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A Giant, Secret Vault Where Rich People Store Their Stuff Tax-Free : Planet Money : NPR

Freeports are the safe-deposit boxes of the offshore tax-haven world — fancy vaults where rich people store their Picassos and gold bars with maximal safety, minimal scrutiny and special tax exemptions. Not surprisingly, the classic freeport is in Geneva. Last year, a Times reporter asked an art insurer to value the art stored there. “I doubt you’ve got a piece of paper wide enough to write down all the zeros,” the insurer said. Singapore, which is basically becoming the new Switzerland, opened its own, giant freeport in 2010. “When you go to a bank and rent a safe, nobody knows what goes in. It’s the same thing here,” one of the founders of the Singapore freeport told the WSJ when the facility opened. “They only need to give a code that indicates the broad nature of the item—gold, wine or a painting. There’s no value, no ownership, no inventory list—all details are confidential. We offer more confidentiality than Geneva.”

Singapore Freeport Website The high-security, high-concept vault where Deutsche Bank will store $9 billion of gold – Quartz