Mickaël LOC/Services/Real estate developerEN
Real estate developer · SPV structuring · VEFA · cost-to-complete · investor reporting · Luxembourg

A real estate developer in Luxembourg who runs the cash curve, not only the plans.

Real estate development is a regulated commercial activity in Luxembourg. I hold business permit 10077275 / 7 for the activity of promoteur immobilier, issued by the Ministry of the Economy and listed in the public register, alongside business permit 10077275 / 0 for accounting and 10077275 / 3 for corporate services. I build the financial architecture of a project before commitment, structure the SPV, track the cost to complete against the VEFA instalments, and report to the investors who fund a project they do not run.

Mickaël LOC
Holder of business permit 10077275 · Managing Director, Financial Services Luxembourg

✓Business permit 10077275, verify on the official register

Direct answer
In Luxembourg, a real estate developer (promoteur immobilier) practises under a business permit (autorisation d'établissement) granted by the Ministry of the Economy under the amended law of 2 September 2011. Mickaël LOC holds permit 10077275 / 7 for that activity, issued on 22 May 2025 and verifiable on Guichet.lu, together with permit 10077275 / 0 for accounting and 10077275 / 3 for corporate services. Sales of buildings to be constructed (VEFA) are governed by the law of 28 December 1976 and articles 1601-1 et seq. of the Civil Code, are executed by notarial deed and require a completion guarantee. The service covers the financial model and funding plan, SPV structuring, cost-to-complete tracking, investor reporting and distressed project analysis. Developers are subject to the anti-money-laundering law of 12 November 2004 and supervised for that purpose by the AED.
Key facts
Activity
Promoteur immobilier, business permit 10077275 / 7, issued 22/05/2025 by the Ministry of the Economy
Legal basis
Amended law of 2 September 2011 on access to the professions (droit d'établissement)
VEFA
Law of 28 December 1976 and articles 1601-1 et seq. of the Civil Code; deed before a notary; completion guarantee required
AML supervision
Real estate developers are professionals under the law of 12 November 2004, supervised by the AED
SPV
Formation, registers and minutes under business permit 10077275 / 3; bookkeeping, VAT and annual accounts under 10077275 / 0
Reporting
Cost-to-complete and investor pack updated on a fixed cycle, assumptions stated separately from the outputs
Firm
Engagements are contracted through Financial Services Luxembourg, RCS B213987, established 2017
Public reference
Business permit No. 10077275, nine activities, verifiable on Guichet.lu
Last verified
8 October 2026
Business permits · official record

Which business permits this service relies on. The Luxembourg business permit (autorisation d'établissement, Niederlassungsgenehmigung) is the authorisation required under the amended law of 2 September 2011 to carry out a commercial, craft or liberal activity. It is granted by the Ministry of the Economy to a named person who must direct the business in a real, effective and permanent way. This service relies on the following activities, listed in the public register:

  • 10077275 / 7 — Real estate developer (issued 22/05/2025)
  • 10077275 / 0 — Accountant (comptable) (issued 25/03/2025)
  • 10077275 / 3 — Auxiliary commercial activities and services (issued 25/03/2025)

What “real estate developer in Luxembourg” means in practice

A development project is rarely lost on architecture. It is lost on the cash curve: the gap between the drawdown schedule of the bank, the VEFA instalment calls to the buyers, the VAT treatment of the works and the cost to complete. By the time the deviation is visible in the accounts, the room to correct it has usually gone. A developer who reads the model monthly sees the deviation while it is still a decision.

The permit matters because the activity is regulated. Only a person who has satisfied the Ministry of the Economy on professional integrity, qualification and a real establishment in Luxembourg holds a business permit for the activity of promoteur immobilier. The same person is a professional under the anti-money-laundering law of 12 November 2004, supervised by the AED, which is why the land title, the funding source and the beneficial owners of every party are documented before a project is assessed. The permit can be checked by anyone in the public register before the first meeting.

Developer, notary, architect, bank, accountant: who carries what

A Luxembourg development runs on five perimeters. Mine is the financial one.

  • Promoteur immobilier (developer). Initiates and carries the project: land, programme, funding plan, sales, cost control, delivery. Covered by permit 10077275 / 7.
  • Notary. The land acquisition and every VEFA sale are executed by notarial deed. Registration duties and, with the tax adviser, the VAT position on new buildings are the notary's and the tax adviser's domain. I model the figures they provide; I quote no rates.
  • Architect, engineer, competent authority. Design, building permits, site supervision and technical conformity stay outside my permits. I track their cost and their calendar, not their conformity.
  • Bank and guarantor. The construction loan and the completion guarantee required by the VEFA regime. I prepare the drawdown schedule and the reporting the lender asks for; the lending decision is theirs.
  • Accountant and corporate secretary. The SPV is formed and kept under permit 10077275 / 3 and its books, VAT and annual accounts under permit 10077275 / 0. The person who built the model files the accounts that will later test it.

Outside all of this: legal advice and the drafting of the sale contracts stay with an avocat; raising money from the public, managing a fund or advising on investments are CSSF-licensed activities that I do not offer; no domiciliation under the law of 31 May 1999, no family-office services under the law of 21 December 2012.

A project, as I run it

Before
Financial architecture

Financial model per project with the assumptions stated separately from the outputs, funding plan, drawdown schedule, sensitivity on delay and cost overrun. Delivered before any commitment.

Model · funding plan
Structure
SPV and financing

Vehicle, shareholding and financing structure, with the accounting and tax consequences modelled with the tax adviser rather than discovered. Formation, registers and bank file run as one project.

SPV · permit / 3
Build
Cost-to-complete tracking

Committed versus incurred cost per lot of works, bank drawdowns against VEFA instalments, VAT position on the works, updated on a fixed cycle with the variances explained.

Cost-to-complete · VEFA
Report
Investor reporting

Reporting pack on a fixed cycle for the parties funding the project: sales status, cash curve, cost to complete, decisions required.

Investor pack · accounts

The cycle is written into the engagement letter, with the owner of each figure named. For a distressed project the sequence starts in the middle: a diagnostic of where the curve left the plan, then the realistic options quantified rather than described.

Three typical situations

Most requested
01 · Architecture

Project financial architecture and SPV

Sponsors and developers who want the model, the vehicle and the funding plan settled before commitment.
  • Financial model with sensitivities on delay and overrun
  • Funding plan and drawdown schedule
  • SPV structuring, formation and registers
  • Accounting and tax consequences modelled with the adviser
Fee per projectFixed after a review of the land file and the programme, set in writing.
02 · Monitoring

Development monitoring for investors

Investors, lenders and family shareholders funding a project they do not run.
  • Independent cost-to-complete tracking
  • Drawdowns reconciled to VEFA instalments and works progress
  • Investor reporting pack on a fixed cycle
  • SPV bookkeeping and annual accounts where mandated
Monthly or quarterly feeScope and reporting cycle fixed in writing.
03 · Distressed

Distressed project analysis

Projects that have drifted from the plan and parties who need the options quantified before deciding.
  • Diagnostic of the cash curve against the plan
  • Cost to complete re-estimated with the technical team
  • Options quantified: complete, refinance, sell, stop
  • Position paper for the bank, the buyers and the shareholders
Fee per diagnosticQuoted after the project file has been read, never before.
The curve that decides a project

A bank, an investor or a buyer of a VEFA lot reads one thing first: whether the money drawn, the money called from the buyers and the works actually done still describe the same project. When those three curves diverge, every later document is written to explain the gap. Keeping them on one page, on a fixed cycle, is the whole service.

What my business permit covers, and what stays outside

Step
What is delivered
Basis
Development and promotion activity
coveredProject initiation and carriage, financial model, funding plan, cost control, sales coordination.
Business permit 10077275 / 7 · promoteur immobilier
SPV formation, registers, minutes, bank file
coveredVehicle formation project management, shareholder register, RBE and RCS filings.
Business permit 10077275 / 3 · structuring page
SPV bookkeeping, VAT, annual accounts
coveredStatutory accounting of the project vehicle, VAT returns, eCDF annual accounts.
Business permit 10077275 / 0 · accountant page
Cost-to-complete and investor reporting
coveredTracking and reporting on a fixed cycle for the parties funding the project.
Business permits 10077275 / 7 and / 0
Tax structuring, VAT on new buildings, registration duties
partialModelled with the tax adviser and the notary from the figures they provide. No rates quoted, no binding opinion.
Engagement letter bounds the mission
VEFA deeds, completion guarantee, sale contracts
outsideDeeds with the notary; guarantee with the bank or guarantor; contract drafting and legal advice with an avocat.
Law of 28 December 1976; articles 1601-1 et seq. Civil Code
Public fund raising, fund management, investment advice
outsideCSSF-licensed activities, not offered. Investor reporting is information to existing funders, not a solicitation.
Not a CSSF-licensed professional

What I do not accept

  • A project where the land title, the funding source or the beneficial owners cannot be documented to the anti-money-laundering standard.
  • A financial model to be “adjusted” to a return decided beforehand.
  • Instalment calls presented to VEFA buyers that do not match the stage of works they are meant to reflect.
  • Investor reporting that omits the variances.
  • A fee quoted before the land file, the programme and the funding plan have been read.

Start with the NDA

Document · Mutual NDA · Luxembourg law
Confidentiality agreement before any engagement
To be signed before any name, structure, asset or counterparty is discussed. Readable online, or downloadable as a PDF to return signed.
Draft subject to legal validation. The NDA is a structured template, not legal advice. Its scope and wording must be validated by a Luxembourg legal professional before use.

Search intents covered by this page

IntentReal estate developer LuxembourgFinancial architecture, SPV and monitoring under a verifiable business permit.IntentPromoteur immobilier business permit LuxembourgWhat permit 10077275 / 7 covers, and what it does not.IntentSPV structuring for a development projectVehicle, shareholding, financing, with the consequences modelled.Structuring page →IntentDistressed project analysisWhere the cash curve left the plan, and the options quantified.

Business permit certificates to download (PDF)

Each certificate is the official business permit issued by the Ministry of the Economy, with its QR code. Scan the QR code with the GouvCheck app, which checks the authenticity and currency of the document.

GouvCheck QR code of business permit 10077275 / 7
10077275 / 7
Real estate developer
Issued 22/05/2025
Download PDF ↓
GouvCheck QR code of business permit 10077275 / 0
10077275 / 0
Accountant (comptable)
Issued 25/03/2025
Download PDF ↓
GouvCheck QR code of business permit 10077275 / 3
10077275 / 3
Auxiliary commercial activities and services
Issued 25/03/2025
Download PDF ↓

The business permit is personal and revocable. Public verification: official Guichet.lu register.

Evidence and verification

Every statement on this page that can be verified independently is listed below with its source. Items that cannot yet be verified are flagged and are not presented as facts.

Claim
Evidence
Source
Business permit 10077275 / 7, activity promoteur immobilier
verifiableIssued 22/05/2025 by the Ministry of the Economy; listed under gérant Loc, Mickael.
Public register Guichet.lu; certificate below
Business permits 10077275 / 0 and / 3
verifiableComptable and auxiliary commercial services, issued 25/03/2025; basis for the SPV accounts and corporate secretarial work.
Public register Guichet.lu; certificates below
VEFA regime
verifiableSales of buildings to be constructed are executed by notarial deed and require a completion guarantee.
Law of 28 December 1976; articles 1601-1 et seq. of the Civil Code
AML obligations of real estate developers
verifiableProfessionals subject to the anti-money-laundering law, supervised for that purpose by the AED.
Amended law of 12 November 2004
Financial Services Luxembourg
verifiableAccounting and corporate-services firm established in 2017, RCS B213987.
Luxembourg Business Registers
18+ years in accounting, reporting and corporate services
declaredCareer summary on the CV page; employer references available under NDA.
CV

This page follows the site's editorial policy: a statement is either sourced or flagged. Corrections follow the corrections policy. The content is general information, not legal, tax or accounting advice.

Frequently asked questions

Do you need a business permit to be a real estate developer in Luxembourg?
Yes. The activity of promoteur immobilier is a commercial activity under the amended law of 2 September 2011 and requires a business permit (autorisation d'établissement, in German Niederlassungsgenehmigung) from the Ministry of the Economy. The permit is granted to a named person on the basis of professional integrity, qualification and a real establishment in Luxembourg, and it can be checked by anyone in the public register on Guichet.lu. I hold permit 10077275 / 7.
What is a VEFA and what does it require?
A VEFA (vente en l'état futur d'achèvement) is the sale of a building to be constructed, governed in Luxembourg by the law of 28 December 1976 and articles 1601-1 et seq. of the Civil Code. The sale is executed by notarial deed and the developer must provide a completion guarantee. The deed and the guarantee belong to the notary, the bank or guarantor and the avocat. My part is the cash curve: the instalments called from the buyers reconciled to the works done and to the bank drawdowns.
How do you structure the SPV?
Vehicle, shareholding and financing are chosen on the project's cash curve and the investors' exit, with the accounting and tax consequences modelled with the tax adviser before the deed, not discovered after. The SPV is formed and its registers kept under business permit 10077275 / 3, and its bookkeeping, VAT and annual accounts under 10077275 / 0. Binding tax opinions and the legal drafting stay with the tax adviser and the avocat.
What does the investor reporting pack contain?
Sales status per lot, cash curve against the plan, bank drawdowns against VEFA instalments, cost to complete with committed and incurred amounts, variances explained, and the decisions required of the funders. It is produced on a fixed cycle written into the engagement letter. The same figures feed the SPV accounts, so that the pack and the annual accounts never tell two different stories.
Can you analyse a project that has already drifted?
Yes, that is the third standard engagement. The diagnostic locates where the cash curve left the plan, re-estimates the cost to complete with the technical team, and quantifies the realistic options: complete, refinance, sell, or stop. The output is a position paper the bank, the buyers and the shareholders can read.
Do you raise money for projects or advise investors?
No. Raising money from the public, managing a fund and advising on investments are activities licensed by the CSSF, and I do not offer them. I report to the parties who already fund a project, and I build the model a sponsor presents to his own bank. A financial model is a working document, not investment advice.
Who signs the engagement?
Development engagements are contracted through Financial Services Luxembourg, the firm I founded in 2017, under a written engagement letter that fixes the scope, the reporting cycle, the fee and the exclusions. The business permits are held by me personally and the work is supervised by me. Each project is assessed under NDA before any commitment; the NDA on this site is a draft subject to legal validation.

Read next

Related pageCompany structuring in LuxembourgThe vehicle and the shareholding behind the project.Read →Related pageCompany formation and HNWI structuringVehicle, substance, bank, calendar.Read →Related pageReal estate agentSales and acquisition search, under permit 10077275 / 1.Read →Related pageProperty manager and syndicManaging the delivered building, under permit 10077275 / 6.Read →Services hubAll services under business permit 10077275Twelve service pages, one verifiable holder.→ReferenceBusiness permit 10077275The nine activities and the official register.→

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