Free ports enable ultra-high-net-worth individuals to store, trade and transport assets, including artwork, with benefits of security, favorable tax and customs regulations and, often, privacy.
However, free ports cannot mitigate threats to assets when authorities make allegations of misconduct and issue freezing or seizure orders.
With a free port in Dubai under construction, UHNWIs and their advisors should contemplate proactive steps to protect their global portfolios.
