Free port

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.

Freeports, which can be airports and maritime ports, are a special kind of port where normal tax and customs regulations do not apply. [...] Businesses operating inside the designated areas in and around the port can manufacture goods using these imports and add value, before exporting again without ever facing full tariffs or procedures. Should the goods move out of the freeport into another part of the country, then they must go through the full import process - including paying any tariffs.