Luxembourg is the site of the European Court of Justice, the European Court of Auditors, the Statistical Office of the European Communities (Eurostat) and other vital EU organs. The Secretariat of the European Parliament is located in Luxembourg.
Luxembourg is one of world's largest on-shore financial centers with best in class governance and compliance regulations, member of the European Union. Luxembourg's stable and high-income market economy features moderate growth, low inflation, and a high level of innovation. According to the IMF, Luxembourg is the second richest country in the world, with a per capita GDP on a purchasing-power parity (PPP) basis of $80,119. Luxembourg is ranked 13th in The Heritage Foundation's Index of Economic Freedom, 26th in the United Nations Human Development Index, and 4th in the Economist Intelligence Unit's quality of life index.
Services, especially banking and finance, account for the majority of economic output. Luxembourg is the world's second largest investment fund centre (after the United States), the most important private banking centre in the Eurozone and Europe's leading centre for reinsurance companies.
Luxembourg has adopted OECD standards on exchange of information on banking secrecy and has subsequently been added into the category of "jurisdictions that have substantially implemented the internationally agreed tax standard". Luxembourg ranks third on the Tax Justice Network's 2011 Financial Secrecy Index of the world's major tax havens, scoring only slightly behind the Cayman Islands.In 2013, Luxembourg is ranked as the 2nd safest tax haven in the world, behind Switzerland.