Thinking of buying a yacht in Greece? There are special deals, especially at the end of the charter yacht season. But there are disadvantages that you need to know.
Most of the Greek yachts listed in the brokers are former charter yachts, known as Greek professional yachts Some people shy away from them, believing that this is equivalent to buying a used car from a car rental company. Not all charter yachts are poorly used or serviced.
In fact, many professional yachts in Greece belong to private individuals, and not to charter companies. Owners rent them to benefit from VAT and other tax benefits.
Often, the owner rents the minimum number of days required to maintain professional status and covers the annual mooring and maintenance costs of the yacht.
If you are ready to spend time around, you will find a big difference in the appearance of yachts of the same age, with some looking "tired" from heavy use, while others seem to be younger.
STUDY
When you find the boat you want to buy, you should see it as a professional land surveyor. On a charter yacht, it is not known that he suffers from a major damage to the hull, is fixed by an unfair owner, and then offered for resale.
"Buyer be careful" surely should be your motto.
The survey will not only protect you from buying a boat with technical problems, but also for most insurance companies. You will pay 500 - 1500 euros for the survey.
GREEK FLAG
99% of Greek professional yachts have a Greek flag. If the boat is marked in another country, then the rules of this country will apply, and you need advice from a qualified broker.
If you are not a Greek citizen or an EU citizen residing in Greece, you will need to change the flag if the ship is intended for personal use. You can store the Greek flag if you have a yacht charter in Greece.
SELLING PRICE
We once advised the Greek never to pay the price he asks for anything, as he will always expect you to trade ...
This is certainly true when it comes to boats. You should be able to negotiate with the original asking price. A good overview can give you ammunition for this, as little used boats will be without any defects.
The inspector should be able to tell you what “speed” means for the type of yacht you are interested in.
Some brokers in Greece do not work on a permanent basis. They will agree with the price with the owner, which he will accept. Then they try to get the highest possible price from the buyer. Their commission is the difference. In addition, they add to the price & # 39; can be quite significant and leaves much room for negotiation.
VAT
Greek professional yachts will be purchased without VAT. If you are an EU citizen, you will need to pay VAT on the current price of the yacht in addition to the purchase price.
The VAT rate in Greece is 19%, but often you can negotiate with the Seller, and it is not known that transactions are achieved where you pay only an additional 5% and the Seller processes the payment of residual VAT.
You can be exempt from VAT if you are engaged in a commercial activity that includes yacht rental.
If you are not an EU citizen, you will not have to pay the outstanding VAT, but you will need the boat to be discharged from an EU country. It takes a few days and costs about 600 euros.
TYPICAL PURCHASE PROCEDURE
Finding a boat, you negotiate a price with a broker and arrange. You need to provide inventory for the yacht so that you know exactly what is included in the sale.
You need a lawyer to act for you at the time of sale. Your lawyer will protect you by ensuring that there are no burdens or debts on the yacht, and that the ownership situation and titles are clear.
The lawyer will prepare an MOA (Memorandum of Agreement) indicating all details of the transaction, including conditions, dates and payments, as well as what comes with the boat. This memorandum must be subject to a survey. MOA is signed by both the Buyer and the Seller.
You organize the inspection of the yacht and, on this basis, either agree with the price, talk, or in some cases the wisest action may be to leave!
As a rule, you pay a deposit of 10-20% of the purchase price to your browser as soon as possible in order to have a legally binding agreement. Your lawyer will pay it to the seller after all the necessary documents have been transferred to him.
You must promptly send the remainder of the purchase price to a lawyer in order to comply with the provisions agreed upon when drafting the Memorandum of Agreement. The lawyer pays the seller the full purchase price only after he has made sure that all legal and tax requirements have been incurred by the seller and after all necessary documents have been handed to him by the seller.
As part of the sale process, the yacht will be removed from the register of Greece. If canceled by an official certificate of ownership, the Greek Shipping Registrar will be issued. The certificate will confirm that there are no encumbrances and pledges on the vessel.
In the meantime, you can arrange registration for a boat in your country.
After completing all the documents, you can take your boat here to Greece, or you can arrange for it to be delivered to where you are going to hold it.
You can sail only on your yacht after the sale bill has been issued and officially signed by both the Seller and the Buyer, and the Certificate of Deletion has been issued. Buying a yacht can be a long and bureaucratic process here in Greece, but many of these procedures protect your interests and ensure that the yacht will not have debts or any other financial burdens.
Do not be tempted to take any labels or take any pieces of paper presented to you from an impatient seller, ostensibly to speed up the process.
