Yacht builders LMC of Florida mark the beginning of FTZ in the US
Facilitating cross-border transactions
In a recent update, LMC or Lauderdale Marine Center of Floridian Shipyard became the first ever FTZ or marine Foreign Trade Zone in the US. This confirmation received public accordance on the 7th of June and hence, marks a beginning in the history of US yacht builders.
As per former norms, yacht designs built in a foreign land was not available for sale in the States due to the lack of an FTZ in the country. Enthusiasts could get hold of such yachts only if it was a part of an international boat show and came with all bonds paid.
Moreover, this vessel had to set sail to foreign waters to complete the transaction process. Finally, US citizens had to pay 1.5 % of the price as import duty to the federal government. With
the advent of FTZ, all such hiccups are soon to face abolishment to aid cross-border transactions.
Accomplishments and needs
As per the words of George Whitehouse (BDD) or Business Development Director of LMC, “We were so keen to facilitate brokerage facilities of foreign yachts in the US. The huge possibilities and varieties of yacht design that loom the global market must be available for purchase to the enthusiasts of the States as well.”
Courtesy to FTZ, superyacht builders from around the globe will now be able to showcase their designing excellences to this US crowd. Claiming ownership will now not be limited to boat shows, and chartering options will be more convenient.
Exclusives to ponder on
MIASF began to strive towards attaining FTZ more than a year ago. A total of 13 yachting facilities are likely to ponder on availability of FTZ. Starting with Florida marks a big success for this long term venture.
Yacht builders looking to accept FTZ must complete successful registrations with LMC. Besides owing, enthusiasts can now opt to charter foreign yachts for duration of 120 days. This according to experts will open up yachting possibilities in the US manifold.