PHILANTHROPY: PUTTING HEALTH WORK
Luxembourg has responded to the need for a centre of expertise in philanthropic engagement that can provide advice and guidance to donors and private bankers.
Fondation de Luxembourg
The Fondation de Luxembourg is a public-private partnership that combines finance and philanthropy. Established in 2008 by the State of Luxembourg and the Oeuvre National de Secours Grand-Duchesse Charlotte, the Foundation seeks to guide and assist donors who wish to make a long-term commitment to a significant philanthropic project.
The Foundation acts as a consultant and service provider. It is a gateway to associations and NGOs around the world and can assist donors in the selection of their ideal charitable project. By providing an umbrella structure, donors benefit from a simplified structure that relieves them of the day-to-day administration of the foundation.
Projects typically fall under one of five themes: health and research, poverty and social cohesion, culture and diversity, universal education and biodiversity and climate change. The government has removed bureaucratic impediments to philanthropic gifts and has designed a tax regime that recognises cross-border donations in 31 markets as tax deductible.
The Foundation has been a success, in particular with clients of the Luxembourg private banking community, where it has met growing demand. Eighty charitable foundations have been created under the scheme, 81% of them by private individuals or families. Both the origin of donors and target beneficiaries reflect the diversity of the Luxembourg financial centre.
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