A&O Shearman‘s two-partner team provides ‘technically very strong’ advice across the gamut of non-contentious and contentious tax matters, acting both in a standalone fashion as well as working in harness with other key practice areas across the firm’s full-service offering. The investment management arena, however, remains the lifeblood of the practice, with the team regularly working alongside the investment funds practice on the tax structuring associated with both regulated and unregulated vehicles. Jean Schaffner is key to much of this fund structuring work, as well as providing the tax advice relevant to downstream investment work. In addition, Schaffner also handles contentious mandates and has developed a strong reputation for acting on administrative tax disputes. Patrick Mischo co-heads the team alongside Schaffner and is also adept at covering the tax aspects of fund structuring and transactions. Counsel Franz Kerger provides ‘very reliable and client-centric advice’ to fund managers, on real estate transactions as well as tax litigation.

The seven-partner team at Arendt & Medernach has ‘exceptional breadth and depth in all aspects of Luxembourg tax’, including as it relates to transactional planning and negotiation, fund structuring, transfer pricing and controversy. ‘Technically superb’ team head Jan Neugebauer ‘applies calm, pragmatic and commercial judgement in his advice’ to international clients across a range of work, including in the context of structured finance transactions, real estate mandates and M&A matters. Thierry Lesage has a ‘highly sophisticated understanding of tax laws’, and excels at handling cross-border M&A, real estate and finance transactions, adding value through his knowledge of ‘how Luxembourg tax considerations interface with multi-jurisdictional planning’. As well as his expertise in private equity and real estate tax matters, Eric Fort is also well-versed in handling private client-related work and regularly advises on the tax aspects of wealth planning for ultra-high-net-worth individuals (UHNWIs). Vincent Mahler is ‘responsive and technically strong’ across a range of international tax issues, including those with a nexus to France. Other recommended practitioners include Bruno Gasparotto, for VAT matters; Alain Goebel, on the transfer pricing front; and Philipp Jost, who excels in advising on alternative fund structuring matters, in particular with respect to German investments and/or investors.

Baker McKenzie‘s four-partner team provides ‘responsive, clear and technically strong advice’ across a broad range of standalone advisory and transaction-based work, including in relation to private equity, debt and real estate matters. In this context, it is recognised as ‘the “crème de la crème” in international taxation’, often forming part of a formidable multi-office team utilising resources throughout the firm’s vast tax competence. The ‘extremely knowledgeable and creative’ Diogo Duarte de Oliveira is able to blend tax, accounting and legal knowledge to develop solutions across a range of cross-border work and is particularly skilled at structuring within the alternative funds space, as well as private wealth work for Latin American clients. Antonio Weffer ‘is influential on the market’ within the international tax space, chiefly as a result of his formidable reputation for transfer pricing matters. Leveraging his accountancy credentials, tax principal Amar Hamouche is also a key member of the team and is appreciated for his ‘solutions-oriented advice’ on tax structuring associated with M&A and real estate transactions, as well as for work in the private wealth sector. Olivier Dal Farra, who was promoted to partner in July 2023, is also recommended for his ability to provide ‘creative and robust approaches to tax issues’, both in relation to international tax planning and in connection with strategic organisation and M&A transactions.

Combining ‘excellent technical skill’ with a ‘commercial and practical approach’, BSP is popular among domestic and international clients on standalone advisory work, as well as tax structuring of corporate transactions and fund formations. The team is also well regarded on the contentious front, an area in which team head Alain Steichen is particularly accomplished, having handled many high-profile cases over the years, including as these relate to VAT disputes and the implications of double tax treaties. Pol Mellina has expertise across direct and indirect taxation, both from a contentious and non-contentious perspective, including advice on fund structuring and the tax aspects of debt issuances. Daniel Riedel was promoted to partner in December 2022 and is appreciated for his ‘cost-effective, knowledgeable and straightforward advice’ on day-to-day advisory work as well as tax planning and transaction-related structuring.

Often working alongside complementary practice areas, as well as practitioners across the firm’s global network of offices, Clifford Chance's team is best-suited to tax structuring advice on cross-border finance and corporate transactions, where it is noted for its ability to provide ‘pragmatic and precise advice’. Practice head Geoffrey Scardoni, who is recognised as ‘one of the most knowledgeable tax lawyers in Luxembourg’, takes the lead on most of this work and is noted in particular for funds work (where he also adds value through his involvement in lobbying groups) and financial services clients, which he advises on tax implications across a range of financial products.

Strongly embedded into the domestic ecosystem, independent full-service heavyweight Elvinger Hoss Prussen has good insight into regulatory/legislative changes. It also draws upon excellent networking and business connections, ensuring that it provides ‘creative structural solutions to commercial issues‘, both for standalone tax matters as well as concomitant to transactional work handled by the firm. ‘Extremely responsive and commercial’ team head Elisabeth Adam has deep knowledge across domestic and international tax law, both in the context of corporate and real estate transactions and through regularly representing clients in tax litigation. Isabelle Gervais advises on the tax aspects of investment funds and private equity investments, including transfer pricing, as well as the tax considerations in real estate acquisitions.

The ‘very professional and knowledgeable’ team at Loyens & Loeff provides ‘high-quality’ advice to clients on a standalone basis, as well as in the context of tax structuring pursuant to transactions handled by the firm. As well as handling fee-earning work, many practitioners within the team are members of tax committees and industry groups, ensuring they have excellent market intelligence and therefore the ability to provide ‘practical insights’ in light of legislative/regulatory changes. The investment management sector remains a fertile source of work, in relation to both tax structuring of fund vehicles and subsequent downstream transactions. Willem Bon has a strong grounding in fund-related work, which forms part of his overarching cross-border tax expertise that also relates to private client and corporate work. The ‘very knowledgeable and articulate’ Peter Adriaansen also excels at private client work, as well as regularly providing tax advice to large multinational corporates based in Luxembourg. Peter Moons, who co-heads the team alongside Adriaansen, has a versatile practice that encompasses transfer pricing advice, transactional structuring (including within the private equity and real estate sectors) and litigation. Frank van Kuijk is on secondment to the firm's New York office, while Jochem van der Wal relocated to the Amsterdam office in 2022.

Noted for its ability to provide ‘commercial and cost-effective advice’ across a broad range of direct and indirect tax matters, boutique independent firm TS&P has quickly gained traction directly from funds, banks, corporates and high-net-worth individuals, as well as from international referring law firms that lack a presence in the country. ‘Brilliant’ team head André Pesch is ‘highly adept at finding simple solutions to complex problems’, including for standalone regulatory matters and structuring pursuant to fund formation, as well as finance transactions, including sophisticated structured products. On the indirect tax front, François Antoine is recognised as ‘a great VAT expert’, particularly as it relates to funds and financial institutions. Other recommended practitioners include Carlos Morales Ribas for transfer pricing matters, and Arnaud Lebrave for private equity and real estate tax structuring.

Although it continues to pick up a growing volume of work structuring investment platforms and advising on downstream transactions for asset management firms, the ‘super-agile and practical’ team at Charles Russell Speechlys remains best-known for its tax advisory and structuring work in the context of private/family capital. Here the team, which is headed by the ‘insightful and experienced’ Yacine Diallo, impresses with its ability to ‘innovate and provide tailor-made solutions’ and to navigate complex dynamics associated with business families and succession planning. The ‘outstanding’ Alexis Urbin-Choffray is also recommended for handling private wealth and fund structuring, as well as providing ‘strategic and pragmatic’ assistance with compliance in line with regulatory/legislative changes.

Drawing upon ‘extensive knowledge and experience in international tax law’, CMS excels in providing the tax structuring associated with cross-border transactions, where it frequently teams up with lawyers across its extensive international network to provide a very co-ordinated and collaborative service. Team head Frédéric Feyten ‘thinks outside of the box and always provides client-friendly and pragmatic solutions’, including on behalf of corporates and funds on cross-border M&A mandates and reorganisations. Recognised for his ‘unwavering dedication to his clients’ best interests’, senior counsel Alejandro Dominguez is also an integral part of the team and exhibits ‘a deep understanding of  Luxembourg law and its complexities’.

Leveraging ‘good knowledge of the Luxembourg tax laws both in theory and in practice’, Dentons provides ‘highly responsive and pragmatic’ advice across a broad range of direct and indirect tax issues including transfer pricing and tax compliance. A core element of the practice remains structuring cross-border platforms for investments in private equity and real estate, an area in which team head Jean-Luc Fisch is particularly adept. In this context, clients also benefit from the team’s ability to work in a co-ordinated fashion with lawyers from across the firm’s huge global network. Counsel Vincent Quittre also has an ‘excellent knowledge of Luxembourg’s tax environment’, enabling him to provide very effective advice on the establishment of Luxembourg investment platforms, as well as handle work for HNWIs on the structuring of their private wealth.

Since DLA Piper Luxembourg‘s tax team was established in 2019 by Jacques Wantz, it has quickly gained market traction among funds in particular, which are appreciative of its ability to effectively collaborate with lawyers across its international network and provide a one-stop-shop service on multi-jurisdictional structuring. Wantz is now international head of tax at the firm, with Luis Muñoz, who is ‘focused on building long-term relationships with his clients’, responsible for leading the Luxembourg tax offering.

The arrival in September 2021 of the ‘outstanding’ Rafael Moll de Alba from Charles Russell Speechlys has galvanised Eversheds Sutherland (Luxembourg) LLP‘s tax team, particularly in light of his ‘deep knowledge of the fund industry, tax and regulatory legislation and practical approach’. Since joining, Moll de Alba has effectively leveraged the firm’s impressive global network to good effect on cross-border mandates, and has also led to the firm picking up more work with an Iberian and Latin American nexus, including advising on the tax considerations of Spanish corporates looking to establish in Luxembourg.

Leveraging ‘an excellent depth and breadth of expertise’, including on corporate, finance and funds matters, Linklaters‘ small tax team, which is led by Joakim-Antoine Charvet, excels in providing ‘well-rounded advice’ on the Luxembourg structures to facilitate M&A and other transactional work handled by the firm. Danièle Buchler, who was promoted to partner in May 2023, and Cyrielle Nis are ‘excellent tax advisers regarding Luxembourg private equity structuring and deals’.

The ‘technically excellent, responsive and very user-friendly’ team at NautaDutilh provides domestic and international tax law advice primarily in the context of alternative fund structuring, as well as in the subsequent downstream transactional work. In this regard, team head Jean-Marc Groelly is appreciated for his ability to ‘structure investments in a tax-efficient manner but without over-complicating things’. ‘Fiercely intelligent and very personable’ counsel Audrey Derep is also a key member of the team, both for transactional structuring work as well as on standalone advisory and transfer pricing matters.

Norton Rose Fulbright provides ‘cost-effective and commercial advice’ to standalone clients, including HNWIs, across a range of matters, as well as in support of the firm’s funds, corporate and finance practices on the tax structuring to facilitate cross-border transactions. Team head Florent Trouiller has ‘strong technical knowledge and an excellent grasp of best practices within the market’, ensuring he is able to provide very effective advice including on cross-border private equity and real estate investments, as well as capital markets and structured finance mandates. ‘Very knowledgeable and dedicated’ counsel Raphaële Kamoun is also recommended for structuring advice traversing real estate, private equity/venture capital and banking.

Combining ‘technical and industry knowledge with a practical approach from a business perspective’, Stibbe has particular strength at advising on international taxation matters, including in the context of fund structuring, M&A activity and financing – where it often collaborates with its network of offices on Benelux mandates. ‘Brilliant‘ team head Johan Léonard is key to the firm’s tax structuring work, including in the private equity field and on large-scale restructurings. He also has ‘great insight on market practice and trends‘, including on the taxation of crypto assets.

AKD provides 'clear and concise advice and support' to investment fund clients in particular, across the life cycle of their work, from establishment and ongoing compliance through to downstream investment matters. The 'outstanding' Ayzo Van Eysinga and 'level-headed' Rutger Zaal co-head the team and are particularly accomplished at handling private equity and real estate matters.

Co-headed by Stéphane Ebel and Anne Selbert, Bonn & Schmitt is active across a range of tax structuring work, including in support of private equity-led M&A as well as on standalone advisory matters. Ebel has strengthened the firm's tax controversy practice since joining in 2022 and regularly represents funds and corporates in direct and indirect tax matters, as well as handling administrative tax disputes.

At Dechert Luxembourg, team head Olivier Gaston-Braud  has 'excellent knowledge of the funds industry', skillfully using this to 'devise practical solutions' for firmwide alternative fund clients (including private equity firms, credit funds and hedge funds) on the tax aspects of their Luxembourg structures.

At DSM Avocats à la Cour, Alex Pham is 'a fine strategist when it comes to tax litigation', regularly securing high-profile victories for HNWIs, corporates and funds in hearings before the civil and administrative courts. In addition, Pham also handles some corporate structuring work and is 'highly skilled in providing tax advice on cross-border transactions'. 

Led by Bastien Voisin, Goodwin's tax team acts on its own, as well as regularly working alongside practitioners across the firm's more well-established US and UK offices, on Luxembourg structuring issues associated with the firm's impressive roster of global private funds deploying capital throughout Europe.

Acting on its own as well as often collaborating with lawyers spread across the firm's German offices, GSK Stockmann provides 'pragmatic advice' to investment management, financial services and real estate clients across a range of tax advisory and structuring matters. Team head Mathilde Ostertag has 'wide cross-border tax knowledge' and is 'very skilled and practical in her approach'. 

Hogan Lovells (Luxembourg) LLP's small team has 'profound knowledge of tax matters' and excels at handling cross-border structuring matters, where it often forms part of a cross-office and multi-disciplinary offering. Team head Gérard Neiens is 'results oriented' and excels at tax structuring work in relation to real estate transactions as well as securitisation and structured products.

Previously known as LexField before its June 2023 merge and February 2024 rebrand, Mourant‘s Luxembourg team leverages ‘excellent knowledge of local laws and international developments’ to provide ‘dynamic and responsive’ advice to clients across a range of compliance, structuring and international tax planning. ‘Formidable’ team head Pierre-Yves Magerotte leads from the front and is particularly accomplished at advising on private equity fund structuring matters, as well as working for HNWIs on wealth management matters.

Simmons & Simmons in Luxembourg has expertise across direct and indirect tax matters, regularly working alongside the firm’s capital markets and investment management offering on the tax structuring associated with fund establishment and with transactions. ‘Outstanding’ team head Julie Carbiener has ‘vast experience on cross-border M&A transactions in the real estate sector’, as well as representing property clients in VAT disputes. Former practice head Pierre-Régis Dukmedjian departed the firm.

Strelia‘s small practice handles a varied mix of work for corporates and funds, including advice on M&A structuring, the establishment of offices in Luxembourg and group reorganisations. ‘Outstanding’ team head Jean-Luc Dascotte handles much of this work and also provides ‘pragmatic and high-quality’ advice to HNWIs/family offices across a range of tax planning, transactional and advisory work. Former co-practice head Stanislas Bunetel moved to an in-house role.