Buying Your Boat Abroad and Joint Ownership

May 12, 2013 | No Responses

How to Buy a Boat (Part 4)

Buying your vessel from abroad can be as simple as buying it at home but often than not in turns out to be significantly more complex. A boat broker can give you a great advantage and drastically reduce your workload and the stresses of understanding the legal requirements of buying a boat abroad. The risks involved will be reduced and they will do all liaising and negotiating with the foreign seller or broker on your behalf.

When buying a boat from outside of the EU one of your biggest concerns will be related to tax and ensuring that all fees are up to date in the country of purchase. Inside of the EU your concerns should be related to VAT and without evidence of the vessels VAT status you have some negotiation power.

There are a number of factors that will have to be agreed upon in advance when you decide to buy a boat with multiple people. The management, operations and maintenance of the boat must be considered and there are a number of additional legal requirements to consider such as what happens to one owners share in the event of their death.

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