1. NEPA – THE MARITIME COMPANY FOR PLEASURE YACHTS
The Maritime Company for Pleasure Yachts (“NEPA”) is a Greek commercial company which has as exclusive object the acquisition, exploitation and management of Greek flag commercial pleasure yachts.
Main requirements for the establishment of a NEPA:
A) NEPA has a minimum number of shareholders – which is 2.
The shareholders must be Greek or European Union citizens or legal entities. By exception, non- Greek or non- EU natural or legal persons may acquire rights to NEPA shares representing in total less than 50% of the share capital.
B) The minimum share capital required is 10 000 euros to be paid by the founders in full at the time of incorporation. The minimum nominal value of each share is 1 euro.
C) The NEPA is managed by the board of directors, with minimum number of directors of 3, either natural persons of legal entities. Board members can also be appointed a third person, not shareholder.
D) The legal representative of the Company must be insured in Greece. Same applies for directors, who are also shareholders holding at least 3% of the share capital.
2. CHARTERING COMMERCIAL PLEASURE YACHTS IN GREECE
Commercial pleasure yachts are defined in Greek law as pleasure yachts with a capacity for transportation up to 49 passengers, and disposing of sufficient and adequate living spaces for the passengers, and for the exploitation of which a full charter agreement in entered into.
Main requirements for commercial yachting in Greece:
A) Flag requirements:
The execution of a charter, starting and ending in Greece, is allowed for the following vessels:
- To Greek or EU/ EEA flagged vessels, or
- Non- EU/ EEA flagged vessels which are over 35 meters and provided that they are mainly manufactured out of metal or plastic.
B) Registration in Greece:
According to the provisions of the law, all commercial pleasure yachts which operate in the field of whole charter as well as commercial tourist day- ships must be registered at the Greek electronic ship registry (Register of Touristic Boats and Small Vessels).
In order to operate a commercial pleasure yacht in Greece it is required:
- To register with the Greek tax authorities for that activity. For non- Greek companies, it is required to establish a Greek branch.
- Register the vessel’s details in the aforementioned register.
C) Minimum charter days:
Commercial pleasure yachts must complete each 3-year period, starting from the date of their registration in the Registry, a minimum number of charter days, as follows:
-105 days, when they are chartered without a captain and crew
-75 days when they are chartered with a captain and crew
-25 days when they are characterized as traditional, whether they are chartered with or without a captain and a crew.
The requisite number of minimum charter days is reduced depending on the vessels age.
Finally, through our network of cooperating professionals, we may assist you with all the accounting and filing obligations, tax advice, survey of the yacht and compliance with the Greek yachting regulations.
Should you require additional information or clarifications, please contact us.
*The above is for informational use only and under no circumstances does it constitute legal advice.