Thinking of buying a yacht in Greece? You will find deals to be had, especially at the end of the yacht charter season. But you will find pitfalls to be aware of too.
Nearly all Ancient greek yachts listed with agents are previous charter yachts, referred to as Ancient greek expert yachts. Some people avoid them, believing it equivalent to buying a 2nd-hands vehicle from the vehicle employ firm. Not all charter yachts are sick-utilized or poorly maintained.
Actually, a lot of the expert yachts in Greece are properties of people rather than yacht charter businesses. The proprietors charter them out to be able to take advantage of VAT and other income tax advantages.
Often the proprietor will charter for your minimum number of days necessary to keep expert standing and cover the annual mooring and upkeep expenses from the yacht.
In case you are ready to invest some time exploring you can find a big difference in the look of yachts of the identical age, with a few looking ‘tired’ from weighty use and some appear many years young.
Getting found a yacht you would like to buy you need to have it surveyed by a professional surveyor. It is not unidentified for a charter yacht to experience major hull harm, be patched up by an unscrupulous proprietor, and after that provided for reselling.
“Purchaser Beware” should definitely be your motto.
Market research is not going to only safeguard you against buying a fishing boat with technical problems but it is also essental to most insurance companies. You are going to pay 500 – 1500 Euro for any survey.
99% of Ancient greek expert yachts are Ancient greek-flagged. If the boat is flagged in an additional country then this rules of that country will apply and you also require advice from the qualified broker.
In case you are not really a Ancient greek citizen or an E.You. citizen resident in Greece you will need to alter flag if the fishing boat is intended for private use. You can preserve Ancient greek flag for those who have a yacht charter company in Greece.
Product sales Cost
We were as soon as recommended never to pay a Greek the price he asks for anything at all, as he will invariably expect one to bargain…
This is really true in terms of boats. You should be able to negotiate down from the preliminary asking price. A great study could give you ammunition for this, as few utilized watercraft is going to be with no defects.
The surveyor must be able to give you advice what the ‘going rate’ is for the kind of yacht you are looking at.
Some brokers in Greece do not work on a fixed commission schedule. They are going to agree a price using the owner that he/she is going to accept. They then try to get as higher a price as possible from your purchaser. Their commission payment will be the distinction. The excess they enhance the ‘owner’s price’ can be quite considerable leaving a lot of scope for negotiation.
Greek expert yachts may have been bought VAT exempt. In case you are an E.You. nationwide, you may be necessary to pay VAT on the current value of the yacht in addition to the purchase price.
The VAT rate in Greece is 19Percent but frequently you are able to negotiate using the Seller and it is not unknown for deals to be achieved that you pay out only yet another 5% and the Vendor handles the repayment from the remaining VAT.
You might be exempted from payment of VAT if you are involved in commercial activity that includes yacht chartering.
In case you are not an E.U. Citizen you will not need to pay the exceptional VAT, however, you will need the yacht to be customized cleared from the E.You. This requires a couple of days and expenses about 600 Euro.
Common Purchase Process
Getting discovered a yacht, you negotiate a price using the broker and reach a contract. You should be supplied with an inventory for your yacht which means you know what is included in the selling.
You want a lawyer to do something for you personally through the selling. Your solicitor will protect you by guaranteeing that there are no encumbrances or financial obligations around the yacht, and this the ownership situation and titles are crystal clear.
The lawyer will prepare an M.O.A. (Memorandum of Contract) stating all the details in the deal, including terms, dates and payments, and what comes with the boat. This Memorandum should be conditional on a study. The M.O.A. is signed by each Buyer and Seller.
You organize market research of the yacht and, on the basis of this, possibly agree the cost, re-negotiate, or in some cases the smartest motion may be just to walk away!
You normally pay out a deposit of 10-20% from the buy price for your lawyer as soon as possible to be able to use a legally binding contract. Your lawyer will pay this for the seller all things considered the necessary documents have already been handed up to him.
You have to send the total amount in the buy price to the lawyer over time to adhere to the conditions negotiated when drafting the Memorandum of Contract. The solicitor will pay the entire purchase price to the seller only after they have ensured that every lawful and income tax specifications happen to be cared for by the seller and all things considered needed documents have already been given over to him by the vendor.
Within the product sales process the yacht will likely be deleted through the Ancient greek registry. On deletion an established ownership certification will likely be released from your Hellenic Registrar of Shipping. The certificate will confirm that this fishing boat is free from encumbrances and liens.
For the time being it is possible to arrange enrollment for that fishing boat in your country.
After conclusion of all the paperwork you are able to take control your fishing boat here in Greece or you can arrange to have it shipped to wherever you want to always keep her.
It is possible to only cruise your yacht after a Bill of Sale continues to be issued and officially signed by each Seller and Buyer as well as the Deletion Certification has become released. Buying a yacht could be a relatively long and bureaucratic penzxm in Greece but most of the procedures are there to guard your passions and ensure the yacht is free of charge of financial obligations or some other financial problems.
Usually do not be tempted to take any cutting corners or take any bits of paper presented to you by an eager vendor supposedly to accelerate the process.