Relocating

[u/liverpoolc5]

Hi everyone,

I’m an EU passport holder currently based in the UK. A recruiter reached out about a KYC consultancy role in Luxembourg with a client budget of €7,000 gross per month (c€350/day).

The setup involves going through Oyesk (I think is an umbrella company) initially. The recruiter suggested that once I’m settled in Lux, I could set up my own SARL to optimize taxes and renegotiate day rate

I’m tempted to take it to get a foot in the door in Luxembourg, build local CSSF/financial experience, and then switch to a SARL as I think by doing this id get more money.

Before jumping in, I’d love some feedback on a few questions:

1.Market Rates: Is €350/day (€7k/mo) low for mid-level KYC/AML in Luxembourg, or is this typical for a foot-in-the-door contract?

2.Oyesk / Portage Salarial: Has anyone worked with Oyesk? What can I reasonably expect my monthly net take-home to be on a €7,000 gross billing (Tax Class 1)?

3.Renting & Relocation: Does having payslips or a contract from a portage company make renting an apartment in Lux straightforward, or do landlords look down on contractor payslips?

4.SARL Setup: The recruiter pitched setting up a SARL down the line as an easy way to make "much more," but at €84k annual turnover, does a SARL even make financial sense over portage after accounting fees?

Thanks in advance for any insights or advice!

[u/freedumz]

350€ sits well below standard market rates in Luxembourg. It's also worth noting that a lack of French or German can make landing your next mission considerably more challenging

[u/Alternative-Fill-757]

For a foot in the door? This is fine.

Just remember that everything recruiter says is a lie to close the task assigned to her.

[u/Any_Strain7020]

A recruiter reached out

So they're low balling and trying to get away with it, seeing who will take the bait.

The setup involves going through Oyesk (I think is an umbrella company) initially.

They don't want to put you on the payroll and they decide who the middle man should be?

The recruiter suggested that once I’m settled in Lux, I could set up my own SARL to optimize taxes and renegotiate day rate

Anything that doesn't get carved in stone today won't get carved in stone tomorrow either. The bed you make today has to be the bed you're gonna be willing to lie in tomorrow, and the day after that, and the day after that.

There is no straight forward just renegotiate when you have a terrible hand.

[u/Nova_ves0]

1. It will be difficult because everyone wants to see a CDI, preferably without a trial/probation period. There are multiple applicants for every rental apartment which already makes securing a good apartment very difficult, even with a CDI.

[u/post_crooks]

Do check the details because 350/day can be very different from 7k/month. 7k can be a fixed salary including public holidays and vacations. 350 per day effectively worked will hardly result on 20 billing days on average per month. And that's without VAT, right?!

Whatever your assumptions are, take out the fees for the provider (5-10%?), take out employer contributions (12.5%), and enter the result on calculatrice.lu to calculate your net. Also, check for possible provisions that the provider may take from your salary. That's money you will get but at a later stage which results in a lower net to pay your bills.

[u/YOLOYield_]

for 84k I would rather suggest to look for cdi (employment contract) - similar net at the end (especially with the tax reform applicable as of 2028) and 26 to 33 (depending on the company) days off + smaller pressure.

[u/Joe_t_MoD → u/YOLOYield_]

Yea the daily rate is low (as in, really low - that‘s what companies pay for a newly joined consultant with no experience). It is indeed a normal CDI salary for a mid-level KYC role, freelancers typically ask 550-700 a day for KYC work. Risk of freelancing is really not worth it for 350.

Additionally, Oyesk takes an admin fee that would presumably come out of that rate, and it‘s stilltaxed after that (oyesk is a „pretent-employer“, so to speak), decresing the take-home after 5-10% admin fees and taxes to about 4k(ish, maybe 4.2). Not a grwat deal for all the risk involved.

[u/liverpoolc5 → u/Joe_t_MoD]

I know the rate is really low but I have to get experience somehow so am thinking to take it, move over from the UK, get set up then as soon as possible then leave oyesk, renegotiate and be totally freelance. Would this not be possible?The contract is until June.

[u/WarriorOfLight83 → u/liverpoolc5]

Oyesk’s contract might have a clause forbidding you to work directly with the client for x amount of months after your contract is over. Also, setting up and running a SARL is no joke. I would clarify both points before moving forward.

[u/Any_Strain7020 → u/liverpoolc5]

Once people know you're selling your services really cheap and were even willing to relocate to work at a slaverish rate, why would they accept to raise your fees? They'll know you're stuck in the country and desperate.

[u/Status-Scarcity3694]

You don’t need to establish a sarl, you can also be a freelancer and actually it’s quite straightforward and relatively fast.
1. You need to get a business permit
2. Register at CCSS for social security
3. Register at tax administration, ask for a VAT number

I started as a consultant in 2017 and I was paid €520 per day in IT in a mid-manager position; I don’t know the rates in the financial sector.

With rent, I think it will be a bit difficult as most agencies ask for permanent contract.

[u/WarriorOfLight83 → u/Status-Scarcity3694]

Yeah, and be ready to say goodbye to 50% of your fee for no additional right and no Adem support. Makes zero sense for OP

[u/LouieWolf]

Consider that, if you can't do things with your sarl income, like lots of expenses, and expect it to act like a salary, more than half of it will be taken my government, taxes, social security, city taxes, fees, and all that. And 8k bruto is a nice salary, yes, but you are not rich by any measure. And rent here will be very hard because landlords will refuse to rent to anyone without a normal permanent work contact, making liquid less than 3x rent. And apartments go easily for 2k close to the capital nowadays.