Commercial Ship Registration Services 

Commercial registration at the Greek Registry

Yachts owned by Greek or EU individuals or legal entities are eligible to register commercially at the Greek Registry of Shipping. The purchase of a yacht for commercial use is VAT–exempt, i.e. a potential buyer does not pay VAT (currently at 24% in Greece) on the value of the yacht. In light of this VAT relief and the liberalization of the charter and cruise operations, the Greek Registry has attracted many new yachts of all sizes during the last couple of years. The yacht maintains the VAT-exempt status (and may operate within and outside Europe subject to the local laws) for as long as she is registered commercially at the Greek Registry.

With effect from the 14th of April 2014, the Law 4256/2014 has introduced several amendments on chartering. More specifically, the charter licence shall be renewed every 3 years (previously 5 years).

The prerequisite to renew and/or maintain the licence is the submission of documentary evidence proving that the yacht was engaged in charter for at least 75 days (previously 200 days) within the 3-year period (or 105 days -previously 300- if entitled to bareboat charter).

It is possible to carry over “charter days” from the previous 3-year period, had the yacht completed more than 75 days of charter (or 105 if applicable).

It should be noted that all Greek-flagged commercial yachts of up to 24 meters may be bareboat chartered.

The most important benefits accrued from registering a Greek-owned commercial yacht at the Greek Registry are as follows:

1. All profits/income are taxed at 0%.
2. Yacht is VAT-exempt.
3.  Discounted marina/mooring fees.
4. Charter Licence is renewed every 3 years.
5. All Greek- flagged yachts up to 24 meters may be bareboat chartered.
6.  Fuel is purchased net of VAT/local taxes.
7. VAT on charter fees is only 12% or 24% if the charter lasts less than 48 hours (payable by the charterers).

A Greek-flagged commercial yacht may be owned/operated by the already known legal entities as an EPE (limited liability company), a Societe Anonyme or the recently introduced Greek company called NEPA (Maritime Companies for Pleasure Yachts). NEPAs in light of the new regulations are a “single purpose vehicle” to own, manage or operate a yacht. All limited companies may be converted into NEPAs but not vice versa. Of course all Greek companies may be owned by other EU companies or individuals (or non EU up to 49%) who must obtain a Greek Tax Registration number and also appoint a Greek person as legal representative in Greece against tax, port and/or other competent authorities.