Luxembourg Realigns Itself as an Art and Antiques Haven
Inside the Luxembourg Freeport (above picture), a state of the art storage complex that will act as a home for the high-end valuables the country is hoping to attract.
As Luxembourg prepares to bring its tax rules in line with the rest of the EU, it’s aiming to become a hub for storing and trading art and other high-end collectibles.
Through recent develops like the Luxembourg Freeport, as well as proposals to amend its tax regime, the country is setting the stage to become a tax-free hub for high-value assets, such as art, antiques and even fine wine.
The Grand Duchy is increasingly marketing itself as the go-to place for art-related business in Europe. To help aid in its metamorphosis, Luxembourg submitted a proposal to the Chamber of Deputies this year to extend its VAT free zone, as well as overhauling its overall VAT guidelines, so as to better align itself with that of other EU member states.
On top of the positive changes to its tax system, the duchy has finished constructing the Luxembourg Freeport, a state of the art storage complex that will act as home for the high-end valuables the country is hoping to attract. It spans 22,000m², providing ample space for the storage and management of art works and valuable goods. The multi-million euro investment is not just an immense warehouse for top quality artwork, however, as it is also where these desirable goods will be bought and sold.