POINTS FOR SELLERS TO CONSIDER
POINTS FOR BUYERS TO CONSIDER
• With regards to VAT on the purchase price, should delivery be in international waters or within the EU?
• What happens with the crew members? Do I need to terminate their employment contracts? Will they be employed by the buyer?
• Is the superyacht VAT paid? Or is VAT accounted for? Has VAT been reclaimed?
• Are there any special conditions, or items I want left on the superyacht (i.e. transfer of upcoming charters or specific items fixed prior to closing)?
• What will be my owning structure, and do I need a VAT structure set up?
• Are all of the superyacht’s statutory documents in order?
• Do I want to retain the use of the name of the yacht by transferring it to a new yacht?
• Do I want to keep the current crew?
• Will this superyacht be operated privately, or do I want to charter the superyacht?
• Is the superyacht financed? If so, consent from the bank to sell is usually required.
• Do I want a personal guarantee from the ultimate beneficial owner or a parent guarantee of the selling company?
• Is there a list of items to be excluded from the sale, such as my personal belongings or valuables?
• Do I want to keep the same flag? Will the current flag affect the use of the superyacht? What is involved in changing flags? Will the new flag accept this superyacht onto its register as a private or commercial superyacht?
• Who is my broker? Should I enter into a central agency agreement?
• Have all the vested interests in the deal been declared?
• What do I need to do if I am selling with charters in place post-closing?
• Is the buyer known? Who is the ultimate beneficial owner? Do I want a personal/ parent company guarantee, if a single purpose company is the buyer?
• Is the title of the yacht currently clean or is it subject to a mortgage or other encumbrance?
• What are the closing mechanics and how are funds released? What certainty do I have that I will receive payment simultaneously with ownership of the yacht being transferred?
• Where do I feel comfortable with the deposit being held?
• What do I need to do if the buyer is changing flags?
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