Turkey is not only a country with magnificent bays but also a strategic hub in the maritime world, being one of the top three yacht producers globally. However, owning a yacht is not just a vehicle purchase; it is a complex process of yacht registration and maritime law. Here are the details beyond the selection:
1. Preliminary Preparation: Survey and Legal Inspection
When you find a yacht you like, you must look beyond its appearance.
- Technical Survey: An independent surveyor prepares a “condition report.” Osmosis, engine hours, generator efficiency, and the lifespan of electronic devices are determined at this stage. This report is your strongest asset during the negotiation of yacht registration.
- Legal Check-up: A “encumbrance certificate” should be requested from the Port Authority where the yacht is registered. This confirms whether there is a maritime claim, precautionary attachment, mortgage, or unpaid debt from the former crew. In maritime law, some debts “follow the vessel,” making this step vital for a clean yacht registration.
2. Financing and Insurance Process
When purchasing a yacht involves high-cost investments, financial tools come into play:
- Marine Leasing: Financial leasing is a frequently used method for yacht purchases in Turkey, offering specific tax advantages and installment options before finalizing the yacht registration.
- P&I and Hull & Machinery (H&M) Insurance: You must initiate insurance procedures before applying for yacht registration. “Third-Party Liability Insurance” is mandatory, especially for mooring in a marina.
3. Types of Registries: Which One is Right for You?
In Turkey, the yacht registration process is divided into two categories based on the intended use:
- Logbook of Mooring (Bağlama Kütüğü): For private yachts between 2.5 m and 24 m. Processes are digitized and can be tracked via e-Government. The annual license fee for this yacht registration is paid in January based on the length of the vessel.
- National Ship Registry / TUGS: If you plan to operate your yacht commercially (charter), the Turkish International Ship Registry (TUGS) offers significant advantages. Yachts under this yacht registration benefit from corporate tax and stamp duty exemptions.
4. Detailed Required Documents
The following documents are “indispensable” during the yacht registration application:
- Builder’s Certificate: The identity card of the vessel for new builds.
- CE Certificate of Conformity: Compliance with European standards is mandatory for yacht registration in Turkey.
- Bill of Sale or Invoice: For second-hand purchases, the bill of sale must be issued before the Port Authority or a notary.
- Radio License: If your yacht has a VHF radio, obtaining a radio operator’s certificate and device license is a prerequisite for completing the yacht registration.
5. Tax Regulations and the Cabotage Law
The most sensitive point when purchasing a yacht in Turkey is the tax regime.
- VAT Rates: VAT rates applied to yacht purchases can change with periodic regulations. It is important to verify the current rates for your yacht registration with a financial advisor.
- Foreign Flag Restrictions: Following the regulations under Law No. 6770, it has become difficult for Turkish residents to stay in Turkish territorial waters for long periods with foreign-flagged yachts. Therefore, yacht registration under the Turkish flag has become both a legal necessity and a matter of prestige.
6. Delivery and Closing
Once all payments are made and the yacht registration is complete, a “Delivery and Acceptance Protocol” is signed. With this protocol, all responsibility for the yacht passes to the buyer. Additionally, a full inventory check (lifeboats, life jackets, galley equipment, etc.) should be performed at this stage.
Conclusion
Buying a yacht in Turkey is an investment in a lifestyle. However, an incorrect yacht registration or an unchecked debt can turn this pleasure into a nightmare. Therefore, conducting the process with a maritime law attorney and a professional yacht broker is the safest harbor.
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