Long known as a bastion of discrete, secure banking, Switzerland will offer the world’s wealthy another choice for storing their prized possessions: rock vaults carved into foothills of the Alps.
The idea comes from a firm in central Switzerland, home of the Bruenig massif, a hulking mountain about 25 miles southwest of Lucerne. “Your treasure chamber in a solid rock massif,” Bruenig Mega Safe AG, the firm building the vaults, says on its website. “The secure place for safekeeping your assets and sensitive data.”
The company plans to use an expanse within the mountain equivalent to about 10 soccer fields, according to board member Hugo Schittenhelm. “But we could also multiply that space if needed,” he said.
The world’s wealthy are increasingly looking for security as the pandemic has rattled markets and civil unrest has broken out from the US to Hong Kong to London. While some fear a global recession or natural disasters, others are looking to avoid bank deposits as negative interest rates force lenders to charge for holding cash.
The Swiss vaults will range from 3,531 cft to 1,000X that large with heights of up to 90 meters. The rock walls ensure a constant relative humidity of 40% and temperature of 12Ce (53.6F). Prices start at $500,000 and go North from there.
In addition to storing valuables such as artwork, gold, stock certificates or even classic cars, the vaults are “ideal as a venue for activities that must meet high security requirements,” the firm said.
The project is being done in conjunction with Gasser Felstechnik AG, a company that specializes in rock engineering and underground construction. The vaults will be built adjacent to several existing Gasser businesses located in the massif, including a firing range, a gastropub, an explosives depot and a facility for training firefighters in dealing with transportation tunnel emergencies.
Work is scheduled to begin early next year, and the 1st vaults should be available about 18 months later.
Have a healthy week, Keep the Faith!