Luxembourg to set bar high for UK firms seeking relocation

Hong Kong

COMPANIES aiming to relocate from the United Kingdom to Luxembourg ahead of Britain's exit from the European Union (EU) will have to establish a substantial presence in the country, including key decision-makers and functions, the Benelux nation's financial watchdog told Reuters.

Some UK businesses are looking to establish a notional presence in Luxembourg to maintain so-called "passporting rights" that would allow them to continue selling all their services across the 28-nation bloc with minimum cost and disruption.