PURCHASING A YACHT STEP BY STEP

The majority of yachts offered through our website are located in Greece. This is due mainly to the fact that we know these yachts very well and we can send information pretaining to the vessels. As a result we offer you the best visual record possible for the boat of your interest. This way avoiding unecessery expences in order to visit and survey the yacht.
If you decide to purchase the yacht, you would take into consideration all the information visual and otherwise, about the yacht you are interested in. It is highly advisable to follow the proposed procedures below:

1. First of all, it is recommended to sign a Memorandum of Agreement (MoA) with the Seller(s) of the yacht. In this Agreement, will be the terms of the purchase (particulars of the specific yacht, price, place of delivery, equipment, repairs, etc), in order for the Buyer to assure the time needed to conduct the necessary inspections ( Condition Survey).

2. Once you have both (Seller - Buyer) signed the MoA, a deposit will be transferred to the Broker's bank account (usually 10% of the purchase price). The Broker (YD Yachts) will be acting as the Trustee for both parties ( Seller and Buyer) till the conclusion of the sale.

YD Yachts will pay it to the Seller after the completion of the Condition Survey and the acceptance of the Vessel, in written, from the Buyer

3. Afterwards, you should have the yacht inspected by a Surveyor of you choice in the water and ashore. All related expenses for the survey are paid by the Buyer prior to the realization of the survey.

4. If the survey reveals serious defects of the vessel, the MoA will be rendered null and void and the deposit will be returned to the Buyer.

5.The payment of the balance purchase money will be paid by the Buyer to the Seller, provided that the Trustee ( or The Solicitor) has received, by the Seller, in original, all the documentation, required by the Greek Registry, for the transfer of the boat to the Buyer free of debts and encumbrances of any nature whatsoever.

The above steps are the result of long time experience in the yacht brokerage. The specific steps will insure the smooth and legal purchase of your yacht.

YD YACHTS FULL SERVICE

All boats under Greek Registry must have an "Official Registration, Class A ". This Registry allows for an easy check to whether the yacht has a mortgage and other leagal bindings or restrictions. Either way, a yacht under Greek Registry cannot be Deleted from the Greek Registration Record without the specific procedure required. Therefore, reassuring that the boat is free from all encumbrances, maritime liens and any other bindings.
This way, the purchase of a boat under Greek Registry is totally legitimate and the Buyer can feel 100% safe.
The only disadvantage might be perhaps the fact that this procedure takes about 20 to 25 working days, especially if the VAT must be paid. This can make some of the potential buyers reluctant. At this point comes the "YD Yachts- Brokerage -Yacht Sales" experience and service. Well-season surveyors and solicitors will be ready to assist you.

For the purchase a yacht under Greek Flag with professional license (charter yacht), it is recommended to have a solicitor for checking the status of the boat in the books of the Greek Ships' Registry, (now, before and on the date of the application for the Deletion), for drafting the M.O.A., the Bill of Sale, for communications exchanges and providing advices on various matters, for monitoring all the purchase procedure, including the payment of the corresponding V.A.T (see more details below). Also in order to verify the documentation of the Seller before the date and on the date of the application for the Deletion from the Greek Registry and to obtain the translation of all the Official Certificates and documents from the Greek Authorities regarding the purchase, transfer and taxation of the Vessel.
YD Yachts, will assure you of the lowest fees possible!

TAXATION LAWS & VAT

The taxation laws of Greece are structured in such a way, that all private use yachts under Greek Flag ,over 10 m, are taxed a rather high luxury tax. This luxury tax is based on the length of the boat, regardless of the age, plus the VAT.

On the other hand, as far as professional boats are concerned, there is no luxury taxation and in addition the VAT is exempt. The revenue from the use of the professional boat (charter boats) is also tax-free (this is an incentive to promote the tourist industry in Greece). This explains the existence of many professional boats in Greece although many of them are not used professionally.

We can provide you all necessary information - to the extend we are able to - about the boat and equipment condition along with photos and comments.
However, condition is not the only parameter that will guide the prospective buyer to pursue to the purchase of a specific boat.
The VAT - whether it is paid or not - is a matter the prospective customer should take into serious consideration. The amount needed for the payment of VAT is frequently the main factor in order the buyer to express his interest to a specific boat or to reject it without even visiting the boat to check its condition.
As regards a boat with Greek flag used for chartering, VAT should be paid when sold to a private individual, EU resident, for personal use. The payment takes place in Greece, in the internal revenue Service (tax office) the boat belongs.
No revenue Service (tax office) in Greece has any list with boat values in order brokers such us to be able to inform with confidence the perspective buyer about the amount required for the VAT payment.
For some boats we are able to inform you with confidence and precisely enough for the amount of VAT payment - we are going to explain the reasons of that via e-mail. Unfortunately, most of boats are not included in this category.
Revenue service (tax office) uses lists with asking prices provided from brokers in their sites in order to evaluate the market value of the boats. As a result, most of times, we face an especially high evaluation of the value for boats that are old and have been used for chartering.
You can certainly understand that it is not wise to start disputing with the revenue Service (tax office) as this kind of disputes usually does not bring the desirable result but the exact opposite.
Then, the seller and we start a procedure in order to persuade the tax revenue Service (tax office) to make the appropriate devaluation of the boat according to the build year and its use. In this point we should mention - in order to be totally honest - that this negotiation can or can not conclude to a devaluation.
After finishing the VAT payment procedure, the tax office provides us a receipt for vat payment for the specific boat. In our turn, we give this receipt for payment to the buyer along with the official translation in English.
If the buyer is a real, existing EU charter company, then it can buy the boat exempt from VAT.
Our specialized lawyers can help you - in a quite low cost - to proceed correctly in the creation of a charter company in your country and advise you correctly in order to present the necessary documents and buy a boat exempted of VAT.
In addition, we can help you by providing all the necessary documents. So, when needed -if needed- to pay VAT for the boat in the future, you will pay an amount significantly smaller than the one you should have paid in Greece. As you can easily understand, all the above obtain more significance as the value of the boat augments.

Buyers, residents of countries outside the European Union can buy any boat without having to worry about the VAT. In their case, the only expense is the cost for exporting the boat from the EU plus some expenses for the deletion from the Greek Ship's Registry, amounts not bigger than 1600€.

For further assistance regarding any questions about purchasing a yacht in Greece, please do not hesitate to contact me at yiannis@ydyachts.com or call +30 697 406 9357 .

Sincerely yours,

Yiannis Drimousis