The new zone is expected to provide several benefits to yacht owners looking to sell their vessels to U.S. buyers, or have them repaired or upgraded by marine industry craftsmen in South Florida. Currently owners of foreign flagged vessels that have not paid U.S. Customs Duties are not able to offer their vessels for sale while in U.S. waters.
The restricted-access sites are typically shielded from the immediate imposition of duties by U.S. Customs, and are empowered to defer, reduce, or eliminate them on foreign products.
The zone at Lauderdale Marine Center will provide a local place for brokers to legally show foreign-made vessels to prospective American buyers without the yachts having to pay the typical 1.5 percent import duty tax upon entry into the U.S., according to a company press release.
Lauderdale Marine Center is one of 16 business that won initial approval in December from the Foreign Trade Zone Board. Spearheaded by the Marine Industries Association of Fort Lauderdale, this initiative will facilitate and promote sales of larger vessels that are currently restricted by U.S. Customs.
To sell your boat with Yachting Experts and get more information on the Marine Free Trade Zone, contact firstname.lastname@example.org or 786.228.8928.