SALE & PURCHASE
The reality is that you must never underestimate the importance of having a thorough understanding of the legal processes, statutory certificates, transaction documents, tax position and various different forms required for the sale or purchase of a superyacht.
TOP TIPS
• Surround yourself with people who know what they are doing and have a good track record including: surveyor, lawyer, superyacht manager, broker and VAT adviser qualified in the jurisdiction where the yacht is to be imported and used.
• You should consider carefully before signing any personal guarantee which underwrites the obligations of the selling or buying company. This may compromise the ownership structure you have carefully put in place, and it could cause not just tax problems on the sale but wider personal tax complications. • Are there any mortgages, charges or other encumbrances registered against the superyacht? Ensure that these are discharged before delivery and that title is clean and unencumbered. This is a question any prudent buyer should ask and if you are selling, you must ensure that you can present a Transcript of Registry (or equivalent) showing that your superyacht is unencumbered.
• Make sure your form of agreement, special terms and document list are all in writing.
• The most common form of agreement for sale and purchase of second-hand superyachts is the Mediterranean Yacht Brokers Association (MYBA) sale and purchase form, known as the MYBA Memorandum of Agreement (MYBA MOA). Any additional terms or amendments to the standard terms should be recorded (e.g. transfer of any charters currently booked for the season, items excluded from the sale and repair works to be completed by the seller prior to completion of the sale). It is important that any agreements made verbally are recorded in writing.
THE SALE AND PURCHASE OF A SUPERYACHT CAN BE A HIGHLY
EMOTIONAL EXPERIENCE
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