Do you have the passion of collecting fine arts from auctions? Then you must be looking forward for a convenient method to store them without paying taxes. Otherwise, you will end up paying thousands of dollars per year only on taxes. If you can store them at a safe place without paying any taxes, you will be able to purchase more and more fine arts from the money you save. That’s where the art tax freeports can help you with.
A Freeport can simply be defined as a sort of deposit box that is associated with numerous tax benefits. It has the potential to offer maximum protection for your belongings and you will not have to worry about anything. As a result, freeports have become the vault of choice among collectors who live in every corner of the world.
Fine art collectors prefer to seek the assistance of art tax freeports in order to store their collectibles without paying any taxes.
From the recent Panama Paper leak, it was identified that Dmitry Rybolovlev, who is a Russian Billionaire got the assistance of a shell company in order to store art worth hundreds of millions of dollars.
If you seek the assistance of a reputed art tax Freeport facility, you will be able to stay away from such hassle. These warehouses are specifically designed to store artwork and you will not have to worry about their safety. One of the main benefits that are associated with storing your art at such places is that you get the opportunity to bypass through customs. That’s because art tax freeports are identified as tax-free zones. Therefore, the art tax freeports have become extremely popular among both art lovers as well as dealers. On the other hand, some of the freeports have become high end museums and galleries because of the above mentioned reason.
As mentioned earlier, the tax free art freeports are associated with secure and high end facilities The climate is controlled accordingly to ensure the durability of your art. All the people who spend their money on art consider them as an excellent investment asset. Therefore, they need to store them at appropriate places so that they can sell them on a future date at a higher price. Storing art at an art tax Freeport can therefore be considered as one of the best options available for modern world investors.
It is extremely important for all the art lovers to look for a reputed art tax Freeport in order to store their art. These freeports are located in every corner of the world, including Asia, Switzerland and Delaware. You should also pay special attention towards insurance when storing your art at such a Freeport. Then you will be able to stay away from hassle in the future. This method can assist you to save a lot of money in the long run as well and you will be able to keep peace of mind throughout.