News

FTZ Update July 30, 2018

As you know, MIASF partnered with the Fort Lauderdale Executive Airport Foreign Trade Zone 241 to create the first recreational boating FTZ in the country. This has become especially important because of the United States’ recent imposition of tariffs on steel (25%) and aluminum (10%), as an FTZ is considered territory not in commerce of the United States and therefore not subject to regulations.

In other words, a new or pre-owned yacht that is for sale and stored in an FTZ-designated marina does not pay duty on the sale. Additionally, for those FTZ sites that have obtained production authority like Lauderdale Marine Center, components for installation on foreign-flagged yachts, such as engines, valves, copper (60% tariff), and most of the 818 vessel commodities that come from China, Canada, and eventually the European Union, are free of duty, providing a major tool to FTZ operators and substantial savings to owners.

Without the imposition of tariffs and duties, the Fort Lauderdale recreational marine FTZ is a significant benefit to our marine industry and the only one of its kind in the world.

© MIASF 2018 | All rights reserved | Photo credit: J. Christopher Photography

Marine Industries Association of South Florida. 221 SW 3rd Avenue, Fort Lauderdale, FL 33312. Phone: 954.524.2733