Newriver to Create Springmont’s First Free Trade Zone by Alan Capebilling Newriver’s mayor, Brigadier (ret.) Mike Broomelay, has stated that the city wishes to create Springmont’s first free trade zone in a three-year development project that will link and upgrade the city’s existing bonded facilities in Clearwind Creek. Free trade zones provide a more comprehensive range of tax-friendly facilities than bonded zones, and the Newriver Clearwind Creek Free Trade Zone is expected to offer foreign-denominated offshore banking, financial leasing, cross-border financing, and international trade settlements. Of particular note is the intention to operate foreign-denominated offshore banking, a move that would for the first time provide operational bank accounts in Springmont with exemption from oversight and regulation by Springmont’s banking authorities. In order to fully instigate the proposed zone, the Newriver government will need to coordinate with ministerial bodies including the Ministry of Finance & Trade, the Ministry of Industries & Energy, and the Economic and Trade Advisory Board. Other News
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