Issue/81/

FINE PRINT

Freeports

By ANTONY DAPIRAN

As several cities compete for the position of “Asia’s art-market hub,” one of the strategies adopted by the aspirants has been the introduction of freeport areas. These districts offer storage facilities and logistics management for art and other collectibles. Located in a designated area with “bonded” customs status granted by the local authorities, freeports are generally not subject to import duties or sales, value-added and other taxes. While they provide clients with a number of tax and other benefits (including expedited customs clearance), collectors should consider a particular freeport’s legal as well as…

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