When buying a boat in the EU, one of the main considerations is VAT. As a buyer, you want to make sure that VAT on the yacht has been paid to ensure that you will not be disembarked with a VAT application if your ship is in the EU. In the absence of a ship`s VAT status, the seller can prove a ship`s VAT status to renegotiate the price or insist that the seller be compensated. You can buy a boat for private use or operate it commercially. Whether you are buying directly from boat builders or through a yacht broker/agent or may be ordering the construction of a new yacht or stick boat, we always recommend that you consult Kokkinakis Law before giving consent to the sale. There are often complex legal requirements and contractual issues related to sales and advice before you commit to contributing to what your investment is protected. In addition to legal issues, there will also be the practical aspects of the management, operation and maintenance of the vessel, all of which should be agreed in writing before the purchase of the vessel. Unfortunately, it often happens that many new owners come to us after the purchase to get advice because he or she discovers serious problems with the boat that were not disclosed before the purchase. A first abrupt advice on how to buy a yacht at best, can also be a very smart thing. Do you know what the difference is when you make an offer as an individual or through a holding company? What may seem like insignificant overshights can cause you to spend a very high amount of taxes if you are not careful from the start. We are pleased to advise you with Joint/Multiple Ownership and establish a legally binding agreement that outlines the respective interests of the ship`s owners. Your lawyer can give you all the answers to this and more by feeling safe from a major purchase. Cost savings are important and easy to achieve if you have the experience and knowledge.
That is why, in our field, clients do not see the intervention of a lawyer as another cost. In fact, the instruction of a lawyer becomes an investment itself that can represent significant savings with each purchase. Of course, there is no way to avoid relevant taxes, but why do you risk having to pay fines and potentially penalties for false information? It is absolutely necessary that you know in advance what consequences it will have before making a decision about your purchase. The choice of the right yacht to buy largely depends on your budget, lifestyle and intended use of it. You can be an experienced sailor, a complete beginner in the world of sailing and looking for a boat either for private use or for commercial exploitation. Whether you`re starting from scratch or a boat purchase is something you`ve been considering for some time, we can guide you through the process. In fact, a lawyer has no interest in pushing you to buy. We do not insert fees only if the transaction is made. This is a very important difference between a broker and a lawyer. We are not saying that the exclusive interest of a broker is to sell you a boat and receive its costs, because we only work with the most experienced and serious brokers, whose goal is to make their customers happy. Feeling safe and your risks reduced and protected is one of the best ways to make an investment.
Investments are never 100% safe, but we want to help our customers by reducing the chances of a failure or a bad purchase. Buying a boat can be one of the most expensive items ever purchased, and often the money is exchanged informally under a simple oral contract.