As yachts continue to flock to the Balearics attracted by beautiful cruising grounds, the abundance of yacht services, excellent marinas and a great service ethic, the islands now have another string to their bow.
Earlier this year, Evolution Yacht Agents launched the first public bonded warehouse in the Balearics, a 2,500m2 storage space 12 meters high, available to all vessels and yachting businesses for goods in transit.
A bonded warehouse permits indefinite storage of goods in transit from outside the European Union, without paying import taxes. It's a perfect solution for storing high value, low rotation goods, goods in transit, or for companies needing stock in the Balearic Islands to avoid long delivery times for items coming from further abroad.
It's also a useful service for logistics companies who need to import, for example, materials or spares from the USA to repair a boat in a Spanish port or shipyard. In the case of Evolution's bonded warehouse goods can generally can be stored indefinitely, meaning as long as the importing company needs use of this service.
“Therefore a boat can now bring goods into Spain from outside the European Union without paying import taxes, and Evolution can store these goods for the required amount of time.” explains Bea Alonso, CEO at Evolution.
Loyal to their motto “one step ahead in logistics services”, Evolution's Logistics Department also helps those companies which may not be in a position to pay customs duties immediately, or even those wanting to re-export the goods.
What can be Stored in a Bonded Warehouse?
Essentially a bonded warehouse can be used for any type of goods arriving in transit from outside the EU, or with a special customs certification subject to tax suspension, including tenders, spare parts, containers, furniture, art, and the owner's personal belongings. Generally anything and everything! There are certain procedures for goods under special classification, such as those subject to sanitary inspection, and pharmaceutical items cannot be included in this tax suspension category as they are subject to different clearance procedures.
When goods are stored, an agreement is entered into with both Evolution and the customs authorities whereby they undertake the responsibility of safe storage of the goods and the payment of import duties. Every procedure is managed and supervised closely by the Customs Office and the logistics team at Evolution.
The Benefits of a Bonded Warehouse:
Items can be stored indefinitely without payment of custom duties. Goods are stored until the client needs them to be imported into Spain, transported or shipped to another non EU destination. This process facilitates the re-exportation of goods without much financial expenditure because the imported goods intended for re-export are kept in the warehouse.
In case of a change of schedule, the imported goods can be held safely, securely and indefinitely until delivery to the vessel can be completed.
The importer may inventory, sort or repackage goods while held in the facilities and minor repairs/works can be carried out on site with prior notification.
The importer can execute the sale of goods or transfer the title of goods by endorsing the warehouse receipts, thus enabling further savings on the part of the importer.
Goods kept in the bonded warehouse can be used as collateral security for a bank loan.
All the above advantages can also be applied to clients needing standard warehousing services and as part of Evolution's all-in-one logistics approach, the service can be adapted to your specific storage and packing needs:
Full containers (duty paid / bonded)
By square meter (duty paid / bonded)
By cages, pallets or racks
This is the first and only bonded warehouse in the Balearics, and of course a major benefit is the ability for yachts to store their goods without paying the usual import taxes.
More than that, it's a solution for moving items from a non-EU zone into the EU and storing items in a convenient and safe space. It also serves as a holding area in the event that a vessel encounters delays or complications with itineraries and cannot take receipt themselves at the scheduled time.
Evolution's new facility helps suppliers in the Balearics or Spain to keep a larger stock of international items, duty-free, at all times. For Evolution, it opens the door to new opportunities in trading with overseas suppliers and shippers.
Evolution Agents – One Step Ahead in Yacht Services
Evolution's yachting expertise and local knowledge is at your disposal to ensure you enjoy all the advantages and support you need while cruising in Spanish waters. We offer a full range of services including Provisioning, Concierge, Deck & Engineering Supplies, Spare Parts, Interior Supplies, Logistics and Customs.