1. Concept
Free Trade Zones and Bonded Warehouses are separate areas within the customs controlled precinct into which goods of any kind may be imported in any quantity regardless of source, provenance or destination, as long as due regard is given to the restrictions and prohibitions established for the preservation of public order, health and safety, etc.
These goods may be stored for unlimited period until de owner decides on their ultimate destination (payment of customs duty, re-export, abandonment, etc.) during which time they will not be subject to import duties or excise.
2. Benefits
In addition to the range of services offered in a Free Trade Zone, such as warehousing, hadling, maintenance, loading, unloading, consolidation, desconsolidation and grading, there is also the advantage that, except in certain cases, goods of any description may be directly imported under a very liberal customs regime.
This freedom from or simplification of customs procedures for incoming and outgoing goods, as well as for the operations carried out within the zone, is due to the fact that the zones are located within customs controlled areas and therefore subject to permanent vigilance by the relevant authorities.
In summary, the benefits that can obtain the merchandise in a Free Trade Zone are the following ones:
