listed US multinational with the multi-jurisdictional reorganisation of its group.

AKD

AKD is particularly well regarded among private equity and real estate funds for the 'excellent levels of customer service and cost-effective approach' it provides on fund formation and subsequent downstream investment mandates. The 'commercialRutger Zaal has 'strong cross-jurisdictional knowledge' and co-heads the two-partner tax team alongside Ayzo Van Eysinga.

Practice head(s):

Ayzo van Eysinga; Rutger Zaal

Other key lawyers:

Laetitia Borucki

Testimonials

A small boutique operation with excellent levels of customer service and a cost-effective approach.’

Rutger Zaal is a good commercial operator with strong cross-jurisdictional knowledge.’

Key clients

Trane Technologies (former Ingersoll-Rand)

The Alberta Investment Management Corporation

EagleTree Capital

Peakside Capital Advisors

ARB Advisors Cheniere

Work highlights

  • Assistance on Luxembourg tax and financing aspects associated with The Alberta Investment Management Corporation’s acquisition of a majority stake in a leading European renewable energy company.
  • Advised EagleTree on the Luxembourg tax aspects associated with its acquisition of the non-US business of Corsair.
  • Preferred Luxembourg counsel for Peakside Capital Advisors on its investment structures.

Bonn & Schmitt

At Bonn & Schmitt, counsel Anne Selbert  has a particular strength advising on international corporate taxation and regularly provides the tax input pursuant to mandates handled by private equity clients of the firm.

Practice head(s):

Anne Selbert

Other key lawyers:

Alex Schmitt

Key clients

EQT

Banque Internationale à Luxembourg

Work highlights

  • Provided the tax structuring to EQT on its acquisition of Freepik.
  • Providing the tax advice to Banque Internationale à Luxembourg  associated with a Luxembourg law-governed facility agreement in order to finance a leveraged buyout of the Stoll group.
  • Acting as Luxembourg legal counsel to Banque Internationale à Luxembourg in order to draft and negotiate a Luxembourg law governed mezzanine loan agreement to be granted to Firce Capital Luxembourg Participation 4 (and pledge agreements) in order to acquire real estate in Luxembourg (Belval Plaza).

Clément Konrad & Partners

Independent boutique business law firm Clément Konrad & Partners advises funds, corporates and high-net-worth-individuals across a range of contentious and non-contentious work, including tax structuring associated with cross-border M&A work. Team head Christophe Clément is recommended.

Practice head(s):

Christophe Clement

Key clients

Warwick Capital Partners

Cresco Capital Group

UK & European Investment

Europrestim Management

Fares Group

Meadow Partners

Golden Partner group

E-Capital Management

DLA Piper

The 'young and hungry' six-strong team at DLA Piper provides 'efficient, client-focused and very technical advice' to alternative asset management firms; in particular, on their fund structuring, investments or group reorganisations in Luxembourg and beyond. Team head Jacques Wantz is 'clearly a rising star', and developing a strong reputation in relation to the tax structuring of pan-European regulated and unregulated alternative investment funds, as well as on the tax aspects of cross-border private equity, real estate and debt investments.

Practice head(s):

Jacques Wantz

Other key lawyers:

Julie Hecklen

Testimonials

The young and hungry team is technically strong and delivers high-quality work.’

The team is efficient, client-focused and very technical.’

Jacques Wantz is clearly a rising star and stands out among his peers, both in understanding his clients’ business as well as in excelling technically on a vast number of tax disciplines.’

Key clients

Generali Real Estate

Harbert Management Corporation

Adams Street Partners

Mezzanine Management

Athora Lebensversicherung AG

EIG Global Energy Partners

MiddleGame Ventures

Murosa Development Sarl

Familia Group

Work highlights

  • Advised Generali Real Estate on the structuring, setting up and launching of a cross-border real estate debt fund structured as a common limited partnership organised as a RAIF whose investment strategy is to invest in securitisation instruments and senior loans aiming at financing real estate investments.
  • Advising fintech venture capital firm MiddleGame Ventures on the structuring, setting up and launching of the MGV Fund I.
  • Advising a European insurance company on the structuring, implementing and launching of a Luxembourg multi-compartments and multi-strategies RAIF.

Dupont Partners

Since its foundation in December 2018, under the leadership of name partner Frédéric DupontDupont Partners has quickly established a strong standing in the market, particularly in relation to funds and real estate-related tax structuring.

Practice head(s):

Frédéric Dupont

Other key lawyers:

Estelle Wanssy

Work highlights

GSK Stockmann

Led by Mathilde OstertagGSK Stockmann SA's 'agile and innovative' three-strong team provides the underlying tax structuring pursuant to private equity and real estate investment work handled by the firm's transactional lawyers. Most of the work is of a cross-border nature and regularly includes advice to clients on matters involving a German nexus.

Practice head(s):

Mathilde Ostertag

Other key lawyers:

Katharina Schiffmann

Testimonials

The corporate tax team can tackle a broad range of transactions and is keen to remain agile and innovative.

Key clients

Armacell

Fosun

Universal Investment

Axa

CTG

Obton

Glennmont

Aldburg

EPGF –Aberdeen

Feri Trust

Kalrock

Grand City Properties S.A.

Aroundtown Property Holdings Plc

EQT

Stonehill Holdings S.à r.l.

Victoria House SA

Stronghold Capital

Universal

Work highlights

  • Advised Armacell’s management team (a portfolio company of PAI Partners) on the Luxembourg tax and corporate aspects of the roll-over and implementation of the management incentive programme.
  • Provided comprehensive tax advice to the investors in leading international e-scooter company Circ in relation to the reorganisation, financing and takeover by US e-scooter rental company Bird.
  • Advised AXA Investment Managers on the tax and legal structuring relating to its acquisition, on behalf of a joint venture between a fund it manages and a foreign insurance company, of a significant office building in Berlin (Techno Campus).

LexField

LexField's team head Pierre-Yves Magerotte is 'exceptional on cross-border tax structuring' and an integral member of the firm's high-calibre offering to private equity funds requiring Luxembourg structuring to facilitate their M&A. Other areas of focus include real estate and private client-related tax structuring.

Practice head(s):

Pierre-Yves Magerotte

Testimonials

They provide expert advice relating to all aspects of Luxembourg taxation.’

The team is very pragmatic and creative and is able to handle cross-border taxation issues.’

Pierre-Yves Magerotte is exceptional on cross-border tax structuring. His wide international tax experience, as well as his continuous proactivity and practical approach places him as one of the rising stars on the market.’

Pierre-Yves Magerotte is a terrific lawyer who has excellent technical ability and is able to distill complex matters.’

Key clients

Babilou

MNK Partners

Aldgate Development

Work highlights

  • Advised Babilou Group on the tax structuring associated with its acquisition of a Luxembourg local group of five nursery schools.
  • Advised MNK Partners on all Luxembourg tax, legal and regulatory aspects of their real estate investments across Europe.
  • Advised a luxury property investor on the sale of prime real estate located in SoHo in New YorkCity.

Maples and Calder (Luxembourg) SARL

Led by James O’Neal and strengthened in December 2020 by the arrival of Jean-Dominique Morelli  from CMSMaples and Calder (Luxembourg) SARL's two-partner team is particularly well-positioned to provide the Luxembourg tax structuring advice associated with cross-border M&A handled by the firm's roster of alternative asset management firms.

Practice head(s):

James O’Neal

Other key lawyers:

Jean-Dominique Morelli; Inès Annioui-Schildknecht; Rui Duarte

Key clients

Chinese National Offshore Oil Corporation

Work highlights

  • Acted as tax counsel to Chinese National Offshore Oil Corporation regarding investments into multiple jurisdictions including Canada and Brazil via Luxembourg holding companies.

Norton Rose Fulbright

Acting for many of the firm's institutional fund and corporate clients on their Luxembourg-based structuring matters, as well as successfully developing a growing clientele of its own, Norton Rose Fulbright continues to enhance its reputation in the country since its establishment in mid-2017. The 'very reactive and pragmatic' Florent Trouiller heads the team – following his arrival in October 2019 from Dechert Luxembourg – and is noted for his tax structuring of cross-border private equity and real estate transactions.

Practice head(s):

Florent Trouiller

Other key lawyers:

Raphaële Kamoun

Testimonials

The tax team has always been very approachable and efficient in dealing with client matters.’

Florent Trouiller is very reactive and pragmatic.’

The very reactive and approachable Raphaële Kamoun delivers when handling multi-jurisdictional projects.’

Key clients

National Bank of Canada

Oxus Development Network

WebOps Sàrl

Ambridge

Perwyn Advisers UK Limited

Province of British Columbia

Work highlights

  • Advised National Bank of Canada on its $10bn Euro Note Programme involving tax structuring work and issuance of technical tax opinions.  
  • Advised Oxus Development Network as lead legal and tax counsel on a group restructuring involving a cross- border internal reorganisation.

Wildgen

Benefiting from 'extensive knowledge on corporate tax matters',Wildgen provides 'timely replies and solutions' to clients engaged in cross-border restructurings, M&A transactions and business migrations. 'Extremely user-friendly' team head David Maria  is a 'subject matter expert and capable of describing sometimes complex issues clearly for a lay person'.

Practice head(s):

David Maria

Other key lawyers:

Lionel Bonifazzi; Jérémie Ferrian; Valeria Ercolini

Testimonials

‘They are professional and have very good communication skills. In addition, they are always available for you and are particularly adept at identifying your problem and the associated risk factors.’

‘They seem to have extensive knowledge on corporate tax matters and this is reflected in their advice.’

‘David Maria is a subject matter expert and is capable of describing sometimes complex issues clearly for a non-tax lawyer.’

‘David Maria is an extremely user-friendly partner.’

‘We value Lionel Bonifazzi’s objective approach and clear and concise advice.

‘Jérémie Ferrian showed great knowledge in each aspect of the business we were involved in. After carefully listening to our constraints, which is not the case of all other firms, his advice was swift and accurate.’

Key clients

Aif Pharma Lux SA

Centralis Group

Hotelinvestments (Luxembourg) S.à r.l. – Asset Paris II (Luxembourg) S.à r.l. – UBX Luxembourg S.à r.l.

International Housing Solutions (IHS)

Investmon Corp

Modern Media Acquisition Corp

Murex

Schneider Electric

SP Development

SPE Capital

Work highlights

  • Advised Murex on the Luxembourg direct tax treatment of the reorganisation of the group.
  • Advised Warimpex Finanz- und Beteiligungs AG and UBM Development AG (two real estate companies) on the Luxembourg tax and legal aspects of the sale of the Dream Castle and Magic Circus Hotels at Disneyland® Paris to a 50/50 joint-venture between UK-based private equity fund manager Benson Elliot Capital Management and Schroder Real Estate Hotels.
  • Advised SPE CAPITAL and AIF PHARMA LUX on the tax and legal Luxembourg aspects of the acquisition of a pharmaceutical group established in Morocco.