Now that redundancies have come to London, if you’re a financial services professional with an accounting qualification and an urge to see the world, you might want to check Luxembourg.

Recruiters in Lux say there’s still plenty of hiring going on there.

“It’s been picking up since last year,” says Robert Van den oord at Robert Walters in Luxembourg. “There’s much more willingness to build teams, particularly in risk, compliance, accounting and private banking.”

“It’s very busy,” confirms Andrew Notter at recruiters Badenoch & Clark in Luxembourg. “We’ve just taken on an extra four people to cope with the demand, there’s just a huge amount of activity.”

The most sought-after sorts of people in Luxembourg seem to be accountants of all species (ACCA or ACA) with knowledge of IFRS reporting standards – both Notter and van den Oord cite IFRS qualified accountants as being especially desirable.

Failing that, they say there’s also biggish demand for private bankers, lawyers and admin staff to work in family offices and the trust companies that help overseas businesses make the most of Luxembourg’s generously low tax rates.

The downside is that you won’t get paid enormously in Luxembourg. Notter says packages of €150k or more are usually reserved for the MDs of trust companies.

The other downside is that there’s a lot of competition. Notter also says that the average financial services job in Luxembourg probably receives between 20-30 applications, although most are no good.

The upside is that if you get one of these jobs and relocate to the Duchy you won’t pay much tax. “It’s hard to earn more than €100k as an accountant, but the tax rate here is between 25-30% for a single person,” says Van Den Oord. “And there are discounts of you move with your family. If you look at the stats, people in Luxembourg have one of the highest levels of net income in the European Union.”