Marine Group Boat Works becomes San Diego’s newest Foreign Trade Zone, California's only dedicated FTZ for luxury yachts
Rachel Jones
Marine Group Boat Works and their sister marina Fifth Avenue Landing are pleased to announce their two San Diego superyacht facilities have been approved to be Foreign Trade Zones. The designation allows foreign-flagged vessels to be marketed to U.S. buyers while moored at local marina and shipyard without paying substantial import duties. This is big news for the West Coast’s yachting industry. With amazing weather all year round, San Diego is a competitive location for owners to consider selling their yachts.
Marine Group Boat Works (MGBW), a family-owned marine construction and repair company operating a shipyard in Chula Vista, California, and the Fifth Avenue Landing marina in downtown San Diego, has been activated as San Diego’s newest Foreign Trade Zone (FTZ), and the only FTZ dedicated to luxury yachts in California and the Southwestern United States. The new FTZ provides an attractive West Coast location for foreign-flagged vessels to be legally marketed to U.S. buyers without having to pay hefty import duties and other required fees as soon as they enter American waters.
"Yachts can come to San Diego, moor their boat, start showing it to potential buyers, have maintenance done, and even leave with it temporarily to attend boat shows, all without having to worry about taking a major financial hit before a sale is made. That’s a huge benefit for owners, but also a boon for San Diego, which has earned a spot for itself in the global superyacht industry.” said MGBW President Todd Roberts.
MGBW worked closely with the City, CBP and FTZ consultants at J.P. Reynolds Company Inc. over the last 12 months to complete the rigorous approval and activation process to operate its two FTZ sub-zones on San Diego Bay, a 15-acre shipbuilding and repair facility in Chula Vista and a 12-slip boutique superyacht marina in the heart of downtown.
“Customs and the City of San Diego have been very enthusiastic in their support of this project,” said Reynolds. “Marine Group Boat Works has made a substantial investment in creating a unique opportunity for the yachting community on the West Coast.”
MGBW is recognized worldwide as a premier superyacht refit facility on the West Coast, with approximately one-third of its business devoted to this sector. Its FTZ designation will allow it to better serve its international customers by providing an additional level of convenience and service, while also opening the door for bringing new business to the region. Until now, these FTZs were primarily in Florida, Rhode Island and Washington.
"When our international customers inquire about selling, we can offer them the opportunity to market to U.S. buyers from right here in San Diego. We have everything they need within minutes – the marina, downtown, the shipyard and the airport. Everything is turnkey and convenient. We think the yachting community will be excited to have this new option available in California.”
For FTZ slip reservations at either of the facilities, contact: [email protected] or +1 619-704-2550.
For more information about Marine Group Boat Works, visit www.marinegroupboatworks.com.
