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Luxembourg- Uzbekistan business relations A focus on financial services

Explore the growing market for Luxembourg financial service providers in Uzbekistan, with opportunities in wealth structuring, banking, and residence/working permits. Discover the advantages of Luxembourg-specific solutions and the services required by different types of clients and investors in the financial sector.

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Luxembourg- Uzbekistan business relations A focus on financial services

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  1. Luxembourg-Uzbekistan business relationsA focus on financial services 18 September 2017

  2. Arendt & Medernach’s story in Uzbekistan • Moscow office opened in October 2012 • Covering RUS, UKR, KAZ, UZB, AZ, Eastern EU Member States • First visit to Uzbekistanin 2017 • DTT in force since2002 • Quick growingmarket • As of today (% of business in Eastern countries) • Russia 60 % • Ukraine 15% • Kazakhstan20% • Uzbekistanstilllessthan5%

  3. Luxembourg players (industry) active in Uzbekistan

  4. Luxembourg players (finance) active inUzbekistan

  5. Market for Luxembourg financial service providers • Governmentalentities • State ownedcompanies • Sovereignfunds • Institutionalinvestors • Privateinvestors

  6. Interestfor Uzbekinvestors • Wealthstructuring • Banking • Residence/working permits regulated non - regulated private corporate private professional

  7. Visas for investors Interesting solution for Uzbekistan individuals • Investments of 500 000 EUR into existing or newly created business • Investments of 3 000 000 EUR into Luxembourg structure • Placement of 20 000 000 EUR on the deposit on a Luxembourg bank account Immigration to Luxembourg Available options Advantage of Luxembourg Uzbek Specifics • No requirement to buy state bonds or securities • No requirement to buy real-estate • Speed of the authorities in comparison with other EU member States • No quotas • No Embassy in Uzbekistan, applications should be sent either directly to MAEor to the Embassy of Uzbekistanin Belgium, or via ConsulateofBelgiuminTashkent, Uzbekistan • Citizens of Uzbekistanare not allowed to have a second citizenship

  8. Services required (financialsector) by the various types of clients / investors Auditors Accountants Tax Advisors Legal Advisors Real Estate Agents • Banks • Asset Managers • Fund Managers  • Concierge Services & Family Offices

  9. Opportunities • Newmarket to develop • Investors open-minded to consider new solutions • Interesting double tax treaty • Investment protection treaty • DynamicreformsmadebythenewPresident • Recentchangesinthecurrencycontrolregulations • Cooperative Luxembourg Embassy in Moscow • SeminarofFinancialCenterof Luxembourg in 2012 (20 participantsfromUzbekistan) • Expo 2017FutureEnergyinAstana (friendlyrelations betweenUzbekistanandLuxembourg representatives)

  10. Legal & TaxLuxembourg Double Tax Treaty (DTT) Network

  11. Legal & Tax • Investment protection treaties entered into by the Belgo-Luxembourg Economic Union Treaties in force • Treaties pending 1. Albania2. Algeria3. Argentina4. Armenia 5. Azerbaijan6. Bangladesh7. Benin8. Bolivia9. Bosnia & Herzegovina 10. Bulgaria11. Burkina Faso12. Burundi13. Cameroon14. Chile15. China16. Croatia17. Cyprus18. Czech Republic19. Egypt20. El Salvador21. Estonia22. Gabon23. Georgia24. Hong Kong25. Hungary 26. India 27. Indonesia28. Kazakhstan29. Kuwait 30. Latvia31. Lebanon 32. Libya 33. Lithuania34. Macedonia35. Madagascar36. Malaysia37. Malta38. Mauritius39. Mexico40. Moldova41. Mongolia42. Morocco43. Mozambique44. Paraguay45. Peru46. Philippines47. Poland 48. Romania 49. Russia50. Saudi Arabia 51. Serbia52. Singapore 53. Slovakia54. Slovenia55. South Africa56. Sri Lanka57. Thailand 58. Tunisia59. Turkey60. Ukraine 61. United Arab Emirates 62. USA * 63. Uruguay         76. Cuba 77. Ethiopia78. Guatemala79. Ivory Coast 80. Korea81. Liberia82. Mauritania83. Montenegro84. Nicaragua 85. Oman 86. Pakistan87. Panama88. Qatar89. Rwanda  90. Sudan91. Tajikistan92. Togo93. Uganda94. Zambia 68. Bahrain69. Barbados70. Belarus71. Botswana72. Brazil73. Comoros74. Congo, DR75. Costa Rica 64. Uzbekistan 65. Venezuela 66. Vietnam67. Yemen * Treaty of friendship, establishment and navigation 

  12. Challenges • Luxembourg productsandservicesarestill widely unknown • Limited number of Luxembourg service providers activeonthemarket • Strongbureaucraticstructure • Mostofbigoperationalcompaniesarestate-owned • Entryvisa to Uzbekistan

  13. Impressions ofUzbekistan

  14. Thankyou!

  15. Contact us • Liudmila Gorodnikova • Associate • Banking and Financial Services • Tel : +352 407878 7900 • Email: liudmila.gorodnikova@arendt.com • Max Kremer • Partner • Banking and Financial Services • Tel : +352 407878 353 • Email : max.kremer@arendt.com

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