Thinking of buying a yacht in Greece? You will find bargains available, especially at the end of the yacht charter season. But you can find pitfalls to be aware of too.
Nearly all Greek yachts outlined with brokers are previous charter yachts, called Greek expert yachts. Some people stay away from them, believing it equivalent to purchasing a 2nd-hand vehicle from a car employ company. Not every charter yachts are ill-used or poorly taken care of.
In reality, many of the professional yachts in Greece are properties of individuals instead of yacht charter businesses. The proprietors charter them out in order to reap the benefits of VAT along with other income tax advantages.
Often the proprietor will charter for the minimal number of days needed to keep expert standing and include the yearly mooring and maintenance costs from the yacht.
In case you are ready to invest some time exploring you will find a huge difference in the appearance of yachts of the same age group, with many searching ‘tired’ from weighty use while others appear years younger.
Getting found a yacht you need to buy you should have it surveyed by way of a expert surveyor. It is far from unidentified to get a charter yacht to experience major hull damage, be patched up by an unscrupulous owner, and then offered for reselling.
“Buyer Beware” ought to easily be your motto.
A survey will never only protect you from purchasing a boat with technological problems however it is also essental to most insurance companies. You are going to pay out 500 – 1500 Euro for any study.
Ancient greek FLAG
99% of Greek expert yachts are Greek-flagged. In the event the boat is flagged in an additional country then this rules of that country will apply and also you require advice from a qualified broker.
In case you are not really a Ancient greek citizen or an E.You. citizen resident in Greece you will need to change flag in the event the fishing boat is meant for personal use. You can preserve Greek flag for those who have a yacht charter company in Greece.
Product sales PRICE
We were once recommended to never pay out a Ancient greek the purchase price he asks for anything at all, as he will invariably expect you to definitely bargain…
This is really real when it comes to watercraft. You must be able to discuss lower through the initial selling price. A great study could give you ammunition for this, as couple of used boats will be without the defects.
The surveyor must be able to give you advice just what the ‘going rate’ is perfect for the kind of yacht you are looking at.
Some agents in Greece do not work on a fixed commission payment schedule. They will concur a cost with the owner he/she is going to take. They then attempt to get as higher a cost as is possible from the purchaser. Their commission payment will be the difference. The extra they enhance the ‘owner’s price’ can be very considerable and leaves a lot of range for negotiation.
Greek professional yachts will have been purchased VAT exempt. In case you are an E.You. national, you will end up required to pay VAT in the current value of the yacht as well as the buy cost.
The VAT rate in Greece is 19% but often you are able to negotiate with the Seller which is not unknown for deals to get reached in which you pay out only an extra 5% as well as the Vendor manages the repayment from the remaining VAT.
You may be exempted from repayment of VAT if you are involved with industrial exercise that also includes yacht chartering.
If you are not an E.U. Citizen you simply will not have to pay the exceptional VAT, however you will need the yacht to be custom removed from the E.U. This takes a few days and costs about 600 Euro.
Common Buy Procedure
Having discovered a yacht, you discuss a cost using the broker and achieve an agreement. You need to be provided with an stock for the yacht which means you know exactly what is included in the sale.
You want a solicitor to act for you personally during the selling. Your solicitor will protect you by guaranteeing there are no encumbrances or debts on the yacht, which the possession situation and titles are crystal clear.
The lawyer will get ready an M.O.A. (Memorandum of Agreement) stating every piece of information of the transaction, such as conditions, dates and payments, and what comes with the boat. This Memorandum should be conditional over a survey. The M.O.A. is signed by both Buyer and Vendor.
You organize market research of the yacht and, based on this, either agree the cost, re-discuss, or in some cases the smartest action might be simply to walk out!
You usually pay a down payment of 10-20% from the purchase price for your lawyer as quickly as possible so that you can use a lawfully binding agreement. Your lawyer will probably pay this towards the vendor in the end the required documents happen to be given up to him.
You need to send out the total amount in the purchase cost towards the solicitor in time to comply with the provisions negotiated when drafting the Memorandum of Contract. The lawyer pays the full purchase cost for the seller only after they have made certain that most legal and tax requirements have been looked after through the vendor and in the end required paperwork happen to be handed up to him through the vendor.
As part of the sales procedure the yacht will be erased from the Ancient greek registry. Upon deletion an established possession certification will likely be issued from your Hellenic Registrar of Delivery. The certification will confirm that the fishing boat is free from encumbrances and liens.
For the time being you are able to organize registration for that fishing boat in your country.
After completion of all the documents you are able to take over your boat in Greece or you can organize to get it sent to wherever you intend to keep her.
You can only sail your yacht after having a Expenses of Sale has become released and formally agreed upon by each Seller and Purchaser as well as the Deletion Certificate continues to be released. Purchasing a yacht can be quite a relatively lengthy and bureaucratic penzxm within Greece but many of the methods are there to safeguard your interests and make certain the yacht is provided for free of financial obligations or any other monetary problems.
Usually do not attempt to consider any cutting corners or accept any bits of paper given to you by an eager vendor apparently to accelerate the procedure.