AmbergrisCaye.com Home Forums The Cayes Ambergris Caye Question on Belize FTZ

What does a free trade zone really mean? And how does it benefit a business. Where is it and why do they have it?

Marvel, In the US, a free trade zone is a small geographic area into which products can be imported duty-free for further processing or for storage until they are re-exported. Some fo the benefits are (1) not paying duty on the imports until you sell, (2) in some cases (as in the auto industry), parts that would normally be dutiable at 5%, can be imported and converted to another classification that has a lower duty rate, thereby saving the importer some money. The FTZ's are supposed to stimulate commerce. Most likely, Belize has similar laws to the US. That's a thumb-nail sketch of the Free Trade Zone concept.

Patrick very nice concise description of FTZ.

Thank you! I thought that was it but need a clarification.