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CUSTOMS BOND
What is a Customs Bond?
It's a contract between the importer, customs, and a third party to ensure all duties are paid to Customs.
"Only the United States requires it for importing goods into the country!"
Do you need a Customs Bond?
You only need to get a bond if:
- The value of your imported goods is greater than $2,000
- You are importing textiles worth more than $250
- You have to meet federal regulations for products such as firearms or food
There are 2 types of Customs Bond:
- Single Entry Bonds, for a per shipment basis
- Continuous Bonds, which are valid for a year
Single Entry Bond :
How much does a Customs Bond cost?
A single entry bond is usually calculated at $5.50 per $1000 of the Bond Amount, or a $55.00 minimum fee.
Single Entry Bond = (Bond Amount) / $1000 * $5.5
Bond Amount = Total Declared Value + Duties & Taxes
Continuous Bond:
Simple Scenario Time:
Total Declared Value = US $30,000
Duties and Taxes = US $170
Bond Amount = US $30,000 + $170 = $ 30,170
Single Entry Bond Cost = ($ 30,170) / $1000 * $5.5 = ~$166
To be eligible for a Continuous Bond, the Bond Amount needs to be minimum
$50,000.
The Bond price is then $475 per year.
Continuous Bonds are valid for only one year, and every renewal will cost you $475.
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