Buying a Yacht Abroad? Here’s all you need to know

Buying a yacht in another country has a lot of attractions. Of course, pricing is a big factor, but so is the sheer number of new and secondhand boats available. After all, British dealers tend to supply boats that reflect the more conservative criteria of mainstream UK demand to preserve a long-term profit.

 

As a result, there are a lot of brands and models in countries like Holland, France, and Spain that aren’t commercially imported into the UK, so if you buy abroad, you can find boats that are customized to your specific needs rather than the demands of the general UK market.

Follow the below-mentioned tips if you are thinking of buying a yacht abroad:

1. Consider Boat Mechanics:
Your ideal boat might be perfect from the outside as well as have a perfect interior. But if you’re buying the boat from abroad, it is most likely fitted with their requirements and gears. For example, the charging outlet is different in different countries. While problems like these may be readily resolved during a refit, before getting the boat, get it inspected by a third party to ensure you understand the degree of any adjustments you’ll need to make.

2. Consider currency exchange and cost in transit:
When buying a yacht in another country, you’ll almost certainly have to deal with currency exchange. The value of a foreign currency might change by the minute, costing you a lot of money. To avoid this, a foreign exchange specialist such as NewbridgeFX can help you protect against exchange rate volatility. You may also have to return to the UK with your new boat. More power to you if you sail it yourself, but you’ll most likely be paying for shipment or a crew to sail it for you. To avoid unpleasant surprises, factor these possibilities into your price range.

3. Always get help from a broker:
Purchasing a boat from another country necessitates navigating the murky waters of international contracts, rules, and currency. It’s usually a good idea to engage through a boat / yacht broker rather than dealing directly with a private seller to avoid difficulty and distress. Your broker serves as a barrier between you and the seller and can prevent you from awkward circumstances. They’ll explain your contract to you and make any required changes, assuring your safety.

Get in touch with NewbridgeFX to discuss how we can save you money on your international payments, and protect you against exchange rate movements

NewbridgeFX:
Products

NewbridgeFX offers a specialist service in the deliverable foreign exchange market, promoting a range of products and services, available online or over the phone. Our products have been designed to meet the needs of our clients. A lot of these products are ways for businesses, and individuals, to manage and mitigate currency risk, and are used frequently during times of increased volatility. Alongside up to date foreign exchange related market news, which works in tandem with our range of products. 

Spot Contract

Lock in an exchange rate for immediate onward settlement. Funds can be received the same day.

Forward Contract

Lock in an exchange rate today, but for settlement at a later date that suits you, up to 12 months in the future.

Market Order

We monitor the markets real time and take action to trade between currencies when your desired rate is achieved.

Rate Alerts

Set an alert for phone or email notification when an exchange rate has be achieved to take advantage at the best time.

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