free port

Definitions

A port or other area with relaxed jurisdiction of customs, tax rule or related national regulations.

Equivalents

Examples

“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.”

CEFR level