Fort Lauderdale Free Trade Zone will Benefit Mediterranean Yacht Brands
LMC is very pleased to announce the opening of the world’s first marine Foreign Trade Zone (FTZ) at its facilities in Fort Lauderdale, Florida. Designation was received on June 7. In addition to slips it currently has available in the FTZ, Lauderdale Marine Center is planning to expand as demand for space rises.
“Gaining designation as a marine Foreign Trade Zone allows us to establish mutually beneficial business relationships with builders, brokers and yacht management,” said Doug West, president of LMC. “We are excited to finally establish our designation, as this has been the culmination of efforts from the MIASF, U.S. Customs and Border Protection, Immigration, industry experts and our internal team.”
The marine Foreign Trade Zone at Lauderdale Marine Center offers numerous benefits to the South Florida yachting industry.
Foreign-made new-builds can be brought into the FTZ without the need to pay the typical 1.5- percent import duty. These new builds can also be shown to prospective buyers within the FTZ.
Brokers benefit from the FTZ by now having a place to locally and legally show foreign-flagged vessels to U.S. buyers. All boats in the FTZ can be shown for sale and demonstrated, including sea trials. Selling or showing foreign-flagged vessels to U.S. residents while in U.S. waters is not allowed outside an FTZ due to regulations under the current cruising license policy.
Vessels can come and go as needed from the FTZ to accommodate owner trips or charters.
Additionally, new builds that have been brought into the U.S. within the past three years can use the FTZ to file for a refund on previously paid duties.
Major refit projects also can benefit from the FTZ. All parts imported can defer duties while the yacht is in the Zone. Once the project is complete, the vessel may depart the U.S. without being required to pay duties or taxes.
The marine FTZ at Lauderdale Marine Center is expected to support business development in South Florida’s yachting industry as more brokers and builders keep their inventory in the area to be shown.
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