22 November 2013

Freeports: Über-warehouses for the ultra-rich

The latest thing for the ultra-wealthy : freeports, according to this article from The Economist.
The world’s rich are increasingly investing in expensive stuff, and “freeports” such as Luxembourg’s are becoming their repositories of choice. Their 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.
I can see Mr Randy Bentwick cackling as he counts his loot in his storage unit...

And Mr Toutie will be profiting from his astute foray into the art market:


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