What is Freeports?

A Freeport is designated as outside the UK for the purposes of VAT and duty. This allows for duty free movement into the Freeport, and the ability to transfer ownership of goods VAT-free while the goods remain in the freeport.

Specials areas created by governments to boost investment into that part of a country and to encourage trade by providing financial benefits, for example with regard to the treatment of taxes.