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Ch. 11
Tax & Cost Comparison by Fund Type
Taxe d'abonnement rates, formation fees, VAT treatment, and investor tax obligations across Luxembourg fund regimes
| Criterion | UCITS (retail) | SIF | RAIF | ELTIF | MMF |
|---|---|---|---|---|---|
| Taxe d'abonnement rate (p.a.) | 0.05% (0.01% for institutional share classes) | 0.01% | 0.01% | 0% (exempt) | 0.01% |
| Taxe d'abonnement — payment frequency | Quarterly | Quarterly | Quarterly | N/A (exempt) | Quarterly |
| CSSF initial authorization fee | €4,650 (single); €9,250 (multiple); €17,500 (self-managed) | €4,650 (single); €9,250 (multiple) | No CSSF authorization — no fee | €4,650 / €9,250 (CSSF-approved) | €4,650 (single); €9,250 (multiple) |
| New compartment fee | €1,100 | €1,100 | N/A | €1,100 (ELTIF in AIF) | €1,100 |
| Formation expense amortization | Up to 5 years (Lux GAAP) | Up to 5 years | Up to 5 years | Up to 5 years | Up to 5 years |
| Fund income tax (dividends, interest, gains) | Exempt | Exempt | Exempt | Exempt | Exempt |
| Fund withholding tax on distributions | 0% (generally) | 0% | 0% | 0% | 0% |
| Depositary VAT | Taxable at 17% — not recoverable | Taxable at 17% | Taxable at 17% | Taxable at 17% | Taxable at 17% |
| Fund management VAT | Exempt (core management) | Exempt | Exempt | Exempt | Exempt |
| Fund-level income tax | None | None | None | None | None |
| FATCA/CRS reporting | Yes — mandatory | Yes | Yes | Yes | Yes |
| TER disclosure required | Yes — in prospectus and annual report | Yes — in offering doc and annual report | Yes | Yes | Yes |
📌 Data sourced from Lux Investment Funds 2025, Chapters 11. Verify current requirements with CSSF at cssf.lu.