How to Transfer Ownership of a Yacht in Turkey’s Market

Transferring ownership of a yacht in Turkey requires precise steps to ensure legal compliance and a smooth transaction. Understanding the local regulations and processes can make the transfer straightforward. Here’s a detailed guide on how to successfully transfer yacht ownership in Turkey.

1. Gather Required Documentation

The first step in transferring ownership of a yacht is to gather all necessary documentation. This includes:

• Original yacht registration certificate
• Commercial invoice
• Tax clearance certificate
• Buyer’s identification (passport, residency permit)
• Power of attorney (if applicable)

2. Prepare a Sales Agreement

Once the required documents are collected, prepare a sales agreement outlining the terms of the sale. This agreement should include:

• Details of the yacht (make, model, year, and hull number)
• Agreed purchase price
• Payment terms
• Delivery date
• Signatures of both parties

3. Register the Sale with the Turkish Maritime Authority

The next step is to officially register the sale with the Turkish Maritime Authority (TMA). Both the seller and buyer must submit their documentation and the signed sale agreement to the TMA. They will review the documents to verify the transaction.

4. Pay Transfer Tax and Registration Fee

In Turkey, a transfer tax is applicable on the sale of yachts, which is calculated based on the yacht’s value. This tax, along with a registration fee, must be paid to complete the ownership transfer. Ensure to keep all receipts as proof of payment.

5. Completing the Ownership Transfer

After verifying the documents and payments, the TMA will update their records to reflect the new ownership. A new registration certificate will be issued in the buyer’s name. It’s crucial to follow up with the TMA until you receive confirmation of the ownership change.

6. Notify Insurance and Other Relevant Parties

Once the ownership has been transferred, inform the yacht’s insurance company to update the policy under the new owner's name. Additionally, notify any other relevant parties, such as marina management or crew members, to facilitate a smooth transition.

7. Keep Records of the Transfer

For future reference, it’s a good practice to keep copies of all documents related to the sale and transfer. This paperwork will be essential for any future transactions or legal matters involving the yacht.

Conclusion

Transferring ownership of a yacht in Turkey involves several steps, from gathering documentation to registering the sale. By meticulously following these guidelines, both buyers and sellers can ensure a legal and effective ownership transfer. Whether you're buying or selling, understanding these processes will facilitate a smooth transition in Turkey’s vibrant yacht market.