The following is a brief resume of the usual steps taken from your initial enquiry to completing the purchase of a yacht.
Selection of shortlist.
The list of boats available supplied to you is accurate and available at the time of
preparation. New boats arrive daily and of course some are sold.
From this list please select a few boats which satisfy your requirements. You can
see inventory details of these by "Clicking" on the code number. If you have specific
questions about a particular boat please ask.
The prices on the listing are currency sensitive, most of the boats are offered
in Euro, the prices shown are in Sterling at an exchange rate of 1.585 Euro = £1.
Inspection visits
We will arrange for you to be met in Athens by our colleague who will arrange
accommodation for your stay if you wish and will show you around the shortlist of boats. He will probably also show you other boats which might be of interest. From this initial inspection (often from the outside) you request to further inspect those most of interest to you.
If at this stage you have not seen the right boat, ask to see more. Be quite specific
about what you want and why those you have seen do not satisfy your needs.
Negotiations
Once you have selected the boat you should make an offer, this is made to our agent.
The prices we show are aimed to be as attractive as possible and often reflect the
minimum that the vendor is prepared to accept, please do not expect to be able to
negotiate much below these prices in the majority of cases. The agent will ensure that
the deal struck is understood by both parties. If at this stage you feel that you would
like help from Yacht Fractions please call.
Inspection and survey
Many purchasers require a full survey, others an underwater inspection, a few nothing at
all other than their own inspection.
We have contacts with a number of English and English speaking surveyors and can make
arrangements for you. Typical survey in Athens for a 35’ boat is £350
An underwater inspection can be arranged more locally and may be just the cost of cranage.
Contract - Pre purchase
An initial contract will be drawn up in English, this defines the parties to the deal,
the boat, the inventory, the price, any provisions (eg subject to survey) and a time
scale.
This agreement is known as the MoA (Memorandum of Agreement) it is important that this
is signed and the inventory checked and agreed prior to returning to the UK. This then
binds both parties to the agreement and prevents later alterations to price or inventory.
It is usual to pay a deposit of 10% - 20% within 8 days of signing the contract.
The rest by negotiation.
The contract contains all the usual clauses about late payment, default etc
Currency
All payments are usually made through Yacht Fractions or direct to the lawyer in Athens.
Often purchasers deposit an amount with Yacht Fractions prior to leaving for their
inspection, this will be held on deposit in a client account.
This is used for two payments:
In order to buy forward our bank requires a deposit of 5% of the value
of currency required to be deposited with them. This is held in sterling until the payment date and is on deposit.
There is a transfer fee of £25 per transfer. We do not charge otherwise for the currency service.
Payment
Yacht Fractions (if instructed) will make all payments for you, the deposit will only be
released on sight of a signed Memorandum of Agreement of Purchase and usually a phone
call/email confirmation to pay from yourself.
The Final payment will be paid on sight of the signed Bill of Sale and
your instructions.
Both payments are made to the agents in Athens and not direct to the vendor.
We suggest that you do not make any payment “on the spot”
Bill of Sale
A Bill of Sale will be drawn up for you and the vendor by a Greek lawyer. This will cost
about £400 for EU private purchases and £700 for corporate purchases and non EU purchases
. This fee includes checking the Greek shipping register on which all boats
are registered for ownership and outstanding debt. Also the cost of de-registration from
the Greek register of Shipping.
The Bill of Sale will be signed by both parties and witnessed by the
British consul if signed in the UK or Greek port police if signed in Greece.
If you do not have time to wait for the Bill of Sale formalities and must return to the UK the document will be sent to you. It must then be signed under witness of the Greek Consul (you will find your local officer in the phone book) This usually costs £30.
The Bill of sale is then returned to Athens with a copy of your Passport. If you are buying as a company in the UK the Bill must also be Notorised by a lawyer (usually £35)
VAT
Most of the boats for sale are not VAT paid.This is shown on the details as "no VAT paid"
or "professional licence"
There is much confusion about the liability for VAT, whether, when and where it must be paid. Legally all privately owned boats built after 31/12/84 owned and kept in EC waters must have VAT paid.
Any boat built before 31/12/94 and in EU waters in 31/12/92 and which is privately owned is exempt from VAT
Any boat which is professionally owned by a VAT registered owner or business is liable for VAT when sold to a private owner, this is irrespective of age
VAT rate is 18% in Greece, the value for VAT purposes is not necessarily the value on the Bill of Sale
It is the responsibility of the seller to pay the VAT to the authorities in the country where the transaction legally takes place. It is normal that the seller will require that the buyer pays the cost of the VAT.
The payment of VAT cannot be made in another country.
Any country in the EU to which the boat is taken does not have the right to demand proof of payment of VAT or to require any tax to be made unless there is a suspicion that the boat has been imported from outside the EU and not cleared for VAT.
Moorings and other services in Greece
We are happy to help you to find suitable moorings or to have work done on your new boat.
Transport
The cheapest way to the UK is DIY to the South of France and through the Rhone Canal.
The canal is 6’ deep. The trip through the canal takes about 3-6 weeks.
Transport by sea with a Professional crew from Athens to S. France costs about £2500
Transport by truck across France for a 37’ boat is Euro 2200 + VAT + cranage.
Insurance
The boat should be insured as your responsibility from payment of deposit.
We are happy to arrang insurance for you.
Other questions -- please ask
Return to Buying in Greece Index
 | SaiLinks Marine Internet. To advertise contact Nigel Leak Tel: 01488 657888 Fax: 01488 658157 Email:sailinks@multiplex.co.uk Last updated 1 Nov 2002 cdh |
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