Singapore's Fort Knox for fine art, valuables
The opening of the Singapore FreePort, a vault for art, gold and valuables, will allow the nation’s high net-worth individuals to store their art, gold and other valuables in its vault, making it a match for Hong Kong and Beijing as an Asian centre for art.
Non-resident collectors can now store valuables such as jewels and rare bottles of wine without paying taxes or filing customs forms. In addition, collectors who store their works can exhibit them at the city’s museums.
Currently, 98 per cent of the building’s space has been leased, and the company managing the facility is planning to add another 25,000 sq m - much of which has already been reserved.