Before purchasing a boat, your questions will be: am I buying the right boat? Am I purchasing at the right price? Do I need to pay taxes? How much will they be? Are there any hidden risks? How can I protect myself if I need some refitting or repair works to be carried out? Do I need to cancel the flag, if so when? What flag should I use? These are of course just a few questions you might need answers to.
Your lawyer can give you all the answers to these and more by making you feel safe before an important purchase. Saving costs is important and easy to do when you have the relevant experience and knowledge. This is the reason why in our field, clients do not see the interference of a lawyer as a further cost. In fact, instructing a lawyer becomes an investment itself which can mean substantial savings on any purchase.
We have had many clients who eventually thanked us for several reasons:
- Thank you for negotiating the price. We saved a lot of money!”.
- Thanks to your due diligence we avoided buying that yacht which had so many hidden problems!” And thank you for negotiating a better offer without risks”.
- Thank you very much for advising us on the best way to purchase and in particular in relation to tax advice which was a huge saving!”.
- We even received thanks "for stopping us to purchase a yacht".
In fact, a lawyer does not have any interest to push you to purchase. We do not make fees only if the transaction is made. This is a very important difference between a broker and lawyer. We are not saying that a broker’s sole interest is to sell you a boat and get his fees, as we cooperate with only the most experienced and serious brokers whose aim is to make their clients happy.
Unfortunately, it is often the case that many new owners come to us for advice after a purchase because he or she discovers severe problems with the boat that were not disclosed before the purchase.
Feeling safe and that your risks are reduced and protected is one of the best ways to make an investment. Investments are never 100% safe, but we aim to assist our clients by reducing the possibilities of a failure or a bad purchase.
A first advice regarding the best way to purchase a yacht can also be a very wise thing to do. In fact do you know what the difference is, if you make an offer as a private person or via a holding company? What might seem like insignificant overshights can make you spend a very high amount of taxes if you do not proceed carefully from the beginning.
Of course, there are not ways to avoid paying relevant taxes, but why risk having to pay fines and potentially penalty taxes because of misinformation? It is strictly necessary for you to know in advance what the consequences will be before making any decision in relation to your purchase.