Austria may set free $80 billion locked in a `golden cage` decades ago
(World News Austria)

Created in 1993 to stop capital from fleeing, the Austrian trust variety known as Privatstiftung also attracted German wealth with its favorable tax rates and privacy. world Updated: Dec 01, 2018 16:51 IST Bloomberg Austria is trying to free about 70 billion euros ($80 billion) of capital locked in a “golden cage� the country created a few decades ago. The Alpine country’s trust laws allowed families a tax-friendly way to transfer wealth and keep things together. Created in 1993 to stop capital from fleeing, the Austrian trust variety known as Privatstiftung also attracted German wealth with its favorable tax rates and privacy. Now, however, the trusts have somewhat...