Beijing, the new free port for the arts. An area free of duties and taxes, for storage and import. A painless customs for collectors who come to China

Beijing looks to Hong Kong reinventing itself as a free port, focusing on some of the most interesting products in China today: the art and luxury goods. The new free port will be built right next to the Beijing Capital International Airport. The Chinese government, given the great potential of the art market’s turnover in 2013, will open a 83,000 square meters tax free space, with the aim to transform Beijing into a key center for the art trade. Here, the collectors not resident in China will be held in the store valuables – works of art, jewelry, fine wines – without paying taxes or customs duties.
Earlier this year the tax on works of art imported into China had been reduced from 12% to 6%, to which must be added, however, the VAT of 17% and an additional consumption tax of 5% .
Behind the new project is the government organization Beijing Gehua Cultural Development Group, along with Euroasia, a Swiss company that in 2010 had opened a free port in Singapore and has one in the pipeline in Luxembourg in 2014. In this way, in Beijing will be created a market so poorly regulated  and tax-free for art purchases at an international level, seeking to usurp the role of Hong Kong.
The same reasons were behind the operation in Singapore, which opened its free port before starting to build anything that would have to be around, or the basis of an art system. It is precisely for this reason that the city can not continue to compete with the strength of Hong Kong. Also Christie’s had recognized the potential of a freeport, with all related benefits: the largest auction house in fact bought 22,500 square meters of the free port of Singapore, even before it opened its doors.

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