Sunday, December 22nd, 2013

Government of New Zealand Government is to Extend the Temporary import Entry Period

The Government of New Zealand Government is to extend the temporary import entry (TIE) period from the existing 12 months to 24 months to provide greater flexibility for superyachts and cruising yachts visiting New Zealand.
All goods coming into New Zealand, including yachts, are normally subject to duty and GST.  Visiting yachts are granted a temporary import entry to exempt owners from paying these charges if they aren’t used commercially or sold, and depart the country within the time period.
Around 700 yachts visit New Zealand each year; of these, 660 vessels are under 25 metres in length, and tend to be self-skippered as they cruise the country’s attractive coastlines

Around 35 superyachts over 25 metres in length also visit on annual basis, often combining cruising and tourist activities with the opportunity to have their vessel fully or partly refitted or maintenance work completed by the many world-class marine sector service providers around the country.
The 24 month TIE makes New Zealand as a destination for visiting superyachts and cruising craft much more appealing, especially for vessels based in the Mediterranean and the United States which will now have greater flexibility to plan the long and exciting journey down-under to enjoy New Zealand’s scenic highlights and highly regarded hospitality, and take advantage of our excellent yacht refit and maintenance sector.
The extended TIE period could see the number of visiting superyachts double over next three years and increase the number of visiting under 25 metre yachts by up to 25 per cent.

Peter Busfield, executive director of NZ Marine, who campaigned long and hard to bring in the changes says: “The potential economic benefits are also welcome as superyacht owners and guests visit New Zealand’s best golf courses, wineries, accommodation venues, tourist attractions and artists, or consider investing in New Zealand businesses.

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