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When is a Customs bond usually required?
If you are importing merchandise into the U.S. for commercial purposes that are either, valued over $2,000, a commodity subject to other Federal agencies requirements (i.e. firearms or food), or goods subject to quota/visa restrictions (i.e. textiles), you must post a Customs bond to ensure that all duties, taxes and fees owed to the federal government will be paid. If you use a Customs Broker to clear your goods through customs, the broker's bond may be used to secure your transaction. You have the option of obtaining a single entry or continuous bond. The type of bond you elect to obtain ultimately depends on how often you import into the U.S. For instance, if you only import on occasion, the single entry bond is recommended. If you import frequently and through various ports of entry, the continuous bond is beneficial and economically the best choice. If you are an international carrier and you transport cargo or passengers via air, vessel or vehicle from a foreign destination to the United States or a domestic carrier that merely wants to transport imported cargo 'IN BOND' from one state to another, you will also have to obtain a Customs bond. If you are a warehouse or facility operator and want to become a Customs bonded facility with the ability to store or secure imported or exported goods, you must obtain a Customs bond. In addition, you must apply with the port director and determine the type of warehouse you wish to establish. Additional information on how to become a bonded warehouse is available on this web site. If you want to perform some activity in a secure customs area, i.e. cartage, or serve as a Customs Broker or as an approved gauger or laboratory, you must obtain a Customs Bond. Customs bonds can be obtained through a surety licensed by the Treasury department. A list may be found on Treasury's Financial Management Service's web site. Many Customs brokers are also agents for sureties and sell bonds. A list of brokers in your state is available on this web site. Be aware some brokers will not issue you a bond without you giving them power of attorney to file your entry or entries on your behalf. In lieu of purchasing a bond from a licensed - or corporate - surety, you may pledge cash. Please see our brochure Questions For information on how to determine the appropriate bond amount for the type of bond required for your circumstance, please reference MonetaryGuidelines for Setting Bond Amounts. To do business with customs using a continuous bond, you must apply for permission. The application package should be submitted to the Entry office at the port through which your goods are imported or where the majority of your goods are imported. The application package should include the bond (CBP 301) issued by the surety, a letter on company letterhead stating your intent (i.e. type of bond (i.e. international carrier bond, cartage bond, import bond, etc.), description of merchandise being imported (if applicable), amount of duties and taxes paid to CBP the preceding year (if you have not paid duty previously, then the amount of duties and taxes you expect to pay in the current year), and a CBP 5106 if your address or telephone number has changed from a previous application. Additional information on bonds is also available on this site.
Customs & Border Protection (CBP), Department of Homeland Security
http://www.cbp.gov/
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