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Life on the open sea

Mortgages for property buyers living and working on yachts

If you have lived and worked yachts, you will know that it is a lifestyle unlike any other and with this comes a unique financial profile. We are often asked if it possible for such clients to take out finance to buy a property in Spain and for this reason, we have dedicated this page to confirm that we are able to assist.

We have arranged many mortgages for superyacht crew members who are exempt from income tax liabilities, meaning they do not have tax declarations to support their stated earnings. However, the fact that you work on a boat doesn’t disqualify you for a mortgage. In fact, many of our clients are crew members on yachts based in Mallorca and Ibiza – two of our strongest markets.

You will need to pass the bank’s affordability criteria as you would if you lived onshore and whilst you don’t have a tax declaration, as long as you can prove your income, we can help. You may be asked for 2 years of bank statements, 6 months of payslips and an employment contract.

One obstacle that may arise is the money laundering prevention check. As long as you can provide a valid proof of address, this should not be a problem. We have plenty of experience in this field and will assist clients if there are any issues related to the banks anti-money laundering procedures as a result of you not having a fixed abode on land.

Exclusive mortgage conditions

With the volume of business we process in the Spain, we are able to negotiate the very best conditions with our banking partners; far better than those that may be available to our clients should they go to the banks directly. In fact, some of the terms we have recently negotiated for properties have been some of the best mortgage conditions we have ever seen!

You will benefit significantly by using our service and this is especially important in Spain right now, following the introduction of the new mortgage legislation whereby some banks are no longer offering certain fixed rate products to clients earning in currencies other than Euros. There are also wealth tax implications to consider which can be offset by having the correct finance in place, particularly when you are living or working on yachts

Mortgage process for buyers living and working on yachts

Once the mortgage is approved, whether with a local bank or on the Spanish mainland, the process remains very local. We have local representatives who know the island inside out and have experience with yacht cases; we also work with local lawyers and valuation companies (all approved by the Bank of Spain) to ensure our clients receive the very best service all the way through to completion.

And finally, on completion day, a representative of the local bank branch will sign the mortgage on behalf of the bank and our clients can continue to manage their everyday banking requirements locally thereafter.

We look forward to sharing the experience with you and helping you to secure your dream property