En anglais.

On May 11, 2007, Luxembourg enacted a law regulating a private wealth management company, the so-called “société de gestion de patrimoine familial” (“SPF”). The SPF can be considered the successor of the well-known “Holding 29”, the tax exempt Luxembourg holding company.

It is no longer possible to set up new companies under the Holding 29 regime, as this regime was considered by the European Commission to be illegal state aid.
Existing Holding 29 companies are grandfathered until the end of 2010; under the grandfather rules, their shares can only be transferred in limited situations.

The SPF regime should not fall within the scope of the EU state aid rules as its scope is limited, i.e. a passive investment vehicle that is not allowed to engage in economic or commercial activities.

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