Setting up an SPF in Luxembourg
Published on 10 October 2026 · Updated on 10 October 2026
In short
A Luxembourg SPF is a family wealth management company created by the law of 11 May 2007, formed as a SARL, SA, SCA or cooperative organised as an SA. It is reserved for private investors and limited to acquiring, holding, managing and disposing of financial assets, with no commercial activity.
Definition
The SPF (société de gestion de patrimoine familial) is a Luxembourg capital company whose sole purpose is managing a private financial estate. It is subject to its own tax regime and to the oversight of the Administration de l’enregistrement, des domaines et de la TVA (AED).
The SPF at a glance
- Legal basis
- Law of 11 May 2007, as amended
- Possible forms
- SARL, SA, SCA, cooperative organised as an SA
- Permitted assets
- Financial assets only
- Oversight
- AED
What an SPF can and cannot do
| Permitted | Excluded | |
|---|---|---|
| Assets | Securities, shares, cash, other financial assets | Real estate held directly |
| Holdings | Holding participations | Interfering in the management of the companies held |
| Activity | Managing its own financial estate | Any commercial activity |
| Shareholders | Eligible private investors | Ineligible investors |
Setting up an SPF
- 1
Confirm the choice
Investor eligibility and the SPF regime are confirmed with a tax adviser.
Tax adviser - 2
Legal scoping
Form, capital, shareholders, management and a corporate purpose that complies with the 2007 law.
businessregistration.lu - 3
KYC and capital
Identification of investors, source of funds, bank account and payment of the capital.
Bank - 4
Articles and deed
Articles drafted by a partner lawyer, the mention SPF in the company name, deed executed before a notary.
Lawyer and notary - 5
RCS, RESA, RBE
Registration, publication and declaration of beneficial owners.
LBR - 6
AED follow-up
Annual returns and certification filed electronically.
Licensed accountant, AED
A supervised status with real penalties
According to AED circular no. 823, since 2025 the amended law applies administrative fines to breaches, such as a missing SPF mention or annual certification. In case of a serious breach left uncorrected, the AED can permanently withdraw the SPF tax status, and the company then falls under ordinary taxation. We do not give tax advice; the choice of an SPF is confirmed with an adviser.
Who can be an investor
The SPF is reserved for individuals managing their private wealth, for estate-holding entities acting exclusively in the interest of such wealth, and for intermediaries acting on their behalf. It is not open to an operating company wishing to park its cash there. The SPF’s own tax regime, including the subscription tax, is confirmed with an adviser; circular no. 823 states that its annual minimum rose from EUR 100 to EUR 1,000 from 1 January 2025.
For a structure that holds active participations or carries on an activity, see the SOPARFI and the comparison SOPARFI vs SPF.
Next step
Set up your SPF
Choice confirmed with your tax adviser; we coordinate lawyer, notary and filings. Written quote.
Frequently asked questions
Who can set up an SPF in Luxembourg?
Private investors: individuals managing their own wealth, estate-holding entities acting exclusively for them, or intermediaries acting on their behalf. Investor eligibility is a condition of the status and must be checked before the company is formed.
Can an SPF hold real estate?
Not directly. The SPF is limited to financial assets and cannot carry on a commercial activity. AED circular no. 823 restates the ban on holding real estate. Property is held through other structures, to be reviewed with an adviser.
Which legal form can an SPF take?
A SARL, an SA, an SCA or a cooperative society organised as an SA. The minimum capital is that of the chosen form, for example EUR 12,000 for a SARL or EUR 30,000 for an SA.
Do you need a notary to set up an SPF?
Yes for a SARL, an SA or an SCA: the deed is executed before a notary. The articles, drafted by a partner lawyer, limit the purpose to managing financial assets, and the company name includes the words family wealth management company or SPF.
Who supervises the SPF?
The Administration de l’enregistrement, des domaines et de la TVA. It checks compliance with the conditions of the law, receives the annual returns and certification, and can impose fines or withdraw the status.