The Foreign Trade Zone
Sellers benefit from the FTZ by now having a place to locally and legally show foreign-flagged vessels to U.S. buyers. Foreign-made newbuilds can be brought into the FTZ without the need to pay the typical and significant 1.5- percent import duty.
Foreign-Trade Zones (FTZ) are secured, designated locations around the United States in or near a U.S. Customs Port of Entry where foreign and domestic merchandise is generally considered to be in international commerce and outside of US Customs territory. As a result, activated businesses in an FTZ can reduce or eliminate duty on imports and take advantage of other benefits to encourage foreign commerce within the United States.
FTZ provided many benefits to owners looking to sell their vessel to U.S. buyers or have them repaired in local marinas. In the zones, vessels are able to come and go as they please on charters or owner’s trips. Newly built yachts that have entered the U.S. within three years can use the zone to file for a refund on previously paid duties.
Back in January of 2017 the United States Customs and Border Protection officers, MIASF, US Immigration Services and key industry players with more than a dozen shipyards, suppliers and marina companies met to determine the inner workings of the zone at each proposed location. Locations designated as FTZ include LMC, Bahia Mar in Fort Lauderdale, Safe Harbor Newport Shipyard and the Port of Seattle – among others.
Yachts for sale in FTZ
Behind the scenes with northwest yachting Go behind the scenes with Amity Addrisi, the new host of King 5’s New Day Northwest, onboard GIZMO the custom catamaran.
The 142-foot Richmond Yacht PLAYPEN recently underwent an interior refit. The 2007 superyacht is currently for sale and asking $13,500,000.
The team at Worth Avenue Yachts will be showcasing our central listings this March 19th – 21st, 2021 at the Seattle Boats Afloat Open House. Worth Avenue Yachts will also have 6 featured listings displayed in the Boats Afloat Show Broker Open House, presented by the Northwest Yacht Brokers Association.