Buying Process in Turkey
The Yacht Purchasing Process in Turkey
It’s that time in your life when the temptation overcomes the practicalities: you have to own your own yacht. (Even if your spouse says you can’t). Here are some guidelines to consider when beginning your search for the perfect boat.
Steps to Consider
- Decide what the primary purpose will be for the boat. Will it be used privately, placed in commercial charter or a combination of both?
- Will it be a new build or a second hand boat?
- Do some serious internet research on the cost of both berthing and maintenance in the port/country you plan to keep her.
- If going through a broker, make sure they are a reputable business with the correct accreditation. They should have a registered marine business and be a member of the local Chamber of Shipping and have certification to prove this.
- If buying from a private person, a broker will still be required for the paperwork.
- A written contract and a bill of sale are enough for ownership transfer but depending on the flag, some visits to the translator and notary will be necessary.
- Do not get hoodwinked into a 50%/50% deal with either a “broker” or an individual.
Additional Considerations
- A foreigner cannot own a Turkish flagged boat if the yacht is Turkish flagged; a flag change will be required. This is not inexpensive and costs start at approximately 5000 Euro. These costs will vary depending on boat size and which new flag is desired. There are many foreign flagged boats already in Turkey so buying one of these can reduce the expense and paperwork.
- The seller should provide reliable information about the technical features of the yacht, recent photos and an accurate list of what work it needs as well as a recent ”walk-through” video of the yacht.
- Prices are usually negotiable and you will see some real bargains out there but always remember that you get what you pay for.
- A survey of some description should be done although this does not necessarily mean lifting the boat out. There a number of local, qualified surveyors that speak good English available.
- Make sure you allocate enough time when visiting for inspections and be prepared for some travelling.
