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16 April 2018, 04:42 AM | #1 |
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vat discounts
IF I buy a watch overseas do I get the vat discount ?
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16 April 2018, 04:48 AM | #2 |
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yes you get a VAT refund when exporting it out of the country, and then you declare it and pay duty when importing to your home country. So its not technically tax free, its better described as not paying taxes twice.
However the import duty is less than the VAT so you will still come out ahead in some locations.
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16 April 2018, 05:01 AM | #3 |
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SAY VAT IS 17%
I get that back, at the airport? then what happens when I come back into the states? |
16 April 2018, 05:04 AM | #4 |
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you won't get the whole 17% back. There are fees so its like 5% less or somewhat close to that. You fill out paperwork and get the paperwork stamped by customs at the airport and then the refund is processed. When you get home you declare at customs and pay fees. Not sure how much that is but im pretty sure its not a ton in the US. You should come out ahead.
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16 April 2018, 05:06 AM | #5 |
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and you have to declare it at the us, regardless of cost?
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16 April 2018, 05:10 AM | #6 |
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16 April 2018, 06:55 AM | #7 | |
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Quote:
https://www.cbp.gov/travel/clearing-...ler-entry-form
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16 April 2018, 07:40 AM | #8 |
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When does a watch not become an issue at an Airport ? If you have had it for several years as it was bought on a holiday. Say 10 years ago and from say, Spain ?. You then go on holiday to USA now 10 years later. On your return home you are stopped and asked about the watch you are wearing. Where do you stand ?
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16 April 2018, 09:27 AM | #9 |
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UK VAT is 20% and by the time fees and such are deducted the total return is approx 15%.
Total tax to pay in the US side us around 3% as I think some had said already. |
16 April 2018, 09:52 AM | #10 |
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I've posted this in other threads...
I have a good friend that works for Border Patrol. Actually Customs at JFK. They take great pride in confiscating undeclared items. He told me that they take it almost as a challenge to find stuff. Question people and find liars. I personally don't agree with it 100% but they are just doing their jobs. |
16 April 2018, 09:55 AM | #11 |
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I have traveled Internationally in my job often and have never been asked about my watch, a yellow gold DayDate. I’ve bought one watch while in the U.K. and paid duty on it upon my return to the US.
If you want to avoid any reentry issues, go to a Customs office and get a declaration form for the watch. The form proves you owned the watch prior to your trip. If done this for traveling with firearms often. I would guess you need the serial number of the watch. |
16 April 2018, 10:32 AM | #12 | |
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Quote:
I have done this once before leaving for vacation. Do I need to do this everytime or it is a one time thing and they register it in their data base ? |
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16 April 2018, 10:35 AM | #13 |
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I keep my declaration form and use it every time I travel. I don’t think it expires. I would not rely on their data base.
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4 May 2018, 04:14 AM | #14 |
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4 May 2018, 04:16 AM | #15 |
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You bought it you declare it, not hard to understand.
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4 May 2018, 04:17 AM | #16 |
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too much into watches... |
4 May 2018, 04:23 AM | #17 |
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surely it easier to acquire an entire watch rather than smuggling it past customs piece by piece
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Instagram: tyler.watches current collection: Patek 5164A, Patek 5524G, Rolex Platinum Daytona 116506, Rolex Sea Dweller 43 126600, Rolex GMT II 116710LN, AP 15400ST (silver), Panerai 913, Omega Speedmaster moonwatch, Tudor Black Bay (Harrods Edition) |
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