International mobility: what changes, what stays the same

A Luxembourg life insurance policy is not tied to a particular country of residence. Under the freedom to provide services regime set out in European law, it keeps running without interruption on a change of residence within the European Union and the European Economic Area: no closure, no loss of seniority, no new subscription.

What changes is the applicable taxation. Luxembourg levies no local tax on this policy: it is the tax law of the new country of residence that applies, from the moment residence actually changes. This point deserves checking before any move, not after.

Outside the European Union and the European Economic Area, portability is no longer automatic: some countries impose restrictions on taking out or keeping a foreign policy, and a local analysis then becomes necessary before any move.

The civil law applicable to any future succession can also vary with the country of residence. This is a matter for competent legal counsel, not for this Firm.

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