free port

See also: freeport

English

Alternative forms

Noun

free port (plural free ports)

  1. A port or other area with relaxed jurisdiction of customs, tax rule or related national regulations.
    • 2016 January 31, Sam Knight, “The Art-World Insider Who Went Too Far”, in The New Yorker‎[1], →ISSN, archived from the original on 17 April 2016:
      Iris scanners, magnetic locks, and a security system known as Cerberus guard the freeport’s storerooms, whose contents are said to be insured for a hundred billion dollars, but the facility retains a blue-collar feel. […] A freeport offers few tax advantages and scarcely any security features that a standard bonded warehouse cannot provide. But Bouvier’s development in Singapore carried within it two ideas. The first is that freeports will become hubs in the sixty-billion-dollar international art market, destinations in themselves—places for scholars, restorers, insurers, art-finance specialists, consultants, and dealers.

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