Acquiring or selling a yacht or a commercial vessel can be an exciting experience, but it is often accompanied by a less pleasant reality: the transfer of a registered vessel. It is a formal but complex procedure, which is not limited to the signing of a private agreement, as many people believe.
The legal and administrative framework surrounding the transfer of vessels in Greece requires accuracy, consistency and knowledge of the process. Once a vessel is registered in the Hellenic Register of Shipping, the transfer of ownership entails specific stages, defined by the maritime legislation and the regulations of the Ministry of Shipping and Insular Policy.
Which vessels are concerned?;
The transfer of a registered vessel concerns all vessels registered in the Greek registers - whether they are yachts, professional tourist boats, sailing boats, speedboats, inflatable boats or commercial vessels of smaller capacity. Some vessels, because of their type or size, are registered in the registers, while others, usually private vessels under 10 metres in length, are subject to the sandals. In both cases, the transfer requires different documentation and approvals.
Of course, even the simplest form of purchase and sale - e.g. of a speedboat, a boathouse yacht - often turns out to be quite complex, as it involves complex transactions and many supporting documents and often... unforeseen delays.
What does the Greek legislation stipulate?;
According to the Decree 11/2019 and the relevant provisions of the Code of Public Maritime Law (Law 187/1973), the transfer of ownership of a vessel flying the Greek flag must be officially registered in the register by the competent Port Authority. In order for this to take place:
The presentation of a contract or private purchase and sale agreement (as appropriate) is required
The declaration and payment of the prescribed transfer fees to the Tax Office
The issuing of various certificates
The issuance of various responsible statements
Failure to do any of these can cancel or significantly delay the process. It is worth noting that in some cases a certificate of technical inspection is also required, especially if the vessel is to change use (e.g. from private to commercial).
Practical difficulties and pitfalls
It may seem simple in theory, but in practice the transfer of a vessel's registration is accompanied by several challenges. The first issue is often the correct gathering of all the supporting documents. Many owners are not aware that additional documents are needed depending on the age, type, use and port of registration of the vessel.
A second pitfall is the timing of the authorities involved: the port authority, the tax office and the company managing the vessel - if it is in commercial use. Often, even the slightest inaccuracy (e.g. in the description of the vessel or in the registration number) leads to the need to resubmit the data.
In addition, in cases where the previous owner has failed to report old fines, outstanding insurance claims or technical failures (such as port dues), the new owner may be faced with serious liabilities and costs.
The truth is that, as formal as it may seem, this process is not for everyone. It is no coincidence that many new owners choose to entrust the management of the transfer to professionals with experience in shipping management and administrative procedures.
Knowing how port authorities operate, changes in legislation and best practices speeds up the process and ensures that everything is done right from the start. Those who have dealt with such a case at least once are well aware of the difference between «theoretically easy» and «really effective».
After all, when it comes to high-value assets such as a boat, it makes sense to seek support from people who know the process in depth. YachtingMates is next to you at every step of the process, from start to finish, for a smooth and painless process.
