Fort Lauderdale’s Bahia Mar Designated as a Foreign-Trade Zone
Fort Lauderdale’s iconic Bahia Mar is now one of the first privately managed Foreign-Trade Zones in the U.S.
Previously reserved for ports, holding zones and airport "duty-free" zones, the FTZ designation will permit international vessels to dock at the popular marina without paying duty, and allow brokers to show for-sale vessels to U.S. citizens.
Bahia Mar also announced that the Marine Industries Association of South Florida and Informa Exhibitions signed a new 30-year lease extension to ensure the Fort Lauderdale International Boat Show will stay at Bahia Mar through 2050.
The lease, along with the new FTZ designations, makes the boat show the only one in the country where FTZ transactions are able to take place, which is great news for Broward County: the estimated economic impact of the marine industry is $8.8 billion in the county and $11.5 billion regionally.
Photos courtesy of Bahia Mar