A storage centre for luxury items opened in Luxembourg on Wednesday, joining the ranks of other luxury goods facilities around the world where investors can store and trade luxury goods without incurring customs or sales tax.
Luxembourg’s Freeport is located on the grounds of the Luxembourg Findel Airport, which is the fifth largest air cargo hub in Europe.
“The 2008 crisis created a real demand for physical assets. People realised banks could go down and take their money with them. That meant demand for the likes of gold, but also art,” Tony Reynard, chairman of another freeport in Singapore whose main owner is also the principal investor in Luxembourg, said in a Reuters report.
Before entering the facility, all containers have to clear customs and will be screened for firearms and illicit drugs.
The four-storey Freeport has eight private showrooms and about 160 rooms for storing high-value objects, including chilled rooms for wine and four bullion chambers equipped with 50 cm-thick doors.
The Freeport will be operated by licensed forwarders and agents who specialise in handling, transportation and storage of high-end luxury goods.
Reynard says there are plans to set up similar facilities in Dubai and possibly Shanghai.
Welcome to TomoNews, where we animate the most entertaining news on the internets. Come here for an animated look at viral headlines, US news, celebrity gossip, salacious scandals, dumb criminals and much more! Subscribe now for daily news animations that will knock your socks off.
For news that's fun and never boring, visit our channel:
Subscribe to stay updated on all the top stories:
Visit our official website for all the latest, uncensored videos: https://us.tomonews.net
Check out our Android app: http://bit.ly/1rddhCj
Check out our iOS app: http://bit.ly/1gO3z1f
Stay connected with us here:
Twitter @tomonewsus http://www.twitter.com/TomoNewsUS
Instagram @tomonewsus http://instagram.com/tomonewsus
Please watch: "Crying dog breaks the internet’s heart — but this sad dog story has a happy ending"