Cheju Island enjoys new 'the shipping register system'

Since the two ports on Cheju Island, Cheju and Seogwipo ports, were first designated as special districts on April 1, the island has succeeded in registering 361 international vessels.
As of September 18, 83.8% of 431 vessels were eligible to register have already changed their loading ship's nationality to Cheju. This is a significant step for Cheju in its ambition to define itself as an 'International Free City'.
More domestic shipping liners are registering their nationality in Cheju because of reductions and exemptions from taxes such as acquisition taxes, property taxes, farming and fishing special taxes as well as others.
For international ships registered in Cheju, new ships or a newly introduced ships pay 0.02% of the ship's price while changing nationality incurs a registration tax of 7,500 won per vessel.
For domestic ships registered in other domestic districts because of local tax laws, they have sent reduce and exempt from taxes acquisition tax. But the regulations will end at the end of December 2003, so most ships will register at Jeju island.