Buying and selling a yacht, or other types of transactions, is a high-value process that requires special legal attention and caution. In Georgia, yacht transactions include not only the transfer of ownership but also a complex set of tax, customs, and registration issues. A yacht is not just material property; it is a watercraft whose legal status affects its operation in international waters. Professional legal assistance during a transaction is a guarantee that the buyer receives "clean" ownership without any hidden obligations, while the seller safely fulfills their financial interests. Through the Legal.ge platform, you can find specialists who provide the full cycle of yacht transactions, from negotiations to final registration of ownership.
What does the yacht transactions service cover?
Legal services for yacht transactions cover a wide range of actions necessary for transaction security. The service includes: Due Diligence of the yacht's legal status, involving checking for mortgages, debts, and other legal restrictions; preparation of the Bill of Sale and protocol documents considering international standards (e.g., MYBA); management of Escrow accounts for financial security; tax consultations regarding VAT status; and support for customs procedures during yacht import or export. Additionally, lawyers will assist you in structuring vessel ownership, registering and managing a holding company (SPV), often used for asset protection and operational cost optimization. Specialists also provide representation in dealings with yacht brokers and maritime registries.
Common real-world scenarios
The need for yacht transactions arises in various real-life situations. A typical scenario is purchasing a new yacht directly from a manufacturer or dealer, where it is necessary to control construction stages and legally formalize guarantees. The second scenario concerns buying a used yacht from a private owner, where it is critically important to check the vessel's history and the procedure for deletion from the previous registry. The third scenario is yacht rental (charter) or leasing, requiring specific agreements to separate operational conditions and liability. There are also frequent cases where yacht owners carry out a refit or modernization and need to sign contracts with shipyards and service providers, which is also part of yacht transactions.
Georgian Legal Framework
Yacht transactions in Georgia are regulated by several key laws. Primarily, this is the Civil Code of Georgia, which defines the general principles of sale and other types of contracts. The Maritime Code of Georgia regulates specific rules for transferring ownership of vessels and their registration in the state register. From a tax perspective, the Tax Code of Georgia is decisive, establishing rules for VAT taxation during the import or re-export of yachts. If the transaction involves an international element, international maritime conventions and rules are applied. A lawyer's participation is necessary to harmonize these laws and maximize protection of the parties' interests within the framework of Georgian legislation.
Step-by-step process when working with a specialist
The yacht transaction process begins with a preliminary agreement (MOU) and a legal and technical check of the vessel. The lawyer checks ownership documents and determines if the vessel is encumbered by any obligations. In the second stage, the main sale agreement is prepared, and the deposit is paid into an escrow account. The third stage involves final inspection and signing the vessel's acceptance act. In the fourth stage, the remaining amount is paid, and the Bill of Sale proving the transfer of ownership is signed. The process ends with the registration of the vessel in the name of the new owner and receiving the relevant certificates. Throughout this period, the lawyer monitors the correctness of documents and ensures secure communication between the parties.
Why choose Legal.ge?
A yacht transaction is a high-risk operation where professionalism is indispensable. On the Legal.ge platform, you will find only experienced lawyers and maritime law experts who have successful practice in yacht transactions. Our platform allows you to select a specialist based on ratings and experience, adding confidence to your decisions. With Legal.ge, your buying or selling of a yacht becomes transparent, protected, and efficient. Find your legal partner on Legal.ge and conduct your maritime investments peacefully.
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