Word: luxembourger
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...capita consumption of alcoholic beverages, the U.S. ranks 17th among the world's nations, behind such countries as Luxembourg, France and New Zealand. The Social Research Group of George Washington University reports that two of three adult Americans (21 and over) drink at least occasionally, one in eight drinks to excess and one in 16-or about 6,800,000-drinks enough to be classified as a problem drinker. The estimated 1967 consumption of some 4 billion gallons represents a record alcoholic tide, suggesting a land of serious, two-fisted drinkers...
...Luxembourg law allows a foreign company incorporated there to transfer freely any funds under its control to its parent company, without any public disclosure. Dividends, too, can be paid to bondholders anywhere, free of withholding tax. Setting up a holding company in Luxembourg with easy access to the local stock exchange costs a trifle-less than 1% of the initial capital-and takes only a few days. Even with a 0.16% annual tax on their nominal capital, companies find the deal far better than similar arrangements elsewhere in Western Europe...
Taking Up the Slack. After President Johnson set up his program of voluntary restraints on the flow of U.S. investment abroad in 1965, hitting the European capital market through a Luxembourg holding company came into vogue among U.S. companies. Mobil Oil, the first to be enticed, organized Mobil Oil Holdings, S.A., and in June 1965 floated a $28 million bond issue to finance foreign operations. Uniroyal, Bankers Trust, Du Pont, Alcoa, Honeywell, ITT, and Standard Oil (Indiana), among others, followed Mobil's lead...
...Luxembourg is delighted. About $10 million in tax revenue has been collected from holding companies so far, and that is insignificant compared to the benefits reaped by Luxembourg's banking community. Local banks often participate in underwriting consortia, manage bond issues and act as paying agents. Says Professor Jean Blondeel, president of Kredietbank Luxembourgeoise, which has trebled its staff since the boom got under way: "We are the Switzerland of the Common Market...