Article 4JKRY Inside the Luxembourg free port storing riches for the super-wealthy

Inside the Luxembourg free port storing riches for the super-wealthy

by
Jennifer Rankin in Luxembourg
from on (#4JKRY)

Depending on who you speak to, Le Freeport is a high-security storage facility or a money-laundering risk

Along with free trade deals, tax cuts for high earners and the threat of a no-deal Brexit, special tax-free zones are likely to feature in a Boris Johnson premiership.

The frontrunner to move into No 10 told a Tory hustings event this week that the UK could have six tax-free zones, known as free ports. Belfast, Teesside and Aberdeen are among potential locations. A US congressional report in 2013 estimated there were 3,500 free ports across 135 countries, hosting tax-free zones spanning from car production to fine art storage.

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