I really enjoy your videos David. Have you done one following the process of designing, building and outfitting a new purchase? If not, I would certainly love to see one.
Great series David, I am currently ogling a boat that is located in Croatia, not a 94 footer though :) so this info is very useful for a first time buyer. Thanks
David, I’m very interested in the pros and cons of each type of hull and it’s composition. I’ve heard that it can be difficult or more expensive to insure a steel hull ship, is this true? Why? Apologies if you’ve done a video on this and I’ve missed it. I’m new but thoroughly enjoy your channel and content! Thank you!
Always nice to see. One thing I'm still confused about is when it says "not available to American buyers while in American waters." Is that because of an outstanding debt or because of country of origin or owner's current country or registration?
The language “Not For Sale In US Waters To A US Resident” must legally be added to listings for non-US Registered boats that are in US Waters under a cruising permit and placed for sale by the owner. As the current owner of the boat has not paid the US Import Duty on the boat, a sale cannot legally occur on the boat to a US Resident while she is in US Waters, and a broker cannot legally advertise the boat without making prominently clear that the boat is “Not For Sale In US Waters To A US Resident”. Does this mean that a US Citizen cannot purchase the boat? No, not necessarily.. There are several ways a sale could occur on the boat you are looking at as a US Citizen. The first and preferred way would be for the seller of the boat to purchase a US Customs Entry Bond and pay the US Import Duty due on the boat. Exact rates of the US Import Duty would depend on where the boat was built and can range from .02% to 1.8% of the value of the boat. The second way would method would be an “Offshore Closing” or a closing that occurs in the Bahamas or somewhere else outside of US Territory that is at least 12 nautical miles off the coast. An “Offshore Closing” transaction does complicate matters slightly as potential buyers for boats that have not been US Duty paid cannot board or view the boat while she is US Waters, so the transaction details must follow a strict protocol that abides by the laws of the United States. This will take the coordination and expertise of your broker for a transaction to be completed properly. Many foreign flagged boats decide to delay paying the US duty on the boat while she is being marketed for sale in US Waters as to potentially sell the boat to another non-US citizen who can purchase the boat in US Waters without the owner having to pay the US duty prior to the sale. Now, the Florida Yacht Brokers Association is proposing a change to the US law to allow owners of used foreign flagged boats in US waters with a valid cruising license to offer them for sale to US residents while in US waters, without paying duty, but to date this change has not been made.
I've tried googling Private Insurance Services and nothing comes up. No name like that in any list of results and as it is generic, it just gets beaten in search by everyone as a category who are offering private insurance. What is their website please?
When I was shopping for a yacht, the price to ship a $12.5mil 115' yacht from Genoa to Ft Lauderdale was $150,000, and $160,000 to ship the boat to Singapore.
@@gregpaterson8520 Yes, but also factored in was distance as well. Those where just some of the options listed by the builder when I was looking to buy a boat. And I didn't come anywhere close to buying that boat.
@@steveSmith-pd4st my question is, if buying a new yacht like Azimuth, Ocean Alexander, Sunseeker or one of the yachts that they make a whole line of, I know the Legal is still important but is the assessment still necessary?
@@johngammon7891 Sorry for the delayed response John. All new yachts, as you say from the bigger builders will have to comply with a class specification, eg, RINA etc, they would have been put through rigorous sea trials, so if you were buying a built to order, by say Sunseeker, I would think a survey wouldn't be required.
Is it possible to drive this yacht on a 24 metre leisure yacht license? Or could I theoretically register it in a certain flag state and be able to travel globally without a license?
Thanks for another very well thought out video, Mr. Seal.
Great series of videos David, I really enjoyed them, can't wait for the new build!
Take care of yourself in these uncertain times.
As per usual, very good presentation. As many yachts that you represent, I have always had my heart set on the RMK 58. Currently just a dream...
I really enjoy your videos David. Have you done one following the process of designing, building and outfitting a new purchase? If not, I would certainly love to see one.
Great series David, I am currently ogling a boat that is located in Croatia, not a 94 footer though :) so this info is very useful for a first time buyer. Thanks
Another superb video, David!
It is certainly very sobering to repeat yourself over and over again, but I know why and with you it remains interesting and exciting. Just great.
👍👍👍
Good sound advice from David.
Clarity,excellent.
David, I’m very interested in the pros and cons of each type of hull and it’s composition. I’ve heard that it can be difficult or more expensive to insure a steel hull ship, is this true? Why? Apologies if you’ve done a video on this and I’ve missed it. I’m new but thoroughly enjoy your channel and content! Thank you!
Always nice to see. One thing I'm still confused about is when it says "not available to American buyers while in American waters." Is that because of an outstanding debt or because of country of origin or owner's current country or registration?
The language “Not For Sale In US Waters To A US Resident” must legally be added to listings for non-US Registered boats that are in US Waters under a cruising permit and placed for sale by the owner. As the current owner of the boat has not paid the US Import Duty on the boat, a sale cannot legally occur on the boat to a US Resident while she is in US Waters, and a broker cannot legally advertise the boat without making prominently clear that the boat is “Not For Sale In US Waters To A US Resident”.
Does this mean that a US Citizen cannot purchase the boat? No, not necessarily..
There are several ways a sale could occur on the boat you are looking at as a US Citizen. The first and preferred way would be for the seller of the boat to purchase a US Customs Entry Bond and pay the US Import Duty due on the boat. Exact rates of the US Import Duty would depend on where the boat was built and can range from .02% to 1.8% of the value of the boat.
The second way would method would be an “Offshore Closing” or a closing that occurs in the Bahamas or somewhere else outside of US Territory that is at least 12 nautical miles off the coast. An “Offshore Closing” transaction does complicate matters slightly as potential buyers for boats that have not been US Duty paid cannot board or view the boat while she is US Waters, so the transaction details must follow a strict protocol that abides by the laws of the United States. This will take the coordination and expertise of your broker for a transaction to be completed properly.
Many foreign flagged boats decide to delay paying the US duty on the boat while she is being marketed for sale in US Waters as to potentially sell the boat to another non-US citizen who can purchase the boat in US Waters without the owner having to pay the US duty prior to the sale.
Now, the Florida Yacht Brokers Association is proposing a change to the US law to allow owners of used foreign flagged boats in US waters with a valid cruising license to offer them for sale to US residents while in US waters, without paying duty, but to date this change has not been made.
I've tried googling Private Insurance Services and nothing comes up. No name like that in any list of results and as it is generic, it just gets beaten in search by everyone as a category who are offering private insurance. What is their website please?
privateinsuranceservices.com/
Are there any special considerations when planning to buy a yacht to charter out?
Great info, how expensive is it to ship a yacht if you purchase it in Europe and want it in the US?
When I was shopping for a yacht, the price to ship a $12.5mil 115' yacht from Genoa to Ft Lauderdale was $150,000, and $160,000 to ship the boat to Singapore.
Hey Landshark...is it safe to assume that the shipping cost was based on the yacht length (displacement) rather than its actual $ value?
@@gregpaterson8520 Yes, but also factored in was distance as well. Those where just some of the options listed by the builder when I was looking to buy a boat. And I didn't come anywhere close to buying that boat.
Please put dollar figures back into these videos. You did it for Solo. It would be very nice to know similar information about smaller yachts too.
I tried to apply these tips to buy a canoe aaaaaand I think these tips were a bit over kill on a canoe. keep making awesome videos
what is your opinion on discounts being offered if you agree not to survey the yacht? I have heard about this happening
I would say, after watching the series of videos from David about this subject, a very bad idea!
@@steveSmith-pd4st my question is, if buying a new yacht like Azimuth, Ocean Alexander, Sunseeker or one of the yachts that they make a whole line of, I know the Legal is still important but is the assessment still necessary?
@@johngammon7891 Sorry for the delayed response John.
All new yachts, as you say from the bigger builders will have to comply with a class specification, eg, RINA etc, they would have been put through rigorous sea trials, so if you were buying a built to order, by say Sunseeker, I would think a survey wouldn't be required.
Is it possible to drive this yacht on a 24 metre leisure yacht license? Or could I theoretically register it in a certain flag state and be able to travel globally without a license?
I always wondered how Buying compares to Leasing In Money Terms.
I am pleased to announce that I will never have any of these concerns.
How much price
Teak needs revarnishing? What?
Step 1) Be rich. Seriously though, beautiful yacht. Especially the interior.
Im watching way too many yacht videos. I wouldnt be surprised if the staff member whos getting paid least earns more money than myself
First
Well done!
Yachts For Sale thanks (this is the one positive about lockdown!)