erik lundegaard

Dibs on the Heist Movie

From The Economist, Nov. 23:

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. If anyone knows how to game the rules, it is the super-rich and their advisers. ...

The goods they stash in the freeports range from paintings, fine wine and precious metals to tapestries and even classic cars. (Data storage is offered, too.) Clients include museums, galleries and art investment funds as well as private collectors. Storage fees vary, but are typically around $1,000 a year for a medium-sized painting and $5,000-12,000 to fill a small room.


Posted at 06:52 AM on Thu. Dec 05, 2013 in category Politics  
No tags

COMMENTS

No comments yet

You may bypass the ID fields and security question below if you log in before commenting.


 
 





Receive notification of further comments via e-mail

« National Board of Review Falls in Love with 'Her'   |   Home   |   Major Burn on Sen. Tom Coburn (R-OK) »
 RSS    Facebook

Twitter: @ErikLundegaard

ARCHIVES

All previous entries

LINKS
Movies
Hollywood Elsewhere
The Film Experience
Roger Ebert
Baseball
Joe Posnanski
Rob Neyer
Cardboard Gods
Politics
Andrew Sullivan
Alex Pareene
Friends
Jerry Grillo
Jim Walsh
dative-querulous