I will be a doing a little bit of traveling ( To Dublin - IE and India ) over the next month or so. Because of the $ conversion rates looks like will be able to save 500$ or so on Railmaster 40 mm (220.10.40.20.01.001) if I buy it during this trip. Wondering about what the customs duties are when entering US? Searching online I reading anywhere between 6.5% flat for watches above 2000$ to customs will have to evaluate the watch and only then you will know the true charges ? Would appreciate if someone can share their experience. As always this is great forum and very helpful members. Appreciate all of you sharing your knowledge with newbies like us. Thanks
The duties are very convoluted. The section of the book that covers watches is about 20 pages long, and movements have different rates then bracelets, etc.. The %s are all over the place. But suffice it to say it will likely be a couple hundred to a few hundred USD.
Thanks. So far have not done this and thinking I am going to be penny wise and pound foolish buying it abroad because of the coversion rates. But some of these savings are real even if I have to pay up to 300$ in customs fees. Probably end buying it here than going through customs complexity. Thanks again
Was thinking more of buying it in India. The exchange rate of $ to INR is crazy and I am sure they will increase the rates to account for this.
Trust me - you be better off buying any Swiss-made watch in the US. The Duty Free gimmick at airports is just that..
Buying opportunities exist where a particular country has seen their currency significantly devalue in the last year. If you buy from big reatailers, they are usually slow to adjust local prices to avoid shocking the local buyers and therefore deals can be had. (Buying in GBP and getting the 20% VAT returned in the UK can result in a good deal even after paying import duties and taxes). Any foreign currency that has had a very low value to USD for a long time will not be a good opportunity as prices will have compensated. Some countries also have high import duties or sales taxes which also make buying there expensive (example: US goods in China are not a good deal).
I don’t believe there is a high end watch seller in Dublin airport so that country is out at the airport. Weir and Sons on Grafton St Dublin is a fantastic shop with loads of models in stock. If your outside EU for residency you can claim the tax on the purchase at the airport when leaving. Post the box and papers and wear the watch back. You will never get stopped, customs have far more fish to fry than someone buying a watch and returning home.
Just be sure if you buy in a place that charges VAT or GST, claim it back at the airport BEFORE you leave the country. I recently bought an Omega Speedmaster Moonphase in Sydney, Australia and received the entire GST amount back (nearly 10%).
What @superfly said plus ... do the research and have your price points in your head. AD want to move watches. They have wiggle room to negotiate on most brands, and you get the VAT back! What you decide to say on the declaration is between you and Uncle Sam. PS have your passport with you to close the deal. Try to have the AD refund on the spot. If you need to file the papers at the airport, make sure the AD will escalate the issue with the service bureau who process the VAT refunds.
There's no doubt that Weir's is a nice shop, but the Euro prices are way off. The deep black PO can be had in the UK for £3600 less than the Euro rrp.
Oh, and when you come back to the US (if that's where your home is) CBP will ask if you've purchased more than $10,000 in goods. The US government apparently doesn't care if you are importing goods valued at less than that amount.
Fly through London Heathrow. Watches of Switzerland in Terminal 5 will give you 20% off as a discount if you are flying inside the EU on everything except Tudor. No negotiation at all. They’ve usually a good supply of Omega models available. Harrods in T2 will do the same on most brands inc Omega. What I don’t know is if you can successfully get the 20% off as a discount and then get the Vat off when flying outside the EU. Anyone know? If you could it would make the Railmaster come in at £2500.00 against an RRP of £3600.00! Well worth a punt
They will also ask if you exceed your exemption amount, which is far below $10,000. That value is to prevent money laundering type activities, they have other questions about goods coming back.
https://help.cbp.gov/app/answers/detail/a_id/246/~/duty--free-exemption It’s good to know the truth about your exemption allowance. I recently returned to Canada with 2 c 750ml bottles of Tequila from Mexico. This exceeded my allowance of 1.14L into Canada (>48 hours away). I checked the box on the paper declaration that I exceeded the exemption limit, I declared the true value of the goods coming back (was below the $ exemption limit), the Canada Customs agent glanced at the card and waved me through. Every border agent has a lot of leeway in deciding whether or not to pull you into secondary for questioning or payment of duties/taxes, or whether to let you go. Many people lie at customs and get away with it. Some people tell the truth and get waved through without having to pay. Some try to lie and get caught, and for these people the consequences can be severe. Goods can be confiscated, they are flagged for future crossings and can pay heavy penalties far exceeding any potential benefits. If you choose to lie, it would be wise not to have any evidence on you that would prove you’re lying. Customs agents can go through your email, your browser history, search and tear apart your belongings if they suspect you’re lying, and generally make your life miserable. Chance of getting caught might be low, but the cost of getting caught can also be very high...
My experience from about three weeks ago is that the only amount CBP asked me about was specifically $10,000. Everyone's mileage may vary, though. My advice, whatever the question posed to you, answer it truthfully. It would not be good to have expensive items confiscated. And I think questioning about how much CASH you're traveling with is the issue most related to money laundering. I could be wrong, though.