Are you in the market to purchase a yacht?
Kokkinakis Law can provide expert legal guidance on:
- yacht purchase agreements,
- yacht new construction contracts,
- yacht financing,
- yacht insurance contracts,
- yacht flag selection,
- yacht registration,
- liability & tax implications, and
- yacht corporate ownership structures.
Choosing the right yacht to buy will largely depend on your budget, lifestyle and the intended use of it. You may be an experienced seaman, a complete beginner new into the world of yachting and looking to buy a boat either for private use or to operate commercially. Whether you are starting from scratch or perhaps a boat purchase is something you have been considering for some time, we can guide you through the process.
New Yachts:
You may be buying a boat for private use or to operate it commercially. Whether you are buying direct from the boat builders / manufacturers or through a yacht broker / agent or perhaps ordering the construction of a new yacht or stock boat we would always recommend consulting Kokkinakis Law in advance of agreeing to the sale. There are often complex legal requirements and contractual law issues surrounding the sale and taking advice before you commit yourself will help to ensure your investment is protected.
Second hand Yachts:
Buying a boat can be one of the most single expensive items ever purchased and often money is exchanged informally, under a simple verbal contract. It is not until something goes wrong that parties wish they had gone along the legal route from the outset, thus avoiding expensive & unnecessary headaches.
Whether new or second hand
there are numerous points you must be aware of and consider.
Contact us us for an informal discussion before you commit to a sale.
Avoid many of the common mistakes made!

Buying abroad–outside of the EU
If you are thinking of buying a yacht abroad, enlist the help of Kokkinakis Law to help guide you through the process. We can liaise with the seller / broker and reduce the risks involved in buying a yacht overseas. One of the main risks is getting the seller to warrant that the tax and duties of the territory in which the yacht is being purchased have been paid. You will also need to be aware of any tax free temporary importation rights for yachts being bought outside of the EU.
Buying abroad–within the EU
When buying a boat within the EU, one of the main considerations is VAT. As a buyer you will want to be satisfied that the VAT on the yacht has been paid to ensure you are not landed with VAT demand when your vessel is in the EU. In the absence of the seller being able to prove the VAT status of a vessel, use this to re-negotiate the price, or insist on an indemnity from the seller.
Joint or Multiple ownership
If two or more persons buy a boat together, an important consideration will be the issue of ‘survivorship’ and what happens to the deceased owners share in the vessel in the event of their demise.
As well legal issues, there will also be the practical aspects of managing, operating and maintaining the boat, all of which should be agreed in writing prior to the vessel purchase.
We are pleased to offer advice on joint/multiple ownership and prepare a legally binding agreement which sets out the owners’ respective interests in the vessel.
Insurance:
Taking out insurance for your vessel is vital for the protection of your boat, its passengers & crew, other vessels and any claims made against you by 3rd parties. Before choosing an insurer, consider the options very carefully and always use a recognized and reputable marine insurance company, be wary of cheap quotes! The type of insurance you need depends largely on the type of boat you have, how it will be operated and where the boat will be used, for example non-tidal waters, coastal cruising, full-coastal and sea-going cruising. Make sure the insurance covers the value of the boat (including contents) and its liability for collisions or injuries at sea. Depending on the size of the boat you may want hull coverage and protection indemnity coverage (P&I). We are here to help and provide the right advice regarding your vessel’s insurance arrangements.