free economic zones

  The greatest art gallery There's a collection of art in Geneva  valued  at more than $10B. It's thought there are  over a million paintings , and the facility is the size of 30 football fields. There are  similar  sites in Luxembourg, Monaco, Singapore, Zurich, Beijing, and ... Delaware. The home of billions worth of priceless art. These sites are called free ports, and they're a remarkable economic invention. A free port facilitates “the temporary exemption of taxes for an unlimited quantity of time.” Put another way, it's a giant warehouse used to stash art, antiquities, wine, gold, jewels, and other priceless artifacts and never pay tax on them. They exist outside the formal jurisdiction of any country; the clients remain anonymous and the assets are kept a secret. And though you may have never heard of free ports, they're a big deal in the art world: 28% of artists and collectors have used a free port; 42% of dealers and brokers say their clients use them. Why

UK government have announced the introduction of new Freeports that may act as hubs for global trade and investment in the UK. These so-called “Free Zones” are special economic customs zones located within a Freeport in the UK. Exclusive customs, VAT and excise rules apply within the Free Zone, making it easier or more cost efficient for operators to import, store and process imported goods in these zones. The aim of the new measure is to create new jobs and reduce administrative burdens, thus accelerating the UK economy by an estimated 3bn pounds. In total, the following 8 location as Free Zones shall be created in the UK. East Midlands Airport Felixstowe and Harwich Humber Liverpool City Region Plymouth and South Devon Solent Teesside Thames

  More images Free economic zone Description Free economic zones, free economic territories or free zones are a class of special economic zone designated by the trade and commerce administrations of various countries. The term is used to designate areas in which companies are taxed very lightly or not at all to encourage economic activity. Free economic zones (FEZ), free economic territories (FETs) or free zones (FZ) are  a class of special economic zone (SEZ) designated by the trade and commerce administrations of various countries . The term is used to designate areas in which companies are taxed very lightly or not at all to encourage economic activity.