Reuters’s story on the opening of the Luxembourg freeport contains some interesting information from Tony Reynard, the head of the Singapore freeport owned by the same company. There are plans for additional freeports in Dubai and Shanghai:
Luxembourg and Singapore’s majority owner is Yves Bouvier, a Swiss businessman with an art storage and shipping service already operating in Geneva, a city which set up its first freeport in 1854.
“We had to move on to Luxembourg because Geneva was full. With Luxembourg we have an airport that can handle cargo. In Geneva you have to move everything by road,” he told Reuters.
Reynard said there were plans to set up a similar operation in Dubai and, possibly, Shanghai – both home to large number of potential affluent clients, keen to have their treasures stored securely and confidentially in exchange for a fee.