A temporary import bond, or TIB, allows you to temporarily import goods into the United States under bond without having to pay the duty that would normally apply. The goods in question must not be imported for sale and have to be either exported or destroyed within a certain period of time.
When it comes to yachts, the most common TIB options are:
- Entering the United States to undergo repairs
- Entering for use as a trade show sample, demonstration equipment, or movie prop
You can have a customs broker file the necessary paperwork and obtain the TIB on your behalf.
Once the bond is issued, the boat will not be eligible for a cruising permit.
Temporary import bonds are valid for 12 months, but can be extended up to two more years by sending a written request to U.S. Customs and Border Protection (CBP) at the end of each year. The letter must detail why the extension is being requested.
After the vessel has fulfilled its purpose in the United States, you may close the TIB by exporting the ship under the supervision of U.S. Customs and Border Protection. Once CBP receives your proof of arrival in a foreign country, the bond closing will be complete.
Applying for a temporary import bond can be complicated given the amount of necessary paperwork and similar requirements. For help in importing your boat for display purposes or repairs, contact Howard S. Reeder, Inc. today. We will ensure that the application is submitted correctly, assist you in obtaining an extension should one prove necessary, and answer any questions you may have about complying with the bond’s requirements.
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