Less taxing, more relaxingDec 11, 2013
Courtesy NZ Marine
Voyagers planning an extended stay in New Zealand will be able to save a bit of coin courtesy of a decision announced this week by the government. Visiting yachts will now be granted temporary import entry (TIE) for 24 months instead of 12, which tourism officials say will give the country an economic boost and enhance its appeal as a cruising destination.
All goods coming into New Zealand are normally subject to duty and a goods and services tax. Visiting yachts are granted a waiver to exempt owners as long as their vessels aren’t used commercially or sold, and provided that they depart the country within the specified time period. Since that period is now two years instead of one, visiting voyagers will have more money at their disposal and more time to spend it.
And it’s not small change. According to the New Zealand Marine Industry Association (NZ Marine), about 700 international yachts visit the country each year. About 35 of those are 85-meter-plus superyachts that combine cruising and tourist activities with vessel refitting and maintenance as needed.
“The gain to New Zealand’s economy goes well past the marine sector, with superyacht owners and guests taking their custom to New Zealand’s best golf courses, wineries, accommodation venues, tourist attractions and artists,” says Peter Busfield, executive director of NZ Marine. “Some of these high net-worth individuals also choose to invest in local business opportunities.”
To learn more about the TIE extension, email New Zealand Customs at email@example.com.