Morgan Philips Group acquires Hudson’s operations in Europe
Bordering France, Germany and Belgium, The Grand-Duchy of Luxembourg is indeed a small country in size, but nevertheless has an historical influence on the founding of the EU, and its current governance. The country enjoys an enviable economic situation within Europe, ranking 16th of the most prosperous countries in the world in 2014, even though through ignorance, and sometimes due to ingrained prejudice, it is not yet identified as a possible destination for people who want to experience expatriation, and wrongly so.
• Welcome to Luxembourg
Despite its small size and population, Luxembourg City has the international stature of a capital. In 2014, the number of new arrivals amounted to 14,000 people, an increase of around 2.4%, meaning the country experiences the fastest population growth in Europe. Almost half of the population is from a foreign country, which brings about strong multiculturalism in the country today. It is particularly noticeable through the three official languages: Luxembourgish, German and French. As well as these, the languages added by the immigrant population are English (usually the common language at work), Portuguese, Italian, and Spanish. This diversity is also felt within companies where it is fairly common to have more than 10 different nationalities among the staff. Easily accessible, the country is only two hours from Paris by TGV and two hours from Brussels or Frankfurt by car.
• A variety of professional opportunities
Today, Luxembourg is the primary European investment fund centre and the second in the world behind the United States. It is also the main private banking centre in the Eurozone, and regularly hosts the European headquarters for many international groups, as well as large Chinese banks in recent years.
The importance of the financial sector is clear, and ensures the country a sustainable economy by contributing directly to about a quarter of local GDP. Since the 1980s, the country’s financial system has attracted many banks, ensuring new talent recruitment from Germany, Belgium and France, but also from the UK and other countries. The life insurance sector has also contributed to this increase in jobs in the financial sector.
More recently, the service sectors and Information and communications have taken the lead in employment growth, as well as IT careers. In 2014, the Luxembourg government launched the ‘Digital Lëtzebuerg’ initiative, to strengthen and consolidate the country’s position in the field of ICT. Several concrete measures were decided upon, such as attracting start-ups by facilitating their accommodation or funding, or even promoting the attraction of profiles with technological skills, “e-skills”. The professional opportunities are, therefore, large in number and varied, in a stable social context.
• An ideal country for expatriation
Advocating openness to others, the Luxembourgish mentality ensures a seamless integration for everyone. In addition, community life there is specifically developed to build or expand networks (professional or personal). The average salary is higher than much of Europe’s, and the country’s health system is estimated to be the second best in the world. As for education, Luxembourg has many school infrastructures, allowing expatriates to send their children to international schools. It is not unusual to meet people who originally relocated to Luxembourg for 2 to 3 years, and have now been there for more than ten years, due to the values of dynamism, multiculturalism and the country’s quality of life.
Rémi Fouilloy – Managing Director – Morgan Philips Luxembourg
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