A customs bond is necessary for those who import merchandise into the United States for commercial purposes. U.S. Customs and Border Protection (CBP) requires a customs bond for merchandise valued at over $2,500, along with firearms, food and other imports that are subject to federal mandates. With a customs bond, an individual ensures all duties, fees and taxes associated with imports will be paid to the federal government.
There are many scenarios when a customs bond may be needed, including:
Two types of customs bonds are available:
Selecting the right customs bond requires an individual to consider how often he or she will import merchandise. If an individual intends to import merchandise on one occasion, a single entry bond is ideal. If an individual plans to import merchandise frequently and through multiple points of entry, a continuous bond may prove to be the optimal choice.
The amount of a customs bond may vary based on the duties, fees and taxes associated with the imported merchandise.
The CBP will determine the amount of a single entry bond. Typically, this amount is no less than the total value of the imported merchandise plus all duties, fees and taxes associated with it. If the imported merchandise is subject to federal mandates or consists of restricted goods, the bond amount may be no less than three times the total value of the merchandise.
With a continuous customs bond, the minimum bond amount usually is $50,000. For importers, the minimum continuous bond amount is $50,000 or 10 percent of the total taxes and fees that the importer paid in the past 12-month period – whichever amount is greater.
The best way to get started with the bonding process is to call one of our agents or complete the contact form so an agent can contact you. Viking Bond Service agents have been working with our clients for well over a decade to help them obtain the customs surety bond they need. Our agents can let you know exactly what is required for the specific request and work to get the best quote.
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