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Buying a boat in a foreign country

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2K views 6 replies 5 participants last post by  smackdaddy  
#1 ·
Hi all,

I am after some advice and feedback on the process of buying a boat in a foreign country.

In my circumstance we are Australians who are looking at buying a foreign flagged vessel in the Med.(Specifically we are looking at buying a Belgium flagged vessel that is lying in Italy).

What I am grasping with here is the actual process of transferring funds on purchase (should I use ESCROW? Should I involve broker?) Plus how to arrange transfer of clear and unencumbered title to my name etc in such a way that I will not get screwed.

I am of the understanding that yes upon purchase I should and will also fairly quickly register the vessel as an a Australian registered vessel in my name.

Anyway would love to hear from anyone that has advice, experience or an understanding in this regard.
 
#3 ·
GREETINGS EARTHLINGS > Are all the manuals for all the machinery and other stuff on board in a lingo you can understand. Are there any unforeseen taxes ? Import or export duties none EU countries Laws governing type of Fuel (red diesel) holding tank discharge legislation. the list goes on and on Take care AS ALWAYS GO SAFE
 
#4 ·
Sup Challo!!

You should email Riley from La Vagabond. He did a brief-ish write-up here (though I don't think it has all the details you need):

How I Bought The Yacht and Afford to Sail | Sailing La Vagabonde

But I bet he'd be willing to give you some tips. And I don't think you could find better hands-on advice. Are you guys going to be doing the trip back to Oz yourselves? If so, can't wait to follow along!
 
#5 ·
Smack back from exile? How are you and the boys?

Last time I popped my head in here you were persona non grata.

The plan is loose and written in sand but yes in our own time after a bit of Med time we will look to do a long cruise back to OZ.

I will drop Riley an email.

Happy to 'use professionals' here but it is a case of also just wishing to have a good understanding myself. Cause well 'Professionals' can also take you for a ride.
 
#6 ·
The first thing I'd be looking at is who actually owns the boat?
Is there a clear paper trail on ownership? Previous bill of sale?
Same owner and names on the current registration?
Can you work directly with the owner on funds transfer?
If escrow, is it in the brokers account or the banks?

On an EU owned and registered boat is VAT paid? Will you be liable for VAT after the purchase.
Is it better to keep the boat registered in Europe rather then de regestering and then re registering in Oz. Will you be liable for OZ duties upon registration?

Lots of questions. Buyer beware! In god we trust, but hang on to your wallet! Repeat, hang on to your wallet!
 
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