Purchasing any boat large or small can be one of the biggest financial investments along with any property, that anyone can make. With currency markets changing almost on a moments notice, it is wiser to look elsewhere other than just trust your bank manager to get the best rates available.
The difference in exchange rates is quite often not small change and can buy you a new water maker or chart plotter for your new toy!
Our Partners INFINITY INTERNATIONAL have been working with us for a number of years and can help get you the best exchange rate deal around. Our contact Glenn Tullet who is part of the WORLDWIDE CATAMARANS team, a real nice guy to do business with, highly experienced in his field and comes from a large family background involved the financial services industry.
So, whatever currency you require, USD, Euro, Pound Sterling or Yen! INFINITY INTERNATIONAL are regulated, safe and secure and offer a quick and easy service either buying a boat or a new villa anywhere in the world.
The job’s not finished until the paperwork is done!
Worldwide Catamarans are experienced in Marine Documentation in their own right, but to give clients total peace of mind, we work with a number of specialist marine documentation companies worldwide offering ESCROW facilities for our clients, home and abroad.
Always use a Yacht Broker if you are buying or selling!
When buying or selling any yacht it is more than just writing out a note on a blank piece of paper, “sold as seen tried and tested 1 boat”.
Yacht purchase of even the smallest of boats is like purchasing a house and it is extremely important to obtain clear title of any vessel as a buyer or seller. Any registered vessel in many worldwide locations can have heavy charges, fines or liens attached, TAX owed, a number of shared owners, undisclosed mortgages or even could have been stolen carrying forged papers and changed identity. The yacht could have been corporately owned and the VAT claimed back, therefore it is deemed a VAT unpaid vessel in the eyes of the TAXman.
A marine documentation company can help protect your interests, offer ESCROW account facilities protecting your deposit. They are also familiar with each locations marine law and requirements needed to ensure clean title.
Ships papers are extremely important and need looking after as if lost or destroyed can make any boat unsaleable!!
Be careful, some people will naively part company with large quantities of their hard earned money after falling in love at first sight with a yacht without doing any research. For instance: fairly recently we had a charter company list a 45ft catamaran with us on our brokerage listings, we quickly found a buyer who place a deposit on the boat.
We insisted on the correct paperwork and in the process of doing our own due diligence after some minor discrepancies in the paperwork, we discovered that the yacht was sold from new at 500,000 + EURO each, to 4 separate owners each unaware of the other. In fact when this charter company had the boat with meagre charter income to the owners, but was found to have been chartered for over twenty weeks. It was also later discovered that the new engine the boat needed, all four owners purchased a new engine, all four owners each payed berthing charges, maintenance, damage, insurance. The cat was registered in Germany, Holland, Spain and also on the British SSR (Small Ships Registry). This was a complicated fraud and the guy, who owned the charter company once discovered, just disappeared to the Caribbean with a couple of million Euro in his pocket!!!
It is always a good idea to give copies of all your ships papers in advance of any sale as if there is something missing we can deal with it sooner rather than later before a buyer comes along. It enables something to be done about it rather than having a last minute panic.
PAPERS YOU WILL NEED:
ORIGINAL BUILDERS INVOICE SHOWING VAT PAID STATUS
ORIGINAL BUILDERS CERTIFICATE
E.U. CERTIFICATE OF CONFORMITY
SIGNED BILL OF SALE DOCUMENTS FROM ALL PREVIOUS OWNERS
CURRENT REGISTRATION CERTIFICATE
PROOF OF VAT PAID STATUS
INVOICE FOR TENDER AND OUTBOARD
PAPERS REQUIRED IF OWNED BY A COMPANY
ARTICLES OF ASSOCIATION
CORPORATE RESOLUTION TO SELL
CERTIFICATE OF GOOD STANDING
SIGNED NOTARISED BILL OF SALE SIGNED BY THE DIRECTORS OR NOMINEES SAME AS ON THE REGISTRATION DOCUMENT
BENEFICIAL OWNERS PASSPORT COPY NOTARISED
Normally it is not the end of the world if you have not got all of the correct paperwork, BUT IF YOU HAVE NOT GOT IT, LET US KNOW, SO WE CAN DO SOMETHING ABOUT IT!
Many countries such as the USA these days, will insist on notarised documentation
LOOK AFTER YOUR PAPERS, Use a Broker, employ a Marine Documentation specialist!
• Finance up to 60% subject to status, if the yacht is under a charter management contract!
• Projected charter revenue will be taken into consideration!
• Finance offered on new and previously owned yachts!
• The yacht can be financed between two or more individuals!
• Corporate finance considered.
In the the past few years some of the world leading finance houses have shut their doors after the worlds big financial crises. For a while it was almost impossible to obtain marine finance, unless you left your family as hostage! Mafia finance could arrange finance quite easily, but their instalment plan was said to be simple, they would say “our instalment plan is simple, miss a payment and we beak your legs”!
A few companies started offering finance with heavy security attached, including the boat as security.
Things thankfully have now improved and providing you do have a home base in the country you are domiciled it is a fairly easy process, particularly if the yacht is managed within a charter fleet within a yacht charter contract even on the larger yachts managed by companies such as Fraser Yachts or Burgess Yachts.
The finance companies will also take the projected charter income in consideration, this makes financial sense for both individuals and corporate bodies investing in yacht ownership linked to a finance package.
Your privacy is maintained by working direct with the finance company and not having to divulge sensitive and personal information via the yacht broker.
They will consider finance of both new and previously owned vessels and sometimes will offer up to 60 - 80% of the cost subject to status and occasionally will ask for extra security on property.
Unfortunately still none of the finance companies offer to help with stage payments on a new build, but the builders can be flexible working with a larger up front payment.
Spread the cost over a hundred years and you will not feel a thing! (not quite, but the term of the loan is flexible spread between three, five and ten years) on a reducing balance.
Close Brothers Aviation and Marine - UK based clients
CGI Finance - European clients
Why pay for a survey?
When purchasing any previously owned vessel from WORLDWIDE CATAMARANS or in fact from any yacht broker ALWAYS HAVE A SURVEY!!!!! … and if any broker tells you that because the boat is only a year old, why would you need to pay for an out of the water inspection or sea trial, BEWARE!!!
What you pay out for a surveyors written report could go towards paying some extra equipment, yeah, right! WORLDWIDE CATAMARANS will always without fail, give you this advice: ALWAYS HAVE A SURVEY!!!!!
We want both the buyer and the seller to be happy and able to negotiate a fair deal for both parties. Many owners do not realise that they may have sustained damage on the reef, or have had bad repairs undertaken. Every buyer deserves to know the truth about what he is letting himself in for.
If some serious issues are uncovered by the surveyors report and if they are rectified by the seller or some adjustment has been made in the price to reflect these issues, then no problem is insurmountable.
Even modern vessels with the fairly new resin infusion process have had some serious osmosis issues only a year old out of the factory, which can be extremely expensive to repair.
Osmosis never sunk a boat, but it can seriously affect the resale value, if you want to sell in the future.
Having a good qualified marine surveyor accredited to a governing body such as MCA / MECAL / Bureau Veritas etc can most often save you money far in access of his fees and can aid in negotiation of the asking price.
The surveyor is normally covered by a fully comprehensive insurance policy which in the event of you later finding an issue which he has missed you may have some recompense!
A surveyor will normally offer three stages of survey, such as:
1: Full out of the water survey - checking moisture levels in GRP, checking for impact damage, rudder bushes, for excessive play. On a steel yacht the thickness of steel plate, electrolysis corrosion, propellors, anodes etc, keel bolts, bulkheads, and bad impact repairs. All systems check on /generators / electronics / tender /outboard / and all of the boats systems and also checking the running rigging.
2: Full out of the water survey and sea trial as above, but including a sea trial testing engines under load, testing the water maker, steering etc.
3: Rig inspection - A rig check is not always carried out by the marine surveyor, but normally done by an independent rigging company. This is to check for any excessive corrosion on the standing rigging, bottle screws, steel braided shrouds or bars. Wear can also be evident on the cross trees etc. BE AWARE! Most insurance companies will insist that if the standing rigging is over ten years old you will have to replace it before they will offer you cover!!! Or they may insist a rigger has given a report using ultrasound equipment. The cost of such a rig report can often be half the cost of replacing it anyway.
Most buyers of various nationalities prefer to have a survey done in their own language which is understandable, but some of the various surveyors from some European Countries just have a standard tick box survey report which is next to useless and does not go into adequate detail.
Also make sure that if it is a catamaran for instance that you are purchasing make sure that the surveyor has at least some catamaran experience. We have had surveyors checking boats that we have had on brokerage and they have asked us what ballast is on the boat, also tapping with a hammer stating that the boat is suffering from extreme delimitation, when they were hearing different sound variations from the bulk head positions.
Anyone can call themselves a marine surveyor and set up shop, but make sure they are accredited.
WORLDWIDE CATAMARANS can thoroughly recommend the following Surveyors:
Gary Webster / Marine Survey Solutions
Peter Wallis / Wallis Marine
East Coast - Robert Noyce / R.A. Noyce & Associates
Turning up at a new destination is always exciting, but what is not exciting is turning up and finding out that your chosen marina does not have the space or facilities to berth your catamaran.
Buying your catamaran is only the first step that WORLDWIDE CATAMARANS can help you with, we want to make every aspect of owning your catamaran enjoyable, so we have started putting together a list of Catamarans Friendly Marinas for you.
We are only just begining, so the list is small at the moment, but we will be adding Catamaran Friendly Marinas all the time.