Buying a yacht in Italy (Legal Assistance in Yacht Law Italy)
Our maritime law legal department (Yacht Law ITALY) has been assisting foreign clients with the purchase of yachts in Italy for over 20 years.
The construction and purchase of yachts in Italy is a rather complex procedure from a legal and fiscal point of view
It is advisable for the buyer of a Yacht to be assisted by lawyer expert in Italian yacht, maritime law and taxation in order to avoid the risk of problems arising during the Purchase of the yacht.
Steps to be followed when buying a yacht in Italy:
- Initial inspection and negotiation.
Our Yacht Law team will assist you in undertaking your formal offer by drafting a Letter of Intent
This is signed before arranging a viewing and for not waisting time and costs of travelling to view the yacht and find her already sold.
- Memorandum of Agreement
For a great number of yacht transaction, parties very often use the Mediterranean Yacht Broker Association (MYBA) Sales and Purchase Agreement.
- Deposit payment upon signature of the MOA.
10% / 12% of the purchase price of The yacht is transferred into the Stakeholder account, the deposit is held subject to the terms of the MOA.
- Sea trial & condition Survey
You can appoint your own surveyor or if you do not have one in Italy, we can provide a list of expert marine surveyors for you to choose from.
- Bill of Sale signature
Before completing our yacht law team will make sure that all documents are ready, that all the requirements of the Flag state and Classification Society, Insurance etc. have been accurately checked.
- Payment of the Balance
At closing the Stakeholder will release the balance to the Seller against delivery of the yacht and seller’s documents previously listed thanks to your maritime lawyers’ assistance.
Of course the above is just a simplistic list explaining the entire process, and many issues might arise or need to be clarified during the transaction.
The construction and purchase of yachts in Italy is governed by:
■ Navigation Code;
■ Code of Civil Procedure;
■ Yachting Code;
■ International Conventions;
■ Sources of primary and secondary European law.
Steps to be followed for a New Yacht:
If you decide to buy a new yacht, it is advisable to carry out prior due diligence on the legal, technical and financial aspects of the shipyard in order to avoid problems due to possible insolvency or even bankruptcy of the shipyard.
It should be noted that technical due diligence means verifying that the shipyard is actually capable of building and delivering the yacht by the date specified in the shipbuilding agreement. The construction of a yacht is usually a two or three year process, depending on its size. If you are satisfied with the shipyard you have chosen, you can proceed with the contract negotiations (Article 241 of the Navigation Code). You will need to take into account, among other things:
■ Warranties For Defects;
■ The Financial Guarantees that the shipyard can offer;
■ The Applicable Law and Jurisdiction.
Buying and selling pre-owned yachts
After having analyzed the relevant construction issues, it is necessary to highlight the legal aspects involved in the purchase of a pre-owned yacht registered in Italy. Even in this case, it is advisable for the buyer to carry out prior due diligence regarding the seller and the yacht. In particular, if the seller is a natural person, it is necessary to check his marital status for the risk of possible community of property and their financial situation, assessing certain risks, such as if the seller is an entrepreneur. In the case of a legal entity, the relevant corporate documents shall be obtained. It is good practice to check that the yacht is free from any encumbrance and to verify the previous transfers of ownership, particularly for VAT purposes.
You can contact our maritime law legal department
By email: studiolegalesantini@hotmail.com
Tel. 0039 (0)6 3208106
Address: Rome, Via Marianna Dionigi 57
Milano, Via Stradivari 9
