Fund and corporate services firm Alter Domus is making possible “vastly reduced” commuting times for its large staff through the opening of two new satellite offices located near Luxembourg’s borders with France and Germany, as part of its “ongoing commitment to flexible working arrangements.”
The two new offices are located in the border towns of Steinfort and Frisange, and are “intended for Alter Domus employees travelling in from Belgium and France, respectively,” according to an undated press release sent to Investment Officer on Thursday.
The Steinfort office opened on 27 March with capacity for 75 people coming from Belgium. The Frisange office will
open on Monday, 3 April, with space for 25 workers coming from France.
Tax regulations are also understood to be behind the opening of commuter offices in Luxembourg. Several companies, including some of the Big Four accounting and consulting firms, have opened such offices near the border during the last year. Belgian tax authorities for example require residents employed in Luxembourg to provide evidence of their physical presence at the offices, such as a proof of payment for a morning coffee in the grand duchy.
Without such proof, home-working employees risk becoming subject to higher income taxes in Belgium and France. Around 200,000 cross-border workers come to Luxembourg to work on a regular basis; they account for 46 per cent of the country’s workforce, according to the government. A substantial part of these work in Luxembourg’s financial sector, which employs about 60,000 people.
Limited spots
Alter Domus now has over 1,075 staff in Luxembourg, according to the release, meaning competition for the limited spots seems likely to be fierce. The company headquarters building is in the Cloche d’Or development.
“The extension of our office space continues Alter Domus’s ongoing commitment to flexible working arrangements for our employees,” said the release. “The vastly reduced journey times into our new offices will have a direct and positive impact on both the work-life balance and health of staff – be it swapping long, traffic congested journeys for more family or personal time, or arriving at work less stressed and tired by their commutes.”
Alter Domus is considered a leading provider of integrated fund and corporate services solutions, serving private equity, real assets, and debt capital markets sectors, employing more than 4,500, who work in 38 offices around the world. It offers a wide range of services to the alternative fund industry.