11 November 2010 – SJL Jimenez Lunz participates to the opening of the representative office of the ALFI in Hong Kong.
The Luxembourg fund industry association, Association Luxembourgeoise des Fonds d’Investissement (ALFI), has opened a permanent representative office in Hong Kong. The ALFI is the official representative body for the Luxembourg investment fund industry and was set up to promote its development. For more details, please visit ALFI’s website: www.alfi.lu
The ALFI’s Hong Kong office will promote Luxembourg, not only as a European, but mainly, a global hub for cross-border distribution of investment funds and get more closely connected to asset managers, regulators and comparable associations in Asia.
Michel Jimenez Lunz, managing partner of SJL, while discussing with Hong Kong institutional investors representatives, commented that “Hong Kong is incredibly dynamic and [I] see Hong Kong as one of the few financial centre, with Luxembourg, that manage to grow economically despite the sharp economic environment. Hong Kong is positioning itself as a major hub for Asia whether for inbound or outbound investments. Luxembourg is definitely looking at Asia via Hong Kong in particular. Not only the ALFI has opened a rep. office in Hong Kong, but also some other key actors in the Luxembourg market have done so, as much as SJL is also seriously thinking of the same.”
Aside from the inauguration of the ALFI’s rep. office, this morning, Hong Kong’s Secretary for Financial Services and the Treasury, Professor K C Chan, and Luxembourg’s Minister of Finance, Luc Frieden, have signed an amendment agreement to the existing double taxation treaty (DTT) between Hong Kong and Luxembourg.
The DTT eliminates withholding tax on interest and dividend payments for Hong Kong and Luxembourg investors and creates tax efficiency and certainty in tax liabilities in the frame of cross-border transactions involving the two countries.
The amendment agreement upgrades the exchange of information article in the DTT to conform to the OECD’s standard and will come into force after the completion of ratification procedures and notification by both sides.