Derecktor Ft. Pierce Recieves FTZ Designation

January 9, 2024

Yachting Journal

© spiritofamerica / Adobe Stock

Derecktor Ft. Pierce announced its recent designation as a Foreign Trade Zone (FTZ), allowing 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 Ft. 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.