A couple of yacht yards and marinas alongside the U.S. East Coast maintain Overseas Commerce Zone (FTZ) standing. The Marine Group Boat Works shipyard and Fifth Avenue Touchdown marina are the primary yacht-specific FTZs in California.
An FTZ is a specifically designated space in or close to a port of entry into which items can import duty-free. These items embody foreign-flagged yachts, and might moreover stay saved or endure processing, together with sale, with out duties or taxes. The concept is to stimulate worldwide commerce and financial development. It’s particularly enticing for advertising and marketing foreign-flagged yachts to U.S. consumers in U.S. waters. In any other case, the builder or dealer importing the yacht should pay an obligation representing a proportion of the yacht’s worth. Obligation is due as quickly because the yacht enters the nation, too.
The truth is, Todd Roberts, Marine Group Boat Works’ president, says the whole is about 1.5 %. Though that will sound low, it provides up. “On a $50-million yacht, that’s $750,000 earlier than they even know if they may be capable to discover a purchaser,” he notes. Marine Group Boat Works’ FTZ space permits displaying a yacht to consumers quickly after tying up within the allotted house. Ought to repairs or upkeep be mandatory, craftspeople can conduct that in the identical space, tax- and duty-free. “hat’s an enormous profit for house owners, but in addition a boon for San Diego, which has earned a spot for itself within the international superyacht business,” Roberts says.
Marine Group Boat Works has been working with the town of San Diego and the U.S. Customs and Border Safety for the previous 12 months for approval. Its yacht refit and restore facility (high) is in Chula Vista. Presently, the shipyard has a 660-ton raise, to haul megayachts to 220 toes (67 meters). Total, the yard occupies 1 million sq. toes (92,903 sq. meters), plus has about 2,000 toes (610 meters) of dockage. Final yr it submitted plans to modernize its amenities for extra deep-draft yachts. Marine Group Boat Works additional owns Fifth Avenue Touchdown (above), a 12-slip superyacht-specific marina is within the coronary heart of downtown San Diego.
Marine Group Boat Works joins a rising listing of U.S. shipyards serving as FTZs. Others embody Derecktor Fort Pierce and Lauderdale Marine Middle in Florida, for instance. Savannah Yacht Middle in Georgia and Newport Shipyard in Rhode Island are different East Coast amenities. As for Fifth Avenue Touchdown, it joins a superyacht-marina listing together with Yacht Haven Grande Miami, Bahia Mar, and Bradford Marine, all in Florida.
Being the one yacht-specific FTZ operators in California—and the Southwest—provide large benefits, Roberts says. “If you’re speaking about superyachts, which may simply be valued at $200 million or extra, and also you begin the price of upkeep and repairs, it’s commonplace for house owners to do a cost-benefit evaluation and think about whether or not or to not promote,” he explains. “Now, when our worldwide clients inquire about promoting, we will provide them the chance to market to U.S. consumers from proper right here in San Diego.”
Fifth Avenue Touchdown fifthavenuelanding.com
Marine Group Boat Works marinegroupbw.com
