Customs bonds are required under certain circumstances when dealing with Customs and Border Patrol. There are costs and fees associated with the movement of items across borders. Customs bonds are intended to make sure that the expenditures associated with the movement of those items are able to be paid in full.
Customs bonds serve as a type of insurance to guarantee the payment of taxes, import fees and other expenditures associated with bringing items to the US. A principal is required to buy the bond because the principal is going to be importing goods into the country that are likely to necessitate the payment of import duties, taxes or fees. A surety or insurance company provides the customs bonds. The purpose of the bonds is to make sure that Customs & Border Protection (CBP) is paid the money that is owed by the principal who is trying to import the items.
Customs bonds are generally going to be required when importing merchandise into the United States that is valued at $2,500 or higher and that is to be used for commercial purposes. These bonds are also mandated in situations where you are importing certain commodities subject to federal agency requirements. Importing firearms or food, for example, is going to necessitate customs bonds in El Paso because the FDA and ATF have strict rules for the import of these items.
In some cases, it is possible to use customs bonds that your customs broker has, if you hire a broker to help with your items moving into the U.S. RM Customhouse can help you to determine if you can use our broker’s customs bonds in El Paso or can provide assistance in securing a bond of your own. Contact us today to learn more.