Luxembourg Freeport Is Like A Fancy Garage For The World's Mega-Rich
2013.11.26
Remember that village in the movie "Gattaca", where genetically superior beings prepared to launch into space? This
swanky building in Luxembourg looks just like that, except that it serves as a place for rich people for stash their most prized possessions.
The unassuming warehouse is located just outside Luxembourg's main airport which is currently under construction. This "freeport" is apparently designed to house collectibles like art or gold so that the rich don't get taxed for it. As the Economist explains:
The unassuming warehouse is located just outside Luxembourg's main airport which is currently under construction. This "freeport" is apparently designed to house collectibles like art or gold so that the rich don't get taxed for it. As the Economist explains:
"[Freeports'] attractions are similar to those offered by offshore financial centres: security and confidentiality, not much scrutiny, the ability for owners to hide behind nominees, and an array of tax advantages. This special treatment is possible because goods in freeports are technically in transit, even if in reality the ports are used more and more as permanent homes for accumulated wealth. If anyone knows how to game the rules, it is the super-rich and their advisers."
Be sure to check out the rest of the images below, and the promo video here.More Articles
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