Derecktor granted Foreign Trade Zone designation

Derecktor Fort Pierce was recently designated as a Foreign-Trade Zone, offering substantial benefits to clients in the maritime industry. The FTZ status allows for a streamlined process, alleviating duty and taxes on imported boat parts and foreign-built yachts within the zone.

Under the FTZ designation, foreign-built yachts can be brought into Derecktor Fort Pierce without incurring the typical 1.5 percent import duty. This significant advantage opens up opportunities for prospective U.S. buyers, enabling them to explore and showcase vessels that were previously restricted.

In addition to the duty exemption for imported parts, major refit projects conducted within the FTZ benefit from deferred duties until the project’s completion. Upon finishing the project, vessels can leave the U.S. without the obligation to pay duties or taxes.

The FTZ designation also facilitates operational flexibility for vessels, allowing them to enter and exit the zone as needed. This flexibility is particularly advantageous for accommodating owners’ trips and yacht charters.

 

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