things to consider when buying a yacht abroad

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Things to consider when buying ayacht abroad

If you are thinking of buying a yacht abroad, there a few key things to consider before

you make a decision. Here is a guide that will help assists you in the decision making

process, depending of course on your budget, lifestyle, and usage. It is recommended

January 22nd, 2016 Author: Steven Geoghegan RSS-Feed

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that you consult a lawyer before making a purchase, as there are certain legal

requirements and rules regarding registration of vehicles abroad that you should

know about.

Things to be aware of when buying a yacht

Buying a second second hand yacht

Buying a yacht can be pretty expensive, which is why a lot of people like to buy used

ones. This is all well and good, but make sure that the money is not exchanged

informally, and that you take the legal route for any financial transaction. This is

essential in case there is a problem with the vessel.

Tips for Buying Second Hand Yacht

Make sure that it is constructed according to the safety scheme standards.

You should receive an authentic certificate of compliance from the

authorities/seller.

You are well aware of the local tax of vehicles abroad

Do not settle for any verbal offers. Make sure that the offer is written down as a

formal contract.

Make a list of all the equipment that comes with the yacht.

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Check seller’s title

Be sure that the person selling you the boat is the actual owner. The owner should

have the right to sell the yacht, and the arrangement should be separate from any

other external financial interests such as mortgages, and loans. If you have decided

to buy the boat, then make sure that you get it registered.

Tips for Checking That a Seller’s Title on the boat Are Legitimate

If you are buying the yacht from a broker, then make sure that they are approved

by the local authorities.

It’s advised you don't place a deposit over the standard 10%.

Scrutinise the yacht before you sign any contract.

Ask the seller to show you the documents of ownership from the time he got the

yacht to current paperwork. The documents should include a bill of sales, and a

building certificate.

Check for evidence of insurance documents, repair services and any mooring

fees.

Contact a law firm of the country that you are purchasing the boat from, so that

they can carry out an investigation.


VAT

Always check the VAT status of the vessel. If the boat was built after 1985 the owner

should be able to provide you with the original VAT paid invoice. Again if you have

any questions concerning VAT then you should consider speaking to and external

broker who will be able to provide you with advice on the documentation. It is

recommended that if the owner cannot provide you with this document, that you

look elsewhere.

Joint or multiple ownership

If you are purchasing a boat with someone else, then there will be an issue of

survivorship. This is what will happen in case one of the owners expires. Again, it is

important that you seek financial help and prepare a legally binding agreement.

Get a Survey Done

The boat may seem in good condition, but you should carry out a survey before

purchasing it. You can even hire a professional surveyor, and can take the yacht on a

sea trial.

Mooring

Don’t settle for a yacht if the seller is does not have proof of ownership.


It is important that you know where you will keep the boat if you won’t be shipping it

home. You might need to keep it at a sailing club or a boat storage lock up. Get

advice from your lawyer regarding locating and purchasing moorings.

Keywords

buying yacht abroad expats buying yachts

About the Author

Steven GeogheganSenior Broker

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