SuperyachtNews – 1 May 2018
The US Customs & Border Protection-enforced prerogative now allows work to be completed on vessels in the Foreign Trade Zone…
Lauderdale Marine Center (LMC) has announced that it has received ‘production authority’ to supplement its existing Foreign Trade Zone (FTZ), which allows work to be performed on vessels while they are within the FTZ.
LMC became the first marine FTZ in the US when it received confirmation of its status on 7 June 2017, allowing foreign-flagged yachts to be made available for sale to US citizens while in US waters. The ‘production authority’, according to LMC president, Doug West, is the “second component” of the FTZ.
It allows owners and contractors of foreign-flagged yachts entered into the FTZ to import parts into the zone without paying duty. Furthermore, as these parts are entering into a territory that is not considered as being within the US jurisdiction, they do not have to clear US Customs procedures before arriving in the FTZ.
“A foreign-flagged vessel being refitted in the FTZ can make savings of up to 12 per cent duty on parts,” explains West. “Large refits will certainly see immense savings, and smaller projects will see cost savings as well when conducting work within the FTZ.”
Reas full article here.