Secluded treasures & tax incentives - The freeport system | DW Documentary

Art, gold and other valuable items are often stored in special duty-free high-security warehouses known as "freeports”. But are these storage options only about protection and security? Or do tax advantages also play a role?

Whether in Singapore, Switzerland or Luxembourg, a discreet service is on the rise worldwide: the storage of art, gold, wines or classic cars in secure bonded warehouses known as "freeports”. The operating countries advertise the advantages of the warehouses: they are highly secured and, as long as valuables are stored there, the owners are spared both customs duties and VAT.
But these freeports have elicited strong criticism from the worlds of both art and finance. Freeports could serve as legal loopholes for tax avoidance and the underground economy, critics say. Originally created as temporary transit zones, more and more often these treasures are simply being "parked" there long-term, often anonymously, to take advantage of low interest rates. Goods could also be resold within the depots - something that poses a risk for non-transparent transactions.
How much wealth is hidden behind the walls of the secret storage facilities? And why do politicians support the construction and operation of such bonded warehouses? This film goes on a search for clues in the discreet world of art logistics and peers behind the scenes at some of these extraordinary places.

#documentary #dwdocumentary
______

DW Documentary gives you knowledge beyond the headlines. Watch top documentaries from German broadcasters and international production companies. Meet intriguing people, travel to distant lands, get a look behind the complexities of daily life and build a deeper understanding of current affairs and global events. Subscribe and explore the world around you with DW Documentary.

Subscribe to:
⮞ DW Documentary (English): https://www.youtube.com/dwdocumentary
⮞ DW Documental (Spanish): https://www.youtube.com/dwdocumental
⮞ DW Documentary وثائقية دي دبليو (Arabic): https://www.youtube.com/dwdocarabia
⮞ DW Doku (German): https://www.youtube.com/dwdoku
⮞ DW Documentary हिन्दी (Hindi): https://www.youtube.com/dwdochindi

For more visit: http://www.dw.com/en/tv/docfilm/s-3610
Follow DW Documentary on Instagram: https://www.instagram.com/dwdocumentary/
Follow DW Documental on Facebook: https://www.facebook.com/dwdocumental

We kindly ask viewers to read and stick to the DW netiquette policy on our channel: https://p.dw.com/p/MF1G