When traveling through foreign countries with considerable goods, an ATA Carnet can streamline the process and save money in taxes and fees. Anyone traveling with an ATA Carnet should fully understand how to use it, should consider purchasing ATA Carnet insurance, and should understand the purpose of ATA Carnet bonds.
An ATA Carnet bond is a sum of money paid to the guaranteeing organization in a Carnet holder’s home country as a promise that all of the goods listed on a Carnet’s General List will return safely to that home country instead of being sold abroad. In general, ATA Carnet bond fees are as follows:
- 40% of the total value of the General List for most goods
- 100% of the total value of vehicles and boats for corporations
- 150% of the total value of vehicles and boats for individuals
In the United States, these fees are paid to the United States Council for International Business, an organization that operates under the authority of the Department of the Treasury and U.S. Customs and Border Protection. One way to ensure that your bond meets the quality requirements of the USCIB is to purchase it along with ATA Carnet Insurance when filing for your ATA Carnet. Not only does combining these purchases save time, it ensures that your information is uniform throughout your travel documents and is being handled by logistics insurance professionals.