The glossary to understand and take action

Beneficial owner

The beneficial owner is the natural person identified, according to legal criteria, as ultimately owning or controlling an entity or transaction.

Notion comptable, fiscale ou juridique · Luxembourg Fiduciaries Editorial Team · Reviewed on

Understand the scope

Definition and points to distinguish

The analysis of a chain of companies does not stop at the first corporate shareholder. The documents and reasoning must be retained and updated when relevant changes occur.

In your file

What this changes in practice

The beneficial owner is sought among natural persons according to the applicable ownership or control criteria. A simple calculation of direct shareholding may be insufficient where several companies or agreements are involved. The documentation must explain the ownership pathways and the means of control relied upon. Identification carried out for a register and that requested by a professional subject to anti-money laundering requirements may require additional checks.

A scenario to help you understand

Educational example

A person holds an interest through two intermediate structures. The analysis brings together these paths and examines control rights instead of limiting itself to a single percentage visible at the first level.

Fictitious situation, presented to illustrate the concept.

Prepare for what comes next

Points to check

  • Identifier les personnes physiques concernées
  • Documenter droits et chaînes de contrôle
  • Mettre à jour les éléments lors des changements

The practical question

Find out more

Que faire lorsque plusieurs sociétés s’interposent dans la détention ?

Établissez un organigramme jusqu’aux personnes physiques et documentez les participations ainsi que les moyens de contrôle pertinents. Ne vous arrêtez pas au premier actionnaire personne morale. Les pourcentages, droits et accords doivent être analysés selon les règles du RBE. Si l’identification reste incertaine, faites examiner le dossier au lieu de désigner une personne par commodité.

Connecting concepts

Terms to know as well

Continue with the concepts, contacts and procedures related to this topic.

RBEThe Register of Beneficial Owners (RBE) receives information on natural persons identified as beneficial owners of the entities concerned.Indirect controlThe ability to exercise control over an entity through one or more intermediate structures or relevant rights.KYC — know your customerKYC covers customer due diligence procedures used in particular as part of anti-money laundering due diligence obligations.Anti-money laundering — AML/CFTAnti-money laundering and counter-terrorist financing requires the professionals concerned to comply with due diligence, organisational and cooperation obligations.Approval for the transfer of sharesApproval required for certain transfers of shares to a new shareholder.Update of the RBEAn update of the RBE updates information on beneficial owners when the declared situation changes. It is based on identifying the natural persons concerned under the applicable rules.

Put it into practice

Explore further with our guides

Practical guideCompany KYC file: preparing for the fiduciary’s checksPractical guideRBE: identifying beneficial owners and monitoring changesPractical guideCapital increase: preparing contributions and resolutionsPractical guideTransferring SARL shares: preparing the information and steps

Sources and verification

References consulted on 20 September 2026. Official procedures specify the applicable conditions and exceptions.

This guide explains a general process. The applicable rules depend on your situation; it does not constitute personalised advice. Report a correction.

A definition gives you a reference point. To examine your situation, clarify your question with a professional.