We recently took the opportunity to ask Bea Alonso CEO of Evolution Yacht Agents about their new project, the Bonded Warehouse, which we announced in last month’s issue of The Islander.
Can you explain just what a Bonded Warehouse is and what the benefits are to users?
A bonded warehouse is a duty free area that allows the storage of goods coming from non-EU countries “in transit”, in deposit for a certain period of time without paying import taxes.
It is very useful for import companies that usually work with goods under a special customs regime “in transit” situation or even for those companies that planify to have some stock in Balearic Islands to provide a closer and more accessible service to their clients, avoiding long periods of delivery from, for example, United States.
Where is it located?
The warehouse is located 16km from the main port of Palma (15 mins drive), providing easy access and offers 2500 m2 of surface and is 12 meters high. It is a massive open plan space allowing various different possibilities for storage solutions; stackable containers, pallets, individual loose items….
What goods can be stored here?
Any type of goods that are coming in transit from outside the EU or with a special customs certification subject to tax suspension, for example, tenders, spare parts, containers, but as well furniture, art, interior items, Owners personal belongings…. In general, anything and everything! We must take into account goods under any other special classification, like those subject to sanitary inspection or pharmaceutical items would not be included in this tax suspension category as there is a different clearance procedure for such items.
Is there a time limit on goods being stored there?
There is no limitation to the volume of goods, quantity or time at all.
Can anyone use this facility?
This facility was in principle planned to meet the Yacht industry needs which is our client base sector but in fact, we can offer this facility to any company or customer that may need our services, for sure.
How will this benefit the yachting community as a whole?
As we say, we want to be “one step ahead in logistics services”. This new facility provides the advantage to move and stock items into a convenient space from a non-EU zone into the EU. It allows yachts to store their goods without paying the taxes, as well provide a holding area in case the vessel has delays or aggravations with itineraries and cannot take receipt themselves at a certain point in time. This new facility helps our suppliers on the island or even Spain to have a bigger international stock with duty-free available at all times. For Evolution, it opens the door to new opportunities in trading with overseas suppliers and shippers.
Is this the only one in Mallorca &Balearics?
Yes it is. It is the first bonded warehouse in Balearic Islands and we are very proud of it indeed.
Do other Yacht agents have this facility elsewhere in the world?
We don’t know about yacht agents in the world. We do know there are other Logistic companies in Spain that have this type of facility, but not necessarily ones aimed at the yachting industry.
Is there any restriction on the type of goods which can be stored there?
Yes, goods that will have to processed under certain other customs classifications, as previously mentioned such as sanitary, food, pharmaceutical, cosmetic, etc. Other than that, any material goods can be stored under bonded situation tax free provided these goods follow customs requirements.