Buying a Yacht in Greece: What You Need to Know About the Legal Process

Buying a yacht in Greece can be an exhilarating experience. The crystal-clear waters of the Aegean and the Ionian seas beckon many to make this dream a reality. However, navigating the legalities of yacht ownership in Greece requires careful consideration. Here’s a guide to help you understand the legal process involved in purchasing a yacht in this beautiful country.

Understanding the Types of Yachts

In Greece, yachts are generally classified into two categories: recreational yachts and commercial yachts. Recreational yachts are intended for personal use, while commercial yachts are available for chartering or other business purposes. Before diving into the legal process, determine which type suits your needs as this will influence regulatory requirements.

Legal Requirements for Buying a Yacht

When purchasing a yacht in Greece, there are several legal requirements to consider:

• Documentation: The seller must provide all relevant documentation related to the yacht. This includes the ship's registration, previous ownership documents, and proof of insurance.
• Due Diligence: Conduct thorough checks to ensure there are no outstanding debts, liens, or taxes on the yacht. This may involve checking the Greek Ship Registry or other maritime databases.
• Survey and Inspection: Engage a qualified marine surveyor to inspect the yacht’s condition, ensuring it meets safety regulations and is seaworthy.

Transfer of Ownership

The transfer of ownership process involves several vital steps:

• Notarized Sales Agreement: Create a sales agreement that outlines the terms of the purchase. This document must be notarized to ensure its legality.
• Payment: Payment should be made through secure means, preferably via bank transfer, once all documentation is verified.
• Registration: After purchase, register the yacht with the Greek Merchant Marine. This step is crucial for legal recognition and to obtain necessary documentation, such as the Greek flag and registration number.

Tax Implications

Purchasing a yacht in Greece comes with tax obligations that buyers must understand:

• Value Added Tax (VAT): If you are buying a new yacht, VAT is applicable, and the rate can be significant. Be sure to check current rates, as they can vary.
• Transfer Tax: This tax is imposed on yachts over a certain value and is calculated based on the price paid.
• Annual Registration Fees: Owners must pay annual fees to maintain their yacht's registration and compliance with local regulations.

Legal Assistance

It is highly advisable to enlist the help of a legal expert who specializes in maritime law in Greece. They can provide valuable support throughout the buying process, from reviewing contracts to ensuring compliance with local maritime regulations.

Consider Time and Resources

The entire process of buying a yacht in Greece may take some time, so patience is key. Ensure you allocate sufficient resources for due diligence, inspections, and potential delays in registration or tax obligations.

Buying a yacht in Greece can be a rewarding venture, offering endless opportunities for exploration and adventure on the beautiful seas. By understanding the legal processes and requirements, you can navigate this journey with confidence and secure your piece of paradise.