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Hainan launches a service for duty free import of yachts and other transportation

HAIKOU, January 18. /TASS/. The Hainan government has launched an integrated system to obtain a permit for duty free import of vehicles, in particular, yachts, reported the Hainan Daily newspaper.

The provincial authorities announced the possibility of obtaining such a license on December 30, 2020. Applications will be reviewed by the Department of Transport, Tourism and Culture, the Department of Market Control and Regulation, the financial department of the region, as well as customs and tax authorities. In doing so, government agencies will be guided by the list of industries encouraged by Hainan's free trade zone.

Businesses will reportedly be able to submit documents through the online integrated service. Through one platform, enterprises will be able to submit data on the transfer of ownership rights, documents on the provision of a loan and its security, as well as an application for early deregulation to customs.

On July 9 2020, China's General Customs Administration ordered the release of yacht owners intending to visit Hainan and their agents from providing guarantee fees to the customs department. Previously, their volume, depending on the size and class of the yacht, ranged from 1 million to 100 million yuan (from $ 145,000 to $ 14.5 million). This measure aims to increase the attractiveness of Hainan for cruise tourists. 

The Chinese authorities plan to turn Hainan into a center for yacht tourism and an international cruise ship trading base. Sanya is currently considering the possibility of providing mortgage services for the development of the yacht trade.