Customs Surety Insurance: A Guarantee for Import and Export Companies

Companies that want to export or import can count on a guarantee before the Spanish Customs Authorities for the payment of taxes, fees and tariffs, which can be formalized through different formulas, being the surety insurance one of the most favorable

What does the Customs Surety Insurance cover, and who is it addressed to?

It is an insurance that aims to guarantee the insured (AEAT) the collection of tax debts and tax exemptions. It is especially aimed at freight forwarders, direct importers, and customs agents that operate in international trade.

Usual Modalities of Customs Surety Insurance

The usual types of surety insurance are for Customs Warehouse (and other than Customs), Transit and Community Transit, Release of Merchandise, Processing Traffic, Antidumping Law, and Temporary Importation.

Operation of the Customs Surety Insurance

Customs guarantees favor all parties involved in the foreign trade process, fulfilling the function of assuring the Administration of compliance with tax obligations. By depositing a guarantee with the different Customs Authorities, it is not necessary to settle customs duties or VAT before dispatching the goods, allowing the transit of goods in a much more agile way.

Requirements to request a Customs Surety Insurance in Markel Spain

• Audited Financial Statements of the last two years (Consolidated Financial Statements and Organization Chart in the case of Groups of Companies).
• Provisional results for the last year not closed (Consolidated Financial Statements in the case of Groups of Companies).
• Latest Model 347 or List of main clients.
• Reference requirements for the study of operations:
  • Company with at least 3 years in operation.
  • €1,000,000 of Net Worth.
  • €2,000,000 Turnover.
  • No losses in the last 2 years, no incidents of default.

Advantages offered by the Customs Surety Insurance

This insurance is an excellent alternative to other options such as the bank guarantee, since it has the following advantages:

• The issuance of surety insurance releases credit resources and does not consume CIRBE Risk.
• Reduction of financial debt on balance sheets.
• Free of charge in the study and issuance of the surety framework policy.
• Greater agility in the study, response, and issuance of guarantees.