Episode 2. Where are your gold, silver and diamonds vaulted? What are the Geneva Free Ports & Warehouses and why has the company VeraCash decided to use them for the secure storage of your gold, silver and diamonds?
This article sets out to provide the answers to these questions and clear up some of the popular misconceptions about the Geneva Free Ports. In short, to help you understand why we decided they were the best possible place to vault your precious metals.
The story behind the Geneva Free Ports
Even today, there are still plenty of misconceptions about the Geneva Free Ports. For some people it retains the dubious reputation gained due to a number of tabloid headlines and scandals in the past.
The truth is somewhat more mundane. They were originally built for the sole purpose of storing a wide range of goods prior to export. Tax-exempt and located in the centre of Europethe Free Ports rapidly became a trusted partner for exporters and, over time, began to store even the most valuable and precious goods.
As a result, the Free Ports progressively improved their security arrangements to justify the confidence they were given; buildings with optimal earthquake resistance, tamper proof locks, steel reinforced doors - every care was taken to ensure they offered the most secure storage possible. Ironically, it was these very precautions that encouraged criminal activities, totally contrary to the values of the Free Ports, such as tax evasion and the storage of stolen art. Discretion is not the same as secrecy: it was never intended that the premises should be used in this way. But certain unscrupulous owners took advantage of the tax free zone for illegal business.