Selecting a banking partner and its jurisdiction

Our banking partners, their jurisdictions and their advantages

  • Banks

    ALMA MANAGEMENT has developed a very wide network of private banking partners in the varied and prestigious Financial locations of Luxembourg, Singapore, Switzerland and Israel.

    These Banks are open to a clientele of means or at the least possessing a significant financial balance.

    ALMA MANAGEMENT will offer you solutions that use the added value of each jurisdiction in accordance with the nature of your needs and of your asset project.


    In Luxembourg.

    At the heart of Europe, Luxembourg is both a financial location of world-class caliber, a European hub for many businesses and the largest financial center in the European Union, employing more than 60,000 people.

    European center of private BANKS :

    Luxembourg has also become the most important location in Europe on the investment fund market. 46 % of gross domestic product the country is dependent upon its role as a financial location.

    The outstanding growth of Luxembourg as a financial location means that 120 banks have a presence within its border, with a total of over 25,000 employees.

    Moreover, Luxembourg is the world’s second largest investment fund center, after the United States.

    Luxembourg is the largest private banking center in the eurozone. Until recently, Luxembourg was on the list of tax havens, due to banking confidentiality , which has since been largely abolished, exceptionally large advantages for major holdings etc.

    Since then, the Grand Duchy is no longer on any blacklist and its efforts have been internationally recognized. Luxembourg has for example adopted all of the OECD’s provisions against tax evasion

    Luxembourg as also succeeded in attracting eight ensurers, including the American AIG and the British RSA.

    The country also hopes to become the home of the seat of the European Banking Authority, EBA, which until now has been in London, but could come to Luxembourg to join the other institutions already present there, such as the EU Court of Justice and the European Investment Bank (EIB).

    Credit Immobilier located in Europe :

    Our Private Banking Partners will also support you in your aims of acquiring Prestigious real estate in Europe and/or in the refinancing of one of your Prestigious Real Estate Properties located in Paris, London, Marbella, Monaco, or in Luxembourg itself.

    Life Insurance :

    In relation to a contract with an insurance company in France, for example, taking out a life insurance contract with a company in Luxembourg grants investors greater protection of their capital in the case of bankruptcy, but also offers the opportunity to take out the contract in currencies other than the Euro, offers a wider choice of investment funds and allows tax neutrality wherever you may be in the world.

    Here are the details of the 3 main advantages and of the character of the Luxembourgish Life Insurance Contract :

    Capital Security :

    Due to the political and legal stability of the Grand Duchy, to the confidentiality ensured by Luxembourgish legislation and by the priority granted to savers who hold capital in the case of bankruptcy, life insurance in Luxembourg will be more advantageous if you are looking for protection of your capital that surpasses that offered in other countries :

    The security triangle of the Grand Duchy of Luxembourg

    A European financial location of the first rank, Luxembourg has an innovative legal and regulatory framework that is extremely well adapted to financial investments, due to the dialogue among legislators, the government and the private sector

    Thus, in order to allow reinforcement of the security of the capital covered by life insurance contracts in Luxembourg, deposit of assets which represent the ensurer’s undertakings must occur in a credit establishment accredited by the Insurance Commissariat (public establishment that monitors the activities of the Insurance sector) and where legislation requires the signing of a convention among: the depositary bank, the life insurance company and the insurance commissariat.

    This Luxembourgish mechanism, which is also called the “security triangle”, makes it possible to separate deposits of assets representing insurers’ undertakings from a company’s other assets. They are deposited into different bank accounts. In case this separation protocol is not adhered to, the insurance commissariat may order the accounts to be blocked to protect the rights of the policy holders.

    The Luxembourgish security triangle is also a very significant asset.

    The priority of investors who hold contracts in Luxembourg in case of bankruptcy

    In the case of bankruptcy of one of their insurance companies, Luxembourgish legislation has since 1991 given investors in their life insurance policies precedence over all other creditors. This mechanism is called « super privilege ».

    In this ultra-extreme case, you will therefore have precedence in receiving repayment of the debts related to the fulfilment of your Luxembourgish life insurance contract, whereas a French contract, for example, stipulates that you will only be reimbursed up to a ceiling of 70,000 euros.

    In the same manner as for the security triangle, Luxembourgish super privilege is a security advantage in relation to life insurance policies in other countries.


    The contract can be made to suit expatriates and other countries

    If you reside outside Luxembourg or frequently undertake international moves, there are many advantages of Luxembourgish life insurance :

    • The tax neutrality of Luxembourg wherever in the world you live.
    • The opportunity to invest in a currency other than the euro.


    Due to its tax neutrality, Luxembourg never taxes your capital gains

    Whereas French life insurance taxes your capital gains if you are not a French residence (dual taxation in France and in your country of residence), Luxembourgish taxation is entirely neutral. The sole tax regime applicable in the case that you draw upon your Luxembourgish life insurance policy if you are NOT RESIDENT in Luxembourg will be that of the country where you reside for tax purposes.

    For example, if you reside in Israel :

    • With a French life insurance contract: dual taxation, both French and Israeli, in the case that you draw on the policy.
    • With a Luxembourgish life insurance contract: solely taxation by the Israeli tax authorities, which will be calculated on the basis of the capital gains of your withdrawal.


    If you change your country of residence, your Luxembourgish life insurance will adapt itself to your new taxation regime every time, whereas French life insurance contracts, for example, will bring in the international taxation convention with France (with risks of dual taxation in most cases).

    Due to this tax neutrality which avoids dual taxation, Luxembourgish life insurance will be much better suited to tax optimization than French life insurance if you live outside France or if you intend to leave.

    The opportunity to invest in a currency different from the Euro

    a Luxembourgish life insurance contract has the huge of advantage of being able to invest your savings in the currency of your choice: in Euros EUR of course, but also in American Dollars USD, in Pounds Sterling GBP, in Swiss Francs CHF, in Israeli Shekels ILS or in Japanese Yen YEN.

    You can thus choose the currency that is closest to your financial and asset situation or most closely correlated with the currency of your country of residence :

    Investing in Euros while living in a country (or being paid) with a different currency can have undesirable consequences for the proceeds of your contract: for example if the currency of your country of Residence appreciates in relation to the Euro. If you live outside the eurozone and to avoid the risks of the exchange rate with the Euro, opt instead for the currency that is best correlated with your situation among those available with a Luxembourgish life insurance contract.


    A Luxembourgish contract Offers more investment opportunities

    Luxembourgish life insurance has the advantages of a choice of supports for financial investments if you are affluent and/or have high standards, as in addition to euro funds and the funds in Units of classic accounts its contracts allow you to invest in dedicated tailor-made funds, with the opportunity to include in them types of assets such as: direct and unlisted shares and bonds, FCPR, alternative funds and products based on primary materials…

    The funds available from a Luxembourgish life insurance contract

    According to your financial, fiscal and asset-related situation and your investor risk profile, you will be able to choose from a wide range of investment funds: euro funds, UC external funds, internal funds and/or tailor-made internal funds.

    Funds in euros : With capital and results guaranteed, euro funds are the risk-free supports for any life insurance contract, and those in Luxembourg do not differ from the rest.

    External funds : The number and type of external funds (UC) from Luxembourgish contracts are similar to those of the best top-of-the-range French life insurance contracts, but Luxembourg allows specific funds to be created.

    Collective internal funds: Collective internal funds function as UCITS (Undertakings for Collective Investment in Transferable Securities), they allow collective contract management suited to a client’s profile: cautious, balanced, dynamic.

    A close-up of the dedicated internal funds of Luxembourg life insurance contracts

    Dedicated internal funds are “tailor-made” individual funds intended for a particular holder or for a family. These funds are only accessible from 250,000 euros upwards and it is possible to have multiple dedicated funds within a life insurance contract.

    • For capital of over 2,500,000 EUR, the investor can have funds of the D types. These are funds which can be invested directly into shares or bonds, into non-accredited funds, alternative funds (primary materials) or products indexed to the price of gold

    In Switzerland :


    The Swiss banking sector is among the most significant in the word. Its reputation rests on Switzerland’s political and economic stability. Switzerland has an extremely stable economy, an infrastructure that has been established for some years and has not been in a state of war with another country since 1505.

    There are many advantages to opening your asset account in Switzerland.

    Beyond the myths found on television, opening a Swiss bank account can be beneficial to the holder in multiple ways.

    Anonymity and respect for private life in banking confidentiality

    Your relationship with your Swiss bank can be compared to the confidentiality between a doctor and their patient or to lawyer/client privilege. Swiss law prohibits bankers from revealing the existence of your account or any other information on the subject without your consent (except for certain criminal or fraudulent activities).

    This similarity ceases when private life is violated.  Whereas in the United States, if your doctor or a lawyer does not maintain your confidentiality, you must bring a lawsuit against him or her, in Switzerland, if a banker divulges information on your bank account without authorization, immediate legal action is taken by the Swiss public prosecutor. Bankers risk six months in prison and a fine of 50,000 Swiss francs. And you are empowered to sue the bank for damages.It goes without saying, therefore, that Swiss banks are very careful and very attentive to the protection of your private life.

    The sole exceptions to the rule of Swiss banking confidentiality are criminal activities such as drug trafficking, insider trading or organized criminality and, since a recent change, tax fraud.

            Low Risk :

    Anyone may have assets to protect. However, private life is not the main reason for opening a bank account in Switzerland. Swiss bankers are also highly qualified.

    Protection of depositors of funds in Switzerland is governed by the Swiss Banking Association (ASB) and, since July 1 2004, has also been codified in Swiss banking law with several supplementary requirements.

    Protecting depositors is essential to maintaining public trust in the Swiss banking system and, in order to reinforce this trust, ASB developed a system of self-regulation by depositors with its member banks in 1984.This agreement guarantees that, in the case that a bank fails, depositors can quickly receive what they require via professional confidentiality. Swiss banks can therefore certainly be accounted among the safest in the world.

    In fact, the Swiss franc is considered one of the safest currencies in the world, with its very low inflation which has historically been supported by gold reserves of at least 40 percent. Swiss banks are also known for having very sophisticated investment services and an excellent Internet banking service.


    In Israel


    The banking sector in Israel is characterized by the following parameters:

    The Bank of Israel

    1 – The Israeli government has entrusted the Central Bank (or “The Bank of Israel”) with regulating and monitoring the banking sector.

    2 – The Bank of Israel is entirely independent. The governor of the Central Bank is elected for a set period and cannot be a member of the Government.

    3 – The Central Bank monitors all “banking activities” from the Office of the director of banking supervision.

    4 – The Offices representing foreign banks are liaison offices which do not issue loans and do not accept deposits from the public. These offices are not subject to the supervision of the Central Bank as the latter’s jurisdiction only covers banking activities (as defined by the Bank of Israel) or establishments which “grant loans and/or receive deposits”.

    Israeli banks

    The banking sector is made up chiefly of Israeli banks, whether commercial or mortgage banks.

    The commercial banking sector has the following characteristics:

    1 – A highly monopolized environment, where the 4 biggest Israeli banks control more than 80% of activities. These banks are:

    • Bank Hapoalim
    • Bank Leumi
    • Israel Discount Bank
    • Mizrahi Bank the political will of the Ministry of Finance to liberalize the market.

    Low risk

    During the last major worldwide financial crisis in 2008, Israel was one of the very few islands of tranquility to escape the shocks. Analysts uniformly emphasized the resilience of the local economy, served by a healthy and interdependent banking system. The crisis had passed Israel by.The effective application of the recommendations of the Bachar Commission, in the name of the Director General of the Israeli Ministry of Finance who held the position in 2004-2005, who had been asked in advance to suggest solutions for developing the financial system, making it more competitive and more fluid, allowed the Israeli Banking System to escape the crisis. indeed, in Israel, since 2005, there is:

    sstrict separation among the different credit activities (banking, insurance companies and other provident funds), each of the establishments being empowered to provide only one of these

    monitoring of the assets held in reality by each bank; the requirement to obtain official permission for each acquisition of holdings in the capital of another financial institution

    strict exchange list regarding any foreign establishment wishing to establish a local branch

    Maintenance of a vertical and horizontal concentration in the market, headed by a Central Bank with widened powers

    In Singapore


    Singapore holds the renowned AAA credit rating.

    The City-State is very stable : Singapore holds the renowned AAA credit rating.

    All types of product are available : savings account in EUR, current account in USD, etc. In Singapore you can open any type of account that you want and in any currency.

Are you trying to find out what the best bank and jurisdiction for your assets would be ?