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Don’t make the mistake of thinking of cost in terms of what resale value will be years later. You don’t recover your costs with a new boat, and you won’t recover them with a refurbished used one either. While you’ll probably get more than you paid, you won’t take a lot. What you spend is not an investment, but for your own pleasure.

As a broker I see numerous refurbishing projects, the majority of which lavish money on aesthetics but ignoring fundamentals. But surveyors are not impressed with fancy leather, Travertine marble and designer furnishings. They consider in structures and basic systems. Know that when it comes time to sell, your project will be largely judged by fundamentals, not aesthetics. If you shortcut the quality of basic systems, it will adversely affect the resale value.

Surveyors and knowledgeable buyers will be more impressed with good quality and attention to detail on basic systems such as machinery, plumbing and wiring than designer carpet and sculptured glass. It tells the observer that the seller knew what he was doing and put his money where it counted most, on systems that are sound and reliable.

Approached with knowledge and understanding projects can be fun and rewarding. Projects that are fully estimated, adequately funded, and with sufficient time allotted, usually move ahead smoothly and without major hassles. You’ll end up with a nearly new boat for far less than the cost of a new one, and one which will be a “hot item” on the resale market.

Keep always in mind that a clean and presentable boat can sell better from a “smelly” and neglected one!!!!!!!!!

It is highly recommended to visit the boat, physically, prior to committing yourself in any agreement (in writing).

It is very important being yourself in the boat!!!!!

Since you will spend much time in the boat (and under difficult conditions sometimes), it is very important to be sure about practical issues like headroom, size of the berths or even the space in the heads!!

After you are “convinced” that this is “the boat”, we highly advise the next steps:

1.Signing a Memorandum of Agreement (MoA) with the Seller(s) of the yacht with terms and conditions of the purchase (particulars of the specific yacht, price, place of delivery, equipment, running fees etc), to assure the time needed for conducting the necessary inspection (Condition Survey).

2.Once the MoA is signed by all parties (Seller, Buyer and Broker), a deposit will be transferred to the Broker’s (YD Yachts) bank account (usually 10% of the purchase price). The Broker 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 on Closing date.

For the Greek Flagged boats, we highly recommend the Buyers to use the services of a Solicitor. See more in:  Do I need a Solicitor? – Yachts for sale, Preowned yachts, Yachts offers, Used yachts (ydyachts.com)

3.Afterwards, you should have the yacht inspected by the Surveyor of your choice.  All related expenses for the survey are paid by the Buyer, prior to the realization of the survey. On the acceptance of the boat (Letter of Acceptance) we proceed to the next step to finalize the transfer of the ownership. In case of vessel’s rejection by the Buyer,  the MoA will be rendered null and void and the deposit will be returned to the Buyer.

4.The payment of the balance purchase money will be paid by the Buyer to the Seller, provided that the Trustee (in association with the Solicitor who is acting in the Buyers’ interest) has received, by the Seller (and the Buyer),  in original, all the documentation required for the transfer of the boat to the Buyer, free of debts and encumbrances of any nature whatsoever, and allow the Buyer to proceed safely to the new registration (under Buyer’s name).

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

The process for the cancellation of a Greek Flagged boat, from the Greek Registry, takes about 40 working days, after the acceptance of the boat by the Buyer and the sign of the Bill of sale by both, the Seller and the Buyer.

If the Sellers is a Nautical Company this process takes about 10-15 working days more.

Yacht sales often involve the need of providing after-sale services.

After the completion of the sale, the most important issue (and critical most of the times) for a buyer is the after-sale support.  Legal issues related to the local Authorities, and local technicians’ contact details are the most common.

Nearly all pre-owned boat buyers are planning renovation and/or upgrades on the boats.

Most of our clients are coming from long distance, without any knowledge of the local market.

After many years of experience in the local market, we are well aware of qualified technicians and well named dealers and yacht equipment providers.

We put this knowledge at the buyers’ disposal, by providing contact details of trustable technicians and providers so, they can get a quote directly from them. After the agreement for the services and the equipment they wish to buy, we follow up the process (delivery, installation, paperwork) to ensure that our clients will get what they have paid for.

Furthermore, we always claim from the technicians, records (in writing and/or photos) from all stages of the works.

For the purchase of 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, (before and on the date of the application for the Deletion), for monitoring all the purchase procedure, including the payment of the corresponding V.A.T (if due). Also,  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!

All boats under Greek Flag have an “Official Registration, Class A “. This Registry allows for an easy check to whether the yacht has a mortgage and other legal bindings or restrictions. However, 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 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 Customs (for boats up to 10 years old) or, Seller’s Tax Office for boats over 10 years old.

Below you can see the valuation system according to the  Law 4569/2018 (Articles 10a) and 10b) for the pleasure boats:

10.a) The taxable value of a recreational vessel, for which an obligation arises to pay VAT following termination of the charter license or cessation of business activity, is based on the initial price to the first owner, following the completion of the building or structure. If that does not reveal the exact date of construction, will run from 1 January of the year of construction of a recreational vessel, as revealed by any relevant shipping document or document issued by the yard. In the event that there is not a document or documentary evidence, which shows the initial value of the recreational vessel, the same determined by written confirmation of the Hellenic Chamber of Shipping (NEE)

The resulting value in the above decreases due to age as follows:

after the completion of the first year 20% ,

The second year 25%

The third year 30%

The fourth year 35 %

Fifth year 40%

and so on,

10.b) At the same time, the insurance policy of the ship, which is in force at the time of the tax claim, is presented, and in case of doubt of the insured value by the tax or customs authority, the insurance contracts of the previous two years are presented. If the insurance value is greater than the ship’s price, as it appears after its impairment, due to its age, this value is taken into account for determining the taxable value.

After finishing the VAT payment procedure, the Customs provides the seller 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 an EU physical person, the VAT must be paid in Greece, during the procedure for the cancellation of the boat from the Greek Registry.

Holders of non-EU passports (UK Citizen also) with non- EU residence, EU citizen with residence out of EU (with official proofs), and EU yacht charter companies, can purchase a “No VAT Paid” boat under Greek Flag, VAT EXEMPT.

1. For the Non- EU buyers (physical persons and Companies) the additional expenses are 1600 euro for:

i. The exportation fees and the payment of the Customs broker who will undertake this process (exportation) for the buyer.
ii. The payment of the solicitors (who act on behalf of the buyer) for the monitoring of the case, checking all documents, and confirming that the sellers hold ready all documentation for the cancellation of the boat from the Greek Registry. They will also undertake the translation of the Deletion Certificate in English and the process to get the seal Apostille on this document (if necessary).
iii. The process so they buyer to get the Transit Log from the Greek Customs after the buyer gets the new registration, and all documents related (as the same will become non-EU flagged boat).

The Transit Log (in some countries they call it “Temporary Importation”) is VERY IMPORTANT document and is directly related to the “VAT EXEMPT” process (more details on request)

2. EU VAT Registered yacht charter companies can purchase any boat under Greek Flag with status “VAT exempt”, on condition the INTRA- EUROPEAN UNION TRADE rules are fulfilled.

For EU yacht charter companies and EU physical persons, the additional cost (for the payment of the solicitors) is ~700 euro since there is no need for the boat to be exported.

IN ALL CASES, the boat can leave the present location in Greece, ONLY after is deleted from the Greek Registry, and the buyer gets Transit Log from the Greek Customs (for the non-EU flagged boats).

Holders of Non- EU Passport with residence outside the European Union and non- EU Companies, can purchase any NO VAT PAID boat, in Greece, without having to worry about the VAT.

In their case, the only expenses are for exporting the boat from the EU plus the payment of  the solicitors who will undertake (for the buyers)  the monitoring of the process for the cancellation of the boat from the Greek Ship’s Registry.

For all above the cost is not more than 1600€.

More in the link: Can I purchase a yacht under Greek Flag “VAT exempt”? – Yachts for sale, Preowned yachts, Yachts offers, Used yachts (ydyachts.com)

Please notice that all prices include YD Yachts Brokerage fees.

For further assistance regarding any questions about purchasing a yacht in Greece, please do not hesitate to contact us through [email protected] or  call +30 697 406 9357 .