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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.(File Photo/Representative Image)

Austria may set free $80 billion locked in a ‘golden cage’ decades ago

By Bloomberg
UPDATED ON DEC 01, 2018 04:51 PM IST
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.
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