Deputy Prime Minister

New immigration law helps foreign students remain in Luxembourg

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(JB) Luxembourg is working on a new law making it easier for students from outside of the EU to remain and work in Luxembourg after their studies.

The proposal was revealed by Deputy Prime Minister Etienne Schneider during an Amcham event hosted at the American Embassy Residence on Wednesday.

“We will pass a law to open immigration to let foreign students from outside the EU stage here after their studies and work,” the keynote speaker said, adding: “It will make it much easier for foreign investors to bring people here to do business.”

The speech focused on Luxembourg's openness and the minister pointed out this approach was “exactly the opposite” of that adopted by the British government “who want to limit immigration.”

Schneider talked about how an open approach to new ideas had made Luxembourg a serious contender in diverse fields including finance, satellite technology and maritime trade.

“We started in the financial sector in the '70s, noone was betting a dime on Luxembourg,” he said.

The most recent diversification step has been in the space mining and resources sector, which Schneider admitted he first dismissed as “complete science fiction”.

Today, the country has two partners in Planetary Resources and Deep Space Industries to cash in on the wealth of natural resources thought to exist in asteroids.

A new Luxembourg law providing a legal framework for space mining is being drawn up with experts and is expected to take effect in 2017.

“Now there are 20 companies and many countries knocking on our door because they want to contribute and participate in our initiative,” Schneider said.

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