From Marinas to Millions: The FTZ Revolution with Michelle Terorotua

Dive into the fascinating world of Foreign Trade Zones with Michelle Terorotua, Director of Marine and Aviation at Compass Logistics and Marine, as she reveals how these specialized marinas revolutionized South Florida's yacht industry.South Florida pioneered the concept of Foreign Trade Zone marinas about seven years ago, creating a game-changing solution for luxury yacht sales. These zones allow foreign-flagged vessels to enter U.S. waters without immediately paying import duties—critical when those duties can reach millions of dollars on high-value yachts. Michelle explains how the program has expanded from its Fort Lauderdale origins to locations throughout Florida and is now being replicated in Georgia and Rhode Island.The economic impact is staggering. With the marine industry generating $24.6 billion in Florida and supporting 149,000 jobs across the tri-county area, Foreign Trade Zones help maintain this economic engine by attracting international vessels that require services, maintenance, and refits during their stay. Michelle walks us through the process of becoming an FTZ operator, detailing the application process, compliance requirements, and potential benefits for businesses serving the marine sector.We also explore the differences between FTZs, boat show bonds, and temporary imports, learning why vessels valued over $16.5 million essentially require FTZ status due to bonding limitations. Michelle shares insider knowledge about zone transfers between facilities, streamlined activation processes, and navigating new challenges like the Lacey Act's wood reporting requirements for imported vessels.Whether you're a yacht broker, marina operator, maritime attorney, or service provider in the marine industry, this episode delivers practical insights into maximizing opportunities within South Florida's thriving marine economy. Subscribe now and join us for more legislative updates affecting the marine industry throughout Season 3.

Wards Marine Electrichttps://www.wardsmarine.com/Wards Way YouTube Channelhttps://www.youtube.com/@WardsWay75