It was recently reported by the Associated Press that a Rolex enthusiast from Vancouver was fined $40,000 for failing to declare his new Rolex worth more than $80,000 at an airport. Nearly a year ago, the man had bought the watch on a trip and only declared $200 worth of goods.
$40,000 Down The Drain
His decision was definitely not a good one, as a customs officer dug through his bag and found the watch’s certificate of authenticity. Also, the man’s wife tried to hide his watch in her coat, an act that was seen by officials. Rolex watches should always be stated when crossing borders.
While customs are important to each country/state, paying additional fees are never appreciated.
The $40,000 fine was broken done as follows: $9,600 for failing to declare the watch and $30,000 to regain possession of the watch from the CBSA.
If the watch owner were to have declared the amazingly valuable watch first thing, he would only have paid $9,628 in duties. According to a CBSA spokesperson and their guideline, if a non-declared item is confiscated it can cost between 25 and 80 percent of the item’s value to get it back within the country of Canada.
Since Rolex watches are great investments and grow in value, people need to stay on their toes and be alert.
The United States Customs
Other countries throughout the world have similar policies. Within the United States, if you are carrying more than $10,000 in cash or goods and fail to declare, both money and goods can be confiscated and major fines/penalties assessed.
The moral of the story is…don’t tempt fate when reentering your country! While paying duties is never fun, shoveling out money for excessive fines is much, much worse. If you don’t want to deal with bringing a new watch or luxury item in through the airport, you may also consider purchasing new or pre-owned Rolex watches at discount prices online. You may be amazed at the deals you can receive.
It is also possible to sell a Rolex watch through online exchanges, which will provide you the right amount of cash to buy Rolex watches to add to your collection.
Today’s world offers many ways to finding the Rolex or other luxury item you have been searching high and low for. The secret is to seek out the right resources! And of course follow the guidelines of the SBSA.