Depositary Service Officer Job in Luxembourg

As a Depositary Officer, you will support the Luxembourg Depositary team from the hub in Katowice. You will be responsible for supporting the team in handling various administrative, financial, and legal tasks. You will have a unique opportunity to start your international career in a well-established global company that provides high-quality financial services

You are expected to perform analysis and controls to mitigate the risk linked to depositary services.
Assisting in drafting answers to clients’ requests for and related fee proposals.
Participating in performing due diligence on their third parties.
Being the clients’ contact point for both operational topics and the management of internal and external parties’ relationships, such as Asset Managers, Administrators, Auditors, etc

However, for a foreigner to work in Luxembourg, you must have a Luxembourg visa and a country work permit which is part of our discussion in this article.

What is a Visa?

A visa is a conditional authorization granted by a polity to a foreigner that allows them to enter, remain within, or leave their territory.

Visas typically include limits on the duration of the foreigner's stay, areas within the country they may enter, the dates they may enter, the number of permitted visits, or if the individual can work in the country in question.

Visas are associated with the request for permission to enter a territory and thus are, in most countries, distinct from actual formal permission for an alien to enter and remain in the country.

In each instance, a visa is subject to entry permission by an immigration official at the time of actual entry and can be revoked at any time. Visa evidence most commonly takes the form of a sticker endorsed in the applicant's passport or other travel document but may also exist electronically.

Some countries no longer issue physical visa evidence, instead recording details only in immigration databases.

What is Luxembourg Visa?

A visa is a conditional authorization granted by a government to a foreigner to enter, remain within the country of Luxembourg, or depart the country for some time.

Visas typically impose restrictions on the length of the foreigner's stay, the areas of Luxembourg they may enter, the dates they may enter, the number of permitted visits, and whether or not the individual may work in Luxembourg.

Luxembourg Visas are associated with the request for permission to enter a territory and are, therefore, distinct from formal permission for an alien to enter and remain in Luxembourg. Luxembourg visa is subject to entry approval by Luxembourg immigration official at the time of actual entry and is subject to revocation at any time.

Visa evidence is typically a sticker affixed to the applicant's passport or another travel document, but it may also exist electronically. Some nations no longer issue physical visa documents; instead, details are recorded solely in immigration databases.

Luxembourg Work Visa Types:

All foreigners entering the Luxembourg market must secure work visas for every foreign employee. If you don’t already have a business set up in the country, you’ll also need to form a legal entity, hire employees, set up payroll, and complete other tasks before obtaining Luxembourg work visa. This process can be time-consuming and expensive, especially for companies unfamiliar with Luxembourg’s laws and regulations.

Types of Work Visas in Luxembourg:

European Union (EU) citizens, as well as residents of Norway, Iceland, Liechtenstein, and Switzerland, do not need work permits to live or work in Luxembourg. However, third-country nationals from outside the EU will need a work and residence permit to work for your company in Luxembourg legally.

The different types of Luxembourg work permits include:

Short stay (C): A short stay visa allows individuals to stay in the Schengen area for 90 days uninterrupted or in stages totaling 90 days over 180 days. This visa is typically used for business trips, conferences, meetings, and family visits.
Long stay visas (D): This visa is meant for foreigners who want to travel to Luxembourg for more than three months for work, education, or to settle permanently. It is most common for salaried workers, self-employed workers, highly qualified employees, students, and au pairs.
EU Blue Card: Third-country nationals wanting to work for more than three months as highly qualified workers in Luxembourg can apply for the EU Blue Card. This type of visa requires a particular procedure and provides specific benefits.

Requirements to Obtain Luxembourg Work Visas:

Most of your employees must apply for long-term visas after their temporary residence certificate expires. The application process changes based on the reason for entry, such as employment, education, and private circumstances. Still, all applicants must submit the documents at the Luxembourg diplomatic or consular mission in their home country or the Schengen area. Some of the requirements include:

• Two recent and identical photos proving identity
• A valid passport or travel document
• Temporary authorization to stay.

Once an employee gets the “D” visa, it’s valid for 90 days to one year. Employees will also need to pay a 50 EUR fee to obtain the visa. Typically, it goes on the employee’s passport as a stamp or vignette.

Luxembourg Work Visa Application Process:

Every application process is different depending on why your employee requires a Luxembourg working visa. As the employer, you’ll likely need to help with the application, or you can apply on the employee’s behalf if they give you power of attorney.

The first step to obtaining a work visa is applying for temporary leave to stay in the country through the Immigration Directorate. Employees should do this before they leave their home country. Once they receive a temporary visa, they can complete the D visa application process following arrival in Luxembourg.

Luxembourg manages all work visas on a regional basis, so employees must submit their application in the area where they want to live and work. The process includes:

• Submitting a declaration at the local administration offices to confirm that the individual wants to live in that region
  Undergoing a medical check
• Downloading formal application forms on Luxembourg’s government website
• Reapplying for the visa if the applicant intends to stay beyond the visa’s expiration

Depositary Service Officer Job Description:

As part of our Depositary Services team who is responsible for our Private Equity and Real Estate Fund clients; you'll build strong customer relationships with existing and new clients, and external providers to gain insight into their needs and ensure we deliver customer-centric solutions.

The Senior Depositary Officer is in charge of a portfolio of clients investing in Real Estate & Private Equity, Debt, and Fund of Funds products and acts as their first point of contact. Assists the Manager during the client’s onboarding process ensuring smooth onboarding of customers.

Participate and assist the Manager in the review of the constitutional documents (PPM, depositary agreements, etc.) including negotiation of terms and conditions and drafting the operating memos under the supervision of the Manager. Performs cash monitoring and related reconciliations.

Timely performance of the oversight duties, where applicable. Supervised of the activity and transactions of funds in compliance with applicable laws and regulations (AIFMD, SIF, SICAR, RAIF); Collect and review relevant transactional documents and ensures ownership chain.

Preparation and issuance of the year-end asset positions. Assist the Manager in the preparation and issuance of the periodical internal reports on the fund’s portfolio.

Manage relationships with clients, and internal and external service providers such as AIFMs, Administrators, Advisors, Auditors, Credit Institutions,s, etc. Identify priorities, in coordination with the Manager, and ensure the appropriate planning of own tasks.

Gives regular feedback to the superior and escalates without delay issues and risks identified. Ensure timely billing and recovery of outstanding invoices.

Drawing on your existing experience you will be responsible for safeguarding and verifying the ownership of their assets and monitoring the performance of cash flow activities, including the oversight checks and control of valuations.

Compliance and regulations have never been more complex; you’ll need to ensure we comply with the AIFMD requirements and keep up to date with legislation, professional standards, and regulatory changes affecting the Luxembourg-domiciled funds, safeguarding us from potential risks.

You’ll need to be thorough in all you do, using your own judgment to highlight and report complaints, operational risks, and suspicions in accordance with our local procedures.

Together we find solutions and make things happen but to do this we want you to contribute; looking for ways to help us get better at what we do in the most efficient and effective way.

Knowing how to build effective relationships with your immediate colleagues and other team members within the wider business. Having open dialogue, working collaboratively, and instilling trust, through honesty integrity and sincerity will be an essential requirement for this role.

Your long-term career goals are important to us too. We want to make sure we’re providing the support and opportunities you need to achieve your dreams so we can build a successful future together.

The Applicants' Profile:

1. You hold a bachelor's degree, preferably in Accounting & Finance or Economics.
2. You show interest in the Financial Sector and specifically in the Private Equity and Real Estate Industry.
3. You have between 0 and 2 years of relevant experience.
4. You are fluent in English (Knowledge of French and German will be considered as an asset).
5. You have excellent knowledge of MS Office.
6. You are organized, flexible, and able to manage several tasks.
7. You are keen to work in a small structure, and you combine a large autonomy with the necessary attention to detail.
8. You are dynamic and have excellent communication skills.
9. You possess team spirit, the capacity to build strong client relationships, and take the initiative to act without waiting for direction when appropriate.

What The company offer:

• The convenient central location of the office
• Stable employment
• Flexi-time and remote working
• An international and dynamic environment
• Private medical care
• Life insurance
• Co-financing of tickets for sports activities
• Free language courses
• Exceptional people and atmosphere
• Christmas and occasional gifts
• Co-financing of holidays
• Opportunity to take part in charity projects

Bottom Lines:

"Depositary Service Officer Job in Luxembourg" is an article that announces the available job in the position in the country of Luxembourg.

The article further explains the meaning of a visa, what the Luxembourg visa means, the requirements for a Luxembourg visa, types of Luxembourg work visa, the procedure to obtain the work visa, the job description, the applicants' profiles, and what the company offer to their employees at the end of the service.