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What does "bonded warehouse" storage mean?Updated a year ago

All of our drops (starting from Aug, 9th 2023) are sold with "bonded status". This means we are utilizing bonded warehouse storage to suspend the tax payment on your purchase, until the final moment you want the wine to be delivered.

What is a bonded warehouse? Bonded warehouse is a specialized customs regulated storage facility that allows wines to be stored without any duties, taxes, import charges paid until the removal from the warehouse.

As customers request delivery, their wines will be taxed according to the destination country. For example, EU customers will be paying 20% French VAT on the value of their wine. Customers in the US, UK, or other international destinations will be paying respective customs duties and import fees.

Important note: Wines that were sold during drops events prior to Aug 9th, 2023 - were sold "EU duty paid", which means that the price has already included the 20% French VAT at the moment of purchase. For these NFTs, in case of delivery request to the EU destination country - no additional VAT would be required. These NFTs will however incur same tax & duty charges for non-EU countries of delivery as in the "bonded status" explained above.

Wines sold on our marketplace, currently include both the ones that were sold priod to Aug 9th in 
"EU duty paid status" and the ones that are now sold in "bonded status". All the purchasing will be done in the same way based on the price indicated by the seller on marketplace. The difference is that at delivery request - the wines in bonded status will include a VAT charge for EU, while the ones duty paid will not incur the VAT charge for EU destinations.

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