The federal law that granted the Russian Far Eastern city of Vladivostok free port status came into effect on October 12.
The free port status initially provides administrative, customs and tax benefits to investors in the free trade area, which also includes 14 municipalities in the Primorye Territory.
Pavel Volkov, advisor to the Ministry of Development of the Russian Far East told reporters that the provisions that come under the free port law would be implemented in the city in a phased manner. It is unclear when the visa-on-arrival provision would be implemented for foreign visitors.
Potential investors have proposed seven projects to the tune of $973 million, Alexander Galushka, Minister of Development of the Russian Far East told Sputnik News.
Investors in the free trade zone will only have to pay a 5 percent tax on profits in the first five years. This rate rises to ten percent for the next five years.
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