Flag-of-convenience and ‘port-of-convenience’ practice can be introduced in Crimea’s sea harbors

Tree bills have been elaborated to serve as the basis for the creation of a free economic zone in the Crimean Federal District. According to the press center of RF Government, this issue has been considered today at the Government meeting.

“In this free economic zone, investors will be exempt from a number of taxes for a term of up to 10 years (depending on tax category), and administrative barriers will be lowered. The so-called flag-of-convenience and port-of-convenience practice can be introduced in Crimea’s sea harbors, which will significantly simplify customs procedures. We expect this to incentivize business activity on the peninsula and ensure an inflow of capital investment in industry, transport, infrastructure, logistics, tourism, the health resort sector, and, of course, agriculture.” Dmitry Medvedev said.