The Foreign Trade Zone (FTZ) has recently become a popular designation in South Florida Ports and Yacht Marinas.
The FTZ is a major step in the right direction for the South Florida Yachting industry and will mutually benefit foreign flagged yacht owners, builders, brokers and tradesman.
The new zone provides several benefits to yacht owners looking to sell their vessels to U.S. buyers, or have them repaired by marine industry craftsman in the region. The FTZ’s are restricted-access sited that are typically shielded from duties by U.S. Customs, and are empowered to defer, reduce or eliminate them on foreign products.
Vessels will be able to come and go as needed from the zone to accommodate owner trips and charters. 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.
Coming soon to Berth One Palm Beach.