A foreign-trade zone (FTZ), commonly called a free-trade zone internationally, allows importing goods without paying import duties. Yacht Haven Grande Miami at Island Gardens is the latest marine FTZ in the United States, good news for yacht owners, crew, and brokers. Additionally worth noting, the facility is the only marine FTZ in Miami-Dade County.
Specifically, foreign-flagged yachts for sale within an FTZ can defer, reduce, or forego the taxes normally due up front. This pertains to brokerage yachts and new builds alike. In a non-FTZ, the seller, whether a brokerage house or megayacht builder, must pay the taxes before any U.S. citizen can step aboard.
Yacht Haven Grande Miami is coordinating directly with U.S. Customs and Border Protection officials to restrict the duty-free status to designated areas. This will ensure that other parts of the marina remain available for yachts, their owners, and their crew regularly. Additionally, since the marina can accommodate yachts to 550 feet (167 meters) LOA, some of the world’s largest yachts can avail themselves of the designated area. “It’s the perfect one-stop sales zone,” says Gili Wojnovich, IGY’s regional director.
Equally noteworthy, you don’t have a time limit for remaining in the FTZ. Yacht Haven Grand Miami’s team will work with you or your broker, and an agent completes the requisite paperwork for importation into the FTZ.
Yacht Haven Grande Miami is the latest superyacht-specific site to receive FTZ status. When Cape Charles Yacht Center opened in Virginia in 2014, its environs already had the designation. In June 2017, Lauderdale Marine Center in Florida became the first yacht-specific FTZ in the United States. Nearby Bahia Mar followed later that same month. Finally, this past December, Newport Shipyard in Rhode Island became an FTZ, too.
Yacht Haven Grande Miami at Island Gardens https://www.igymarinas.com/marinas