DOCSLIB.ORG

Cfo 2015 Cfo 2014 Cfo

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Cfo 2015 Cfo 2014 Cfo CIO EDITION EDITION CIO 2013 CIO EDITION CCO CCO CIA CCO EDITION CCO EDITION CISO EDITION CRO EDITION CISO CRO CRO CRO 2014 CIA 2014 CIA CIA CISO BOD COO EDITION COO EDITION CHRO 2014 CHRO CEO EDITION CEO EDITION CEO EDITION CFO 2015 CFO 2014 CFO InQuarterly insights fromside Deloitte, issue 9, 2015 Interview with Véronique de Path to value for wealth Millennials and wealth management Le Freeport Luxembourg creates la Bachelerie, CEO of Société management centers Trends and challenges of the new perspectives for the Générale Bank & Trust Luxembourg new clientele Luxembourg economy Wealth management and Truths and consequences private banking The Middle East Crowdfunding, an emerging Four drivers of change that Connecting with clients and Challenges and opportunities for market in Europe? threaten business as usual reinventing the value proposition global and local asset managers Maximization of the Finance Cross-border business Tax Reclaim, an innovative Investment management function through Business considerations in the private differentiator for your institution! Equilibrium in the operating models Partnering banking and wealth management of Luxembourg management industries Private banking transformation companies How to improve business Reinvented proposition for higher performance thanks to a holistic Capturing value in a shifting customer value, B2C and B2B MiFID II follow-up of the CFO environment To protect and to serve, but at what cost? In this issue 6 10 18 24 32 42 Each edition of the magazine will address subjects related to a specific function. Please find below an overview of the spotlight for the upcoming editions of the magazine: COO CHRO CIO 2015 Jan Apr Jun Oct 2016 CCO CEO CISO CFO CRO CIA BOD 2 50 56 64 72 82 88 94 100 106 4 Foreword 56 Millennials and wealth management Trends and challenges of the new clientele 5 Editorial 64 The Middle East 6 Interview with Véronique de la Bachelerie, CEO Challenges and opportunities for global and local of Société Générale Bank & Trust Luxembourg asset managers 10 Truths and consequences 72 Investment management Four drivers of change that threaten business Equilibrium in the operating models of Luxembourg as usual management companies 18 Cross-border business considerations in 82 MiFID II the private banking and wealth management To protect and to serve, but at what cost? industries 88 Le Freeport Luxembourg creates new 24 Capturing value in a shifting environment perspectives for the Luxembourg economy Path to value for wealth management centers 94 Crowdfunding, an emerging market in Europe? 32 Wealth management and private banking Connecting with clients and reinventing 100 Maximization of the Finance function through the value proposition Business Partnering 42 Tax Reclaim, an innovative differentiator 106 How to improve business performance thanks for your institution! to a holistic follow-up of the CFO 50 Private banking transformation 114 Contacts Reinvented proposition for higher customer value, B2C and B2B 3 Foreword Dear readers, Welcome to this new edition of Inside dedicated to Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs). The financial services industry has always been a crucial industry at Deloitte, especially in Luxembourg. Inside has become an essential forum for addressing a wide range of businesses, from private banking and wealth management to asset management. In addition, we are also strongly committed to exchanging perspectives from global financial centers, whether from Luxembourg, Switzerland, the Middle East or the United States. This edition includes an insightful interview with Véronique de la Bachelerie, CEO of Société Générale Bank & Trust Luxembourg. She points out that ambitious regulatory requirements, exceptional economic conditions and unstable geopolitical relations pose major challenges to today’s industry and financial services leaders. These complex challenges form the common thread of this edition. Without a doubt, we are at a crossroads. Regulations have quickly evolved since the 2007-2008 financial crisis. CEOs and CFOs have to rethink the positioning of the institutions they lead. In this magazine, several of the authors highlight the growth opportunities that now exist. The real challenge for financial services players is to reinvent their value proposition and show their ability to adapt, to face current challenges—e.g., through cross-border distribution or tax reclaim services. Constant change makes it increasingly challenging for top executives to design and implement a strategy. It is certainly difficult to articulate a strategic vision in the midst of transitions and transformations. But it remains vital to have an inspiring vision. Success amid change is all about leadership. With each issue of Inside, we aim to break new ground and bring you fresh perspectives. Once again, thank you to all our contributors for their enthusiasm and insight. We hope you will find this edition inspiring and thought-provoking. Joël Vanoverschelde Pascal Martino Esther Bauer Partner Partner Analyst Advisory & Consulting Leader Strategy, Regulatory Strategy, Regulatory Deloitte & Corporate Finance & Corporate Finance Deloitte Deloitte 4 Editorial Dear readers, Preparing for opportunities: this is the theme developed throughout this new issue of Inside which is dedicated to CEOs and CFOs in the financial services industry. We aim to provide innovative insights that will allow you to proactively react to an environment that is experiencing “a significant amount of change,” as Véronique de la Bachelerie notes in her opening interview. Companies face numerous opportunities in an increasingly globalized world: cross-border distribution, emerging wealth management centers and the Middle Eastern asset management market, to name just a few. These opportunities will also force companies to adapt to new challenges, such as an increased need for compliance with regulatory requirements or higher geopolitical uncertainty. New regulations that define the playing field continue to emerge. To be prepared, we are focusing on the lessons being learned from MiFID II and the opportunities that are emerging from new regulations. Moreover, identifying new business models and best practices will allow CEOs and CFOs to continue to drive growth and grasp opportunities in this evolving environment. Financial services providers must adapt as new sources of demand emerge and clients’ needs change. Industry players need to rethink their connection to their customers and ensure that they are delivering value. Lastly, companies must understand the specificities of new customer segments, such as millennials, and how to bring value to these new segments. We hope that you will enjoy reading this edition of Inside and will gain insights from it. Yours sincerely, Please contact: Benjamin Collette Partner Strategy, Regulatory & Corporate Finance Leader Tel: +352 451 452 809 [email protected] Pierre Masset Partner Corporate Finance Leader Tel: +352 451 452 756 [email protected] François Gilles Benjamin Collette Pierre Masset François Gilles Senior Manager Partner Partner Senior Manager Strategy, Regulatory & Corporate Finance Strategy, Regulatory & Corporate Finance Leader Strategy, Regulatory Tel: +352 451 453 751 Corporate Finance Leader Strategy, Regulatory & Corporate Finance [email protected] Financial Services Industry & Corporate Finance Deloitte Consulting Leader Deloitte 560, rue de Neudorf, L-2220 Luxembourg Deloitte Grand Duchy of Luxembourg www.deloitte.lu 5 Interview with Véronique de la Bachelerie, CEO of Société Générale Bank & Trust Luxembourg Interviewed by: YOUR INDUSTRY At the same time, the geopolitical environment is unstable in various regions of the world and changes Petra Hazenberg Q: What are the major challenges faced by are unpredictable. Société Générale has a global Partner your industry and how do they impact your client base and relies on its international network, Strategy, Regulatory business? & Corporate Finance part of it being Central and Eastern Europe which We are experiencing a significant amount of changes Deloitte at the moment is less stable. This was the case at the moment, some of which can be observed on a for other regions not long ago and might occur more general, cross-industry level, and some of which Pascal Martino somewhere else in the future. The enigma is such that Partner are specific to the financial services industry. because rates of return in Western countries are low, Strategy, Regulatory One of the most complex challenges is to reconcile companies are forced to enter emerging economies. & Corporate Finance the regulatory requirements, notably capital The challenge is to achieve growth while operating Deloitte requirements, and our shareholders’ needs and return in Western countries where revenues are stable but expectations. This is, for example, observable from stagnating and operating in countries with higher Michaela Janurova our group’s results but applies to the industry more rates of return but equally higher geopolitical risks. Analyst generally: despite revenue growth, we have a good Strategy, Regulatory but stagnating ROE of 7.7 percent. As other industries Q: How are client needs evolving and what are & Corporate Finance have an ROE ranging between 10 percent and 12 the commercial implications? Deloitte percent, investors inevitably demand comparable The biggest change is that there is a growing share returns from banks. From 2005 to 2008 banks had of elements in the banking
Load more

Recommended publications
  • Interview with Yves Bouvier
    arts Editorial y Interview with Yves Bouvier John Zarobell Department of International Studies, University of San Francisco, San Francisco, CA 94117, USA; [email protected] Responses translated from the French by John Zarobell with support from Samuel Weeks. Thanks are due to y Alexandra Dubourg for her invaluable assistance and to Johanna Grawunder. Received: 19 August 2020; Accepted: 13 September 2020; Published: 21 September 2020 1. Introduction Yves Charles Edgar Bouvier is a founder and/or shareholder of the following firms: Expositions Natural le Coultre SA (Geneva), Fine Art Transports Natural le Coultre SA (Geneva), Le Freeport Management Pte Ltd (Singapore), The Singapore Freeport Real Estate Pte Ltd, The Luxembourg Freeport Management Company SA, The Luxembourg Freeport Real Estate SA, and Art Culture Studio SA (Geneva). He is a recipient of the Order of Merit from the Ministry of Culture of the Federation of Russia and serves as Governor of the Board of the National Cultural Heritage of Russia, and has previously served as a Board Member of ARIF (2000–2003), a self-regulatory organization approved by the financial market supervision authority (FINMA) to enforce anti-money laundering legislation. John Zarobell, Associate Professor of International Studies at the University of San Francisco, author of Art and the Global Economy. Knowing that this Special Issue of Arts on the Contemporary Art Market would include a series of articles on freeports, I requested an interview with Yves Bouvier, the man who has been central to the development of this business model, and an art dealer for more than thirty years. While I had originally hoped to visit Luxembourg and to speak with M.
    [Show full text]
  • Freeports and the Hidden Value of Art
    The University of San Francisco USF Scholarship: a digital repository @ Gleeson Library | Geschke Center International Studies Faculty Publications International Studies 11-12-2020 Freeports and the Hidden Value of Art John Zarobell Follow this and additional works at: https://repository.usfca.edu/international_fac Part of the International and Area Studies Commons arts Article Freeports and the Hidden Value of Art John Zarobell Department of International Studies, University of San Francisco, San Francisco, CA 94117, USA; [email protected] Received: 25 August 2020; Accepted: 12 November 2020; Published: 18 November 2020 Abstract: At first glance, the global art trade—currently valued around $60 billion—is a miniscule piece of global economic production. But due to the unregulated nature of the art market, it serves a key function within the larger network of the accumulation and distribution of capital worldwide. This deregulated market intersects with the offshore domain in freeports, an archipelago of tax-free storage facilities that stretch from Singapore to Geneva to Delaware. The burgeoning of freeports globally suggests that speculation has become a more prominent pattern of art investment, but it also demonstrates that tax avoidance is a goal of such speculators and the result is that more art works are being taken out of circulation and deposited in vaults beyond the view of regulatory authorities. Despite its size, the art trade can demonstrate broader trends in international finance and, by examining offshore art storage that occurs in freeports, it will be possible to locate some of the hidden mechanisms that allow the global art market to flourish on the margins of the economy as well as to perceive a shift in which the economic value of art works predominates over their cultural value.
    [Show full text]
  • Free Ports, Offshore Capitalism, and Art Capital
    arts Article Mythical Islands of Value: Free Ports, Offshore Capitalism, and Art Capital Erik Post 1,* and Filipe Calvão 2,* 1 Department of Geography, The University of British Columbia, Vancouver, BC V6T 1Z2, Canada 2 Department of Anthropology and Sociology, The Graduate Institute of International and Development Studies, 1202 Genève, Switzerland * Correspondence: [email protected] (E.P.); fi[email protected] (F.C.) Received: 17 August 2020; Accepted: 25 September 2020; Published: 28 September 2020 Abstract: The Geneva Free Port in Switzerland has paved the way for a new generation of art and luxury free ports. These are critical spatial pivots for the management of art assets, including storage and transactions of artworks, and serve as proxy to examine mechanisms for the capture and generation of value, integral but also outside the global art market. Drawing from the trajectory of the Geneva Free Port and an interdisciplinary body of scholarship on “offshore” and other special zones of production, and value circulation in human geography, anthropology, history, and sociology, this article frames free ports in a longer genealogy of offshore capitalism. First, we claim that the emergence of the Geneva Free Port prefigures and helps illuminate contemporary transformations in offshore capitalism; second, these spaces are more deeply imbricated with public and state authorities than previously suggested. Finally, a holistic understanding of art capital—works of art for investment and asset management—requires an encompassing view of free ports not as accidental and exceptional features in the world of high art but as spaces deeply implicated in the creation and operation of the art market more generally.
    [Show full text]
  • Art & Finance Report 2019
    Art & Finance Report 2019 6th edition Se me Movió el Piso © Lina Sinisterra (2014) Collect on your Collection YOUR PARTNER IN ART FINANCING westendartbank.com RZ_WAB_Deloitte_print.indd 1 23.07.19 12:26 Power on your peace of mind D.KYC — Operational compliance delivered in managed services to the art and finance industry D.KYC (Deloitte Know Your Customer) is an integrated managed service that combines numerous KYC/AML/CTF* services, expertise, and workflow management. The service is supported by a multi-channel web-based platform and allows you to delegate the execution of predefined KYC/AML/CTF activities to Deloitte (Deloitte Solutions SàRL PSF, ISO27001 certified). www2.deloitte.com/lu/dkyc * KYC: Know Your Customer - AML/CTF: Anti-Money Laundering and Counter-Terrorism Financing Empower your art activities Deloitte’s services within the Art & Finance ecosystem Deloitte Art & Finance assists financial institutions, art businesses, collectors and cultural stakeholders with their art-related activities. The Deloitte Art & Finance team has a passion for art and brings expertise in consulting, tax, audit and business intelligence to the global art market. www.deloitte-artandfinance.com © 2019 Deloitte Tax & Consulting dlawmember of the Deloitte Legal network The Art of Law DLaw – a law firm for the Art and Finance Industry At DLaw, a dedicated team of lawyers supports art collectors, dealers, auctioneers, museums, private banks and art investment funds at each stage of their project. www.dlaw.lu © 2019 dlaw Art & Finance Report 2019 | Table of contents Table of contents Foreword 14 Introduction 16 Methodology and limitations 17 External contributions 18 Deloitte CIS 21 Key report findings 2019 27 Priorities 31 The big picture: Art & Finance is an emerging industry 36 The role of Art & Finance within the cultural and creative sectors 40 Section 1.
    [Show full text]
  • Art & Finance Report 2017
    Art & Finance Report 2017 5th edition REFUGEE ASTRONAUT II © YINKA SHONIBARE MBE (2016), PHOTOGRAPHER: STEPHEN WHITE Empower your lifestyle Protect your passions We believe the best client relationships are all about partnerships. AXA ART not only helps clients to protect their assets but also provides detailed bespoke guidance on all aspects of managing a collection, including loss prevention, mitigation and conservation. As pioneers of lifestyle protection insurance, we work closely with policyholders, insurance advisers and a whole network of art experts to provide a seamless service, combining in-depth advice on risk management with a first-class claims process. www.AXA-ART.com Ad_Deloitte_3.indd 1 31.07.17 11:46 Empower your lifestyle Protect your passions We believe the best client relationships are all about partnerships. AXA ART not only helps clients to protect their assets but also provides detailed bespoke guidance on all aspects of managing a collection, including loss prevention, mitigation and conservation. As pioneers of lifestyle protection insurance, we work closely with policyholders, insurance advisers and a whole network of art experts to provide a seamless service, combining in-depth advice on risk management with a first-class claims process. www.AXA-ART.com Ad_Deloitte_3.indd 1 31.07.17 11:46 François PRIVAT ART EXPERT NOT JUST ANOTHER FREEPORT LE FREEPORT | LUXEMBOURG Service - Transparency - Security Ultra-safe and secure facility dedicated to storing, handling, and trading art and other valuables with direct access to tarmac. www.lefreeport.com INVESTMENT HOUSE PRIVATE BANKING ASSET MANAGEMENT THE REAL VALUE OF MONEY IS WHAT YOU CREATE WITH IT.
    [Show full text]
  • A Freeport Comes to Luxembourg, Or, Why Those Wishing to Hide Assets Purchase Fine Art
    arts Article A Freeport Comes to Luxembourg, or, Why Those Wishing to Hide Assets Purchase Fine Art Samuel Weeks College of Humanities and Sciences, Thomas Jefferson University, Philadelphia, PA 19144, USA; samuel.weeks@jefferson.edu Received: 4 June 2020; Accepted: 4 August 2020; Published: 9 August 2020 Abstract: This article addresses how global art markets are becoming an outlet of choice for those wishing to hide assets. Recent efforts by the OECD and the U.S. Treasury have made it more difficult for people to avoid taxes by taking money “offshore”. These efforts, however, do not cover physical assets such as fine art. Citing data collected in Luxembourg—a jurisdiction angling to become a worldwide leader in “art finance”—I discuss the characteristics of this emerging system of opaque economic activity. The first of these is a “freeport”, a luxurious and securitized warehouse where investors can store, buy, and sell art tax free with minimal oversight. The second element points to the work of art-finance professionals, who issue loans using fine art as collateral and develop “art funds” linked to the market value of certain artworks. The final elements cover lax scrutiny by enforcement authorities as well as the secrecy techniques typically on offer in offshore centers. Combining these elements in jurisdictions such as Luxembourg can make mobile and secret the vast wealth stored in fine art. I end the article by asking whether artworks linked to freeports and opaque financial products have become the contemporary version of the numbered Swiss bank account or the suitcase full of cash.
    [Show full text]
  • European Commission President Jean- Claude Juncker Must Close Tax
    AiA Art News-service European Commission president Jean- Claude Juncker must close tax loopholes at Luxembourg freeport, MEP says German politician Wolf Klinz describes the art storage facility as “high risk” for money laundering and tax evasion ANNY SHAW 31st January 2019 12:11 GMT Jean-Claude Juncker speaking at the Munich Security Conference in 2018 © MSC/Kuhlmann Members of the European Parliament are stepping up their fight against alleged money laundering and tax evasion through the use of freeports—high-security warehouses which hold art and other valuable assets, such as cars, wine and jewellery, tax free. In a letter dated 8 January, the German MEP Wolf Klinz called on Jean-Claude Juncker, the president of the European Commission, to close loopholes that potentially allow for financial crimes to be committed. Referring specifically to Le Freeport Luxembourg, which opened its steel turnstiles to VIP bankers, art dealers and collectors in August 2014, Klinz says the storage facility had “been alleged to be a fertile ground for money laundering and tax evasion”. He described Le Freeport, which is located minutes away from Findel airport and houses eight showrooms, a restoration workshop and a garage for collectable cars, as a “blind spot” in Juncker’s efforts to boost financial transparency in the EU. The complex was built while Juncker was Luxembourg’s prime minister and enables clients to fly in their objects and trade them inside the freeport’s walls without incurring customs or sales tax. Juncker replied to Klinz’s letter by telling him he had passed on the German MEP’s concerns to Pierre Moscovici, the European commissioner for economic and financial affairs.
    [Show full text]
  • The Emergence of New Corporations Free Zones and the Swiss Value Storage Houses
    10 The Emergence of New Corporations Free Zones and the Swiss Value Storage Houses Oddný Helgadóttir 10.1 Introduction This chapter introduces the concept of a ‘Luxury Freeport’, positioning such tax- and duty-free storage sites as new players in the ever-evolving ecosystem of the offshore world. To date, Luxury Freeports have largely passed under the radar of academic research and they represent an important lacuna in the academic scholarship on offshore activity. In his state of the art on offshores, The Hidden Wealth of Nations, economist Gabriel Zucman makes this point explicitly, noting that most current estimates of offshore wealth do not extend to non-financial wealth kept in tax havens: This includes yachts registered in the Cayman Islands, as well as works of art, jewelry, and gold stashed in freeports—warehouses that serve as repositories for valuables. Geneva, Luxembourg, and Singapore all have one: in these places, great paintings can be kept and traded tax-free—no customs duty or value-added tax is owed—and anonymously, without ever seeing the light of day. (2015, pp. 44–5) There are no reliable estimates of the value of goods stored in Luxury Freeports.¹ A recent New York Times article reports that art dealers and insurers believe that the works of art contained in the Geneva Freeport, a pioneer in the Luxury Freeport business, would be enough ‘to create one of the world’s great museums’. Similarly, a London-based insurer concludes that there isn’t ‘a piece of paper wide enough to write down all the zeros’ needed to capture the value of wealth stored in Geneva (Segal 2012).
    [Show full text]
  • Millennials and Wealth Management
    CIO EDITION EDITION CIO 2013 CIO EDITION CCO CCO CIA CCO EDITION CCO EDITION CISO EDITION CRO EDITION CISO CRO CRO CRO 2014 CIA 2014 CIA CIA CISO BOD COO EDITION COO EDITION CHRO 2014 CHRO CEO EDITION CEO EDITION CEO EDITION CFO 2015 CFO 2014 CFO InQuarterly insights fromside Deloitte, issue 9, 2015 Interview with Véronique de Path to value for wealth Millennials and wealth management Le Freeport Luxembourg creates la Bachelerie, CEO of Société management centers Trends and challenges of the new perspectives for the Générale Bank & Trust Luxembourg new clientele Luxembourg economy Wealth management and Truths and consequences private banking The Middle East Crowdfunding, an emerging Four drivers of change that Connecting with clients and Challenges and opportunities for market in Europe? threaten business as usual reinventing the value proposition global and local asset managers Maximization of the Finance Cross-border business Tax Reclaim, an innovative Investment management function through Business considerations in the private differentiator for your institution! Equilibrium in the operating models Partnering banking and wealth management of Luxembourg management industries Private banking transformation companies How to improve business Reinvented proposition for higher performance thanks to a holistic Capturing value in a shifting customer value, B2C and B2B MiFID II follow-up of the CFO environment To protect and to serve, but at what cost? In this issue 6 10 18 24 32 42 Each edition of the magazine will address subjects related
    [Show full text]
  • Jean-Claude Juncker Dismisses Claims That Freeports Are
    AiA Art News-service Jean-Claude Juncker dismisses claims that freeports are ‘systematically used to commit fraud’ European Commission president rebuffs German MEP Wolf Klinz's demand for a proper investigation into the management of Le Freeport Luxembourg ANNY SHAW 12th March 2019 11:45 GMT Le Freeport Luxembourg © Luca Fascini 2014 The European Commission president Jean-Claude Juncker has rejected allegations of fraud and irregularities related to the management of Le Freeport Luxembourg, which is owned by the Swiss art dealer Yves Bouvier. In a letter dated 8 January, the German MEP Wolf Klinz called on Junckerto close loopholes that potentially allow for financial crimes to be committed at freeports after concerns were raised by the EU’s Tax3 committee. Referring specifically to Le Freeport Luxembourg, which opened its steel turnstiles to VIP bankers, art dealers and collectors in August 2014, Klinz says the storage facility had “been alleged to be a fertile ground for money laundering and tax evasion”. The complex was built while Juncker was Luxembourg’s prime minister and enables clients to fly in high-value possessions such as cars, jewellery and art and trade them inside the freeport’s walls without incurring customs or sales tax. Freeports are increasingly being used as facilities to permanently park assets. However, in a letter dated 28 February, Pierre Moscovici, the European commissioner for economic and financial affairs, responded on behalf of Juncker saying that “there was no evidence showing that free zones in the EU are systematically used to commit fraud”. Rather, freeports are “useful to simplify commercial operations”.
    [Show full text]
  • Luxembourg RISK & COMPLIANCE REPORT DATE: March 2018
    Luxembourg RISK & COMPLIANCE REPORT DATE: March 2018 KNOWYOURCOUNTRY.COM Executive Summary - Luxembourg Sanctions: None FAFT list of AML No Deficient Countries Offshore Finance Centre Higher Risk Areas: Compliance of OECD Global Forum’s information exchange standard US Dept of State Money Laundering assessment Medium Risk Areas: Major Investment Areas: Agriculture - products: grapes, barley, oats, potatoes, wheat, fruits; dairy and livestock products Industries: banking and financial services, iron and steel, information technology, telecommunications, cargo transportation, food processing, chemicals, metal products, engineering, tires, glass, aluminum, tourism Exports - commodities: machinery and equipment, steel products, chemicals, rubber products, glass Exports - partners: Germany 21.6%, France 15.5%, Belgium 14.5%, UK 5.8%, Italy 5.6%, Switzerland 4.7% (2012) Imports - commodities: minerals, metals, foodstuffs, quality consumer goods Imports - partners: Belgium 30.9%, Germany 23.4%, France 10.4%, US 8.2%, China 7.2%, Netherlands 5.1% (2012) Investment Restrictions: Information unavailable 1 Contents Section 1 - Background ....................................................................................................................... 3 Section 2 - Anti – Money Laundering / Terrorist Financing ............................................................ 4 FATF status ................................................................................................................................................ 4 Compliance with
    [Show full text]
  • The New Luxury Freeports Offshore Storage, Tax Avoidance, and ‘Invisible’ Art Helgadóttir, Oddný
    The New Luxury Freeports Offshore Storage, Tax Avoidance, and ‘Invisible’ Art Helgadóttir, Oddný Document Version Accepted author manuscript Published in: Environment and Planning A DOI: 10.1177/0308518X20972712 Publication date: 2020 License Unspecified Citation for published version (APA): Helgadóttir, O. (2020). The New Luxury Freeports: Offshore Storage, Tax Avoidance, and ‘Invisible’ Art. Environment and Planning A. https://doi.org/10.1177/0308518X20972712 Link to publication in CBS Research Portal General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. Take down policy If you believe that this document breaches copyright please contact us ([email protected]) providing details, and we will remove access to the work immediately and investigate your claim. Download date: 28. Sep. 2021 The New Luxury Freeports: Offshore storage, tax avoidance, and ‘invisible’ art Abstract This paper introduces the concept of a Luxury Freeport to describe a novel form of offshore where art and other high-end goods can be stored indefinitely without tax and duty- payments being made. The paper makes three key contributions to our understanding of these new actors in the global political economy. First, it conceptualizes Luxury Freeports as part of what has been called the ‘offshore world’, showing that over the course
    [Show full text]