Chartering commercial pleasure yachts in Greece
Take to the sea and participate in Greece’s its world-leading maritime economy
Greece has always been a major maritime nation. Its shipping industry combines with world-renowned tourism industry to become the two most important sectors of the national economy. The Mediterrean nation is one of the top yachting destinations worldwide and attracting people from all over the world thanks to its fantastic climate, huge variety of islands, and of course the incredible azul-colored coasts.
What’s more is that these types of businesses enjoy significant tax breaks and advantages, so the investment climate is much more attractive than some other businesses throughout Europe.
How can a lawyer help me?
The process behind obtaining a commercial charter license is long and complex. Entrepreneurs and business owners who are not familiar with Greece and it’s maritime regulations and company formation procedures can get lost in translation, which leads to unforeseen hurdles and complications. This slows your market entry and get even take valuable funds away from your precious start-up capital.
Our Greek corporate lawyers will guide you through the company incorporation process, whether it’s a subsidiary or branch office that is responsible for the boat’s administration. Lexidy’s corporate maritime experts will help create an NEPA, which is the maritime company for pleasure yachts, as well as obtain a Greek tax registration number and register the vessel under a Greek flag. We’ll also guide you through how to register the boat with the special registry of touristic yachts and small vessels, and apply for a Greek charter license.
The team at Lexidy LegalTech Boutique has years of experience working all clients the world over and their company formation needs. We regularly work with businesses of all sizes throughout the country’s economic centers to position new entreprises for success.
¨We will be with you each step of the journey.¨
Where do I get started with commercial yachts?
Any individual planning to charter in Greek waters must apply for a charter license and this covers all commercial pleasure yachts. Whether they are registered with a Greek registry, listed in an EU registry or officially documented elsewhere. The charter license is issued by Greece’s Ministry of Marine.
For commercial yachts bearing a flag from a non-EU nation or those with flags outside the European Economic Area, they can also perform charters in Greek waters under certain technical conditions that met a high standard of safety. This includes:
- Being constructed and manufactured mainly of metal or plastic
- Having an overall length of more than 35 meters
- Possessing a carrying capacity of at least 12 passengers
The existing legal framework in relation to NEPA allows for significant tax advantages, such as no income tax on profits.
How to obtain a charter license?
The process to apply for a commercial charter license in Greece follows the process outlined below:
- Obtain a Greek Tax Registration Number from the relevant local tax authority
- Register with the special Registry of Touristic Yachts and Small Vessels
To obtain a Greek Tax Registration Number, the vessel’s owner, whether it’s a company or an individual, must establish a branch office in Greece or incorporate a Greek Private Company.
What are the requirements?
For the registration of the boat with the Registry the following documents must be submitted:
- Certificate of Nationality of the boat
- Inspection Certificate issued by an authorized shipping surveyor organization
- Confirmation from the relative tax authority for the commencement of the activity
- Valid insurance policy
How can I operate a commercial pleasure yacht?
Most business that operate or plan to operate commercial yachts in Greece must execute the following steps:
- Incorporation of a subsidiary company/branch office for the administration of the boat
- Establishment of a NEPA – The Maritime Company for Pleasure Yachts
- Obtaining a Greek Tax Registration Number
- Registration under the Greek Flag
- Registration of the boat with the special Registry of Touristic Yachts and Small Vessels including assistance in collecting all required documents
- Application for a Greek Charter License
What’s the process of getting the NEPA?
Greek-flagged commercial yachts must be mostly owned or operated by a special purpose Greek company called NEPA. This is a maritime company for pleasure yachts that exclusively acquires or manages of pleasure yachts under the Greek flag.
A NEPA is created for a specific time period, which is defined in its articles of association but cannot exceed 30 years. The minimum share capital need for a NEPA is €10,000 euros, which must be paid in full at the time of incorporation.
Only EU or EEA citizens or legal entities can acquire shares in a NEPA. However, the articles of association may allow citizens or legal entities from other countries to acquire such rights as long as they are less than 49% of the share capital.
The NEPEA is managed and represented by a Board of Directors, which is composed of at least three member. They can be either natural persons or legal entities but don’t necessarily need to be shareholders. The members of the board are elected at a general shareholders meeting, with the exception of the first members, who appeared in the Articles of Association.
We are a department formed by qualified legal experts who have been trained in the field of corporate law. We work on these requests every day and it’s our passion. For us, Lexidy is a way of life and what excites us the most is to be able to deliver the happiness and satisfaction of a successful corporate process. We want to help you achieve your goals and dreams.
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