An Austria Private Vault Tour: Das Safe, Sparta Safes, and Palais Coburg
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Regular readers will know I’ve been traveling around central Europe for the last month. A few weeks ago, I was on the hunt for investment opportunities in Vienna for our private clients and to catch up with our preferred banking partners. But I also took some time to catch up on the most recent updates to the private vault game.
That’s because Austria in general – and Vienna specifically – is known for some of the best private vaults in the world. They offer a very private way to hold anything from a few important documents to a few million in gold, cash, precious stones, crypto cold storage… or really anything you need to protect.
In this article, I’m going to share the highlights of my trips to some of the more famous of these vaults, starting with the most well-known of all, Das Safe.
Das Safe
Location: Auerspergstraße 1 || A-1080 Vienna
A visit to Das Safe was actually my first foreign assignment back in 2010, just a few months after getting into this business.
14 years later, not much has changed. Still housed in a former bank and palace, it’s a beautiful building in the center of Vienna. Security is still top notch. Armed guards are out of site but not far away. Service is reasonable by Austrian standards, but other options offer better access.
The Highlights
Das Safe keeps regular business hours. There’s no option to visit outside of those hours as it would create a “security risk”.
You can prepay up to 30 years in advance with cash to preserve a level of privacy.
You do have to set up an account in person the first time but otherwise can-do renewals remotely if you don’t want to prepay.
They can’t accept anything on your behalf. If you want to ship them your valuables, you must give your access information – a code and key – to a third party who can do it for you. (We are able to help our clients with this.)
You will notice cameras in all areas except for small cabinets in the center of the vault. However, they are set to monitor, not record.
Default insurance covers up to €36,336.42 (about USD $40,000 as of this writing).
A few things have changed, however. First, thanks to a 2017 rule change at the EU level, you can’t have a fully anonymous box any more. (There are ways to make it pseudonymous, a service we offer to clients.)
And there aren’t many boxes left. Basically just “D” (21 H x 30 W x 48 D cm / 8.27 x 11.81 x 18.90 inches) and “E” (30 x 30 x 48 cm / 11.81 x 11.81 x 18.90 inches), which are mid-sized and start at €635 per year.
Sparta Safes
Location: Löwengasse 39, 1030 Vienna
Located just down the street from the famous Hundertwassershaus, what Sparta Safes may lack in street appeal, they make up for in a high level of customer service.
One notable feature the other vaults offered is the ownership structure. Sparta Safes is actually owned by a team of private investigators. This means that the staff – who are private detectives – are allowed to be armed. Including the fellow who greeted us at the door.
(Firearms in Austria — especially handguns — are heavily restricted.)
The Highlights
They have regular business hours but can arrange access around the clock with suitable notice and for a nominal extra fee.
Just like with Das Safe, they can’t accept deliveries. But if you give access to your box to a third person, Sparta will let them in with the appropriate credentials.
Accounts have to be set up in person, but renewals can be done over the phone or through online payment.
They don’t need to know (or want to know) what’s in the box.
Default insurance is €40,000. For an extra €150, you can increase the insurance coverage to €100,000. They also work with a third-party insurance company if you need more beyond that. However, you will need to disclose the assets held within to that insurance company.
Prices are reasonable and there is still a decent selection of boxes available. The smallest size (2.5 x 15 x 24 cm / 0.98 x 5.9 x 9.50 inches), starts at €250 per year.
About the only real drawback was a distinct musty smell in the vault room directly. It’s an old building (like many) and there seems to have been some water damage at some point that hasn’t been fully remedied.
For this reason, I might be concerned about storing things sensitive to moisture — papers, silver, technology; that sort of thing.
Palais Coburg Tresor
Location: Seilerstätte 3 E, 1010 Vienna
Just a 10-minute walk from St Stephen’s Cathedral – the center of Vienna – the owner of Palais Coburg has spent many millions turning an old run-down palace on the edge of the old walled city into a luxury hotel with arguably the most advanced private vault set up we’ve seen so far.
The Highlights
You have 24-hour access to your box through a private entrance built specifically for the vault. (If you have problems, you can go to hotel reception as well).
They are by far the largest of the private vaults we visited – more than 4,000 boxes are available.
Unlike the other vaults, you don’t actually go into a “vault room”. Instead, you go into one of two small cabinets and, after entering your access details, a robot pulls your box from the vault room and delivers it to the cabinet. Once finished, you deposit your box back to the robot who puts it down below in the vault room.
Like the other solutions, you need to set up a box in person first, but renewals can be done over the phone or with a payment online in future.
They can’t directly accept deliveries for clients. But if you give someone access to your key and code, they can do it on your behalf. Once the account is set up, access is provided to whoever has the right credentials.
The contents of your box are automatically insured up to €35,000 without having to disclose the contents. You can also purchase additional insurance through a third party as required, at which point you will need to say what’s in there.
Overall, it’s a very sophisticated system, which doesn’t come cheap. A small box (4 x 23.5 x 33 cm / 1.57 x 9.25 x 12.99 inches) costs €300 a year. Larger boxes come with a larger fee, of course.
One potential turn off is the cameras. As with the other vaults, they are everywhere. But unlike other facilities, these cameras do record.
We did ask and those recordings are generally kept for just a few days. Still, if privacy is your major concern and you object to being recorded, you will either have to look at other options or find someone to represent you for those visits.
Other Storage Options
Of course, there are quite a few other options out there. For example, we visited one that offers very high security but no privacy (passport scans were taken just to enter the vault for our review.) But the price is reasonable and extremely easy to access – just a few steps away from the center.
But at this time, we’ve been asked not to share details on it publicly.
There’s also another vaulting solution that is just starting up and is supposed to offer a “best-in-class” mix of access and security. But it doesn’t come cheap. Unfortunately, I didn’t have a chance to kick the tires this trip, but will do so the next time I’m in town towards the end of the year.
Note for US Readers: Holdings in a Private Vault is Not Reportable
To our US readers, it’s also worth noting that opening a box directly with any of the companies mentioned above will not trigger foreign asset reporting requirements either.
That’s because it’s one of the carveouts (along with personally held foreign real estate, crypto, and collectibles) from FBAR and FATCA reporting requirements.
For people just dipping their toe into the world of international assets, this makes it an easy way to get started with little risk.
You could easily buy a few gold coins through the Austrian Mint, open a box at a private vault and get used to the idea of keeping some assets completely privately out of the system.
Would you like some help with that?
We’ve been working with clients to help them privately internationalize their assets since 1984. We know the game well, what works, what doesn’t, and how to do it safely.
If you’d like to explore whether a private vault in Austria could fit into your planning, please feel free to book in a free, no obligation consultation with one of our associates to explore further. You can do so here.
Recommended Reading:
- How to ship gold internationally
- What are the best gold bars to buy for investment
- What are the best gold coins to buy
- Best countries for offshore gold storage
About The Author
Need Help?
We have 40+ years experience helping Americans move, live and invest internationally…
Need Help?
We have 40+ years experience helping Americans move, live and invest internationally…
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