Thinking of purchasing a yacht in Greece?
Congratulations! Embarking on the yacht sales process can be exciting. The feeling of sailing your own vessel across a blank horizon is virtually unmatched.
Go into your purchase with confidence. Here’s what you need to know about buying a yacht in Greece.
Timeline Expectations
The yacht purchasing process will look a bit like this:
- Research. Are you looking for a new yacht? A used yacht? Are you informed on the Greek flag state rules, regulations, and expectations? What is your nationality, and do you need to take extra steps to dock in Greece? You can check out the rest of our blogs for more information on what questions you’ll need to ask yourself before even browsing for a yacht.
- Shopping. We recommend going through a yacht broker. A yacht brokerage makes the sales process significantly more streamlined, not to mention the professional maritime experience you’ll have direct access to throughout your entire journey.
- Inspection. Ensure you have your own look at your prospective yacht first. You’ll also need an official survey carried out.
- MOA. The Memorandum of Agreement (MOA), or purchase contract, protects both parties involved and is essential to the legal process of a vessel purchase in Greece.
- Purchase your yacht. You’ll also have to take care of a few other legal matters (obtaining insurance, necessary qualifications, inventories, documents, visas if needed, and more), but once these elements are sorted alongside the help of your brokerage, you’re free to close on your yacht. You are now a proud yacht owner.
Reservation Agreements
This is how you’ll secure your yacht.
A reservation agreement is typically the first binding step in a Greek yacht transaction. It removes the vessel from the market while you arrange surveys and financing.
Under Greek law, this document is governed by the Greek Civil Code (Law 2250/1994 on maritime private law) and does not by itself transfer title; it simply obligates the parties to proceed toward a formal purchase agreement. What results is protection for the buyer while you sort the finer details.
Yacht registration itself will establish the vessel as under official jurisdiction of a flag state. In this case, the flag state is Greece. When officially registered under a flag state, a vessel is subject to the laws, regulations, and conditions of the country.
Contracts & Deposits
After a letter of intent is issued in the form of a registration agreement, contracts are in order.
In order to purchase a yacht in Greece, both the buying and selling parties will need to sign the aforementioned MOA (Memorandum of Agreement). This is a purchase contract that ensures safety of buyer and seller throughout the purchase process. Typically, MOAs are a hallmark of purchasing superyachts (defined as private yachts over 24 metres). An MOA puts the burden of rejection on the buyer by requiring a deposit.
Bill of Sale
The Bill of Sale legally transfers ownership of the vessel from seller to buyer.
In Greece, a valid Bill of Sale for a registered yacht must include signatures of both parties (buyer and vendor) and be legally notarised. This contract must also be translated to/available in Greek.
VAT & Legal Transfer
VAT can be a complex part of the yacht sales process. Luckily, we’ve got an entire article that breaks down VAT and other fees you’ll have to pay for a Greek flag state vessel.
VAT is typically 24% in Greece. Some vessels you’ll browse will already have this legally paid. These listings will be marked as “VAT-paid.” VAT non-paid vessels need VAT to be paid during the purchase process. All our vessels are clearly marked so you don’t have to guess.
Besides VAT, you’ll also have to pay a monthly fee called TEPAI to legally own a yacht in Greece.
TEPAI costs are as follows:
- 7m < total length ≤ 8m: 16€/month
- 8m < total length ≤ 10m: 25€/month
- 10m < total length ≤ 12m: 33€/month
- Total length > 12m: 8€ per metre/month
Legal transfer of a Greek-registered vessel requires submission of the Bill of Sale to the port authority, payment of any applicable transfer taxes, and updating of the vessel’s registration certificate. The process is handled at the local Λιμεναρχείο (port authority office) where the vessel is registered.
After you’ve taken these steps, you are a legal yacht owner in Greece! Prepare to experience those stunning Greek waters and enjoy the freedom of pleasure craft sailing.
To find your yacht, start on our site. We have both new and used vessels available, and we’ll be with you during every part of the sales process.
