Luxembourg Wants a Freeport

Geneva has a freeport where some of the biggest art dealers store their works. It must be a good business because not only has Singapore built its own facility which quickly filled up but now Luxembourg has passed legislation to create its own freeport at the country’s airport Luxembourg-Findel.

Whether this move is a reaction to increased controls in Switzerland that have forced those facilities to provide more transparency or recent moves by the French to create a similar zone in Paris isn’t discussed by Georgina Adam in her Financial Times article on the announcement:

the banking powerhouse of Luxembourg is planning to set up a Freeport at its sole airport, Luxembourg-Findel. A law was passed this month to allow the project to go forward, and according to the Minister of the Economy Jeannot Krecké, discussions are ongoing with private investors. The Freeport facilities would be used to keep high-value objects – wine, art, jewellery – in duty-free and tax-free warehouses providing state-of-the-art security, said the minister.

The Art Market: Forging Links (Financial Times)