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  1. #21
    Join Date
    Feb 2004
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    Boat (now back in) the Clyde
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    5,646

    Default Re: Sale of boat in Greece - how to handle € cash?

    Quote Originally Posted by colind3782 View Post
    With current money laundering regulations, cash is a pain in the arse. Get him to "launder" it himself and do a bank transfer to you. If not, you may find yourself in an awkward situation later.
    Yes, if according to posts #17 & #18 cash transactions of that size are illegal in Greece, the OP could be breaking the law if accepts the payment, as much as the buyer for offering it. Got a good Greek criminal lawyer for your defence?

    (It is hard to think of any legitimate reason why more than €50 or so of cash would be used these days in any Western country)
    Last edited by dunedin; 01-09-19 at 16:37.

  2. #22
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    Apr 2018
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    Mooring, Faro
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    1,688

    Default Re: Sale of boat in Greece - how to handle € cash?

    Quote Originally Posted by dunedin View Post
    (It is hard to think of any legitimate reason why more than €50 or so of cash would be used these days in any Western country)
    Thankfully, the black economy still thrives but it's much harder to bank the proceeds these days. Any unusualy large account transaction whether cash or cheques is likely to attract questions.

  3. #23
    Join Date
    Jan 2003
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    in limbo at the mo.
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    7,772

    Default Re: Sale of boat in Greece - how to handle € cash?

    (It is hard to think of any legitimate reason why more than €50 or so of cash would be used these days in any Western country)
    I am sorry but that is simply not true, i pay in cash wherever i go, if we have a meal that costs more than that, i will pay in cash, we have Greek accommodation for holidays that we pay in cash, are you seriously saying that i should pay in plastic and pay more? i don't think so, each to their own, i know what i do! It really is no consequence to me who fiddles the tax, my wallet is what matters, as to the 500 limit in cash, that is a joke, i know how they get around that, having lived in Greece for over 10 years
    After saying that, i do agree with what Tony Cross says, be careful, very careful, they are masters at the art of tax evasion!
    Last edited by Davy_S; 01-09-19 at 18:12.

  4. #24
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    Jan 2004
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    Med
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    6,203

    Default Re: Sale of boat in Greece - how to handle € cash?

    Quote Originally Posted by Davy_S View Post
    I am sorry but that is simply not true, i pay in cash wherever i go, if we have a meal that costs more than that, i will pay in cash, we have Greek accommodation for holidays that we pay in cash, are you seriously saying that i should pay in plastic and pay more? i don't think so, each to their own, i know what i do! It really is no consequence to me who fiddles the tax, my wallet is what matters, as to the 500 limit in cash, that is a joke, i know how they get around that, having lived in Greece for over 10 years
    After saying that, i do agree with what Tony Cross says, be careful, very careful, they are masters at the art of tax evasion!
    I just laugh when I read this stuff , I can only think this site must have the most law biding people on this earth ,
    I sure if I had my boat up for sale and someone said he would only pay half by bank draft and the half by cash take it of leave it I know what I do .
    As long as the OP has prove how he got the money there no case and as the guy going to pay some by bank drath or what ever he going to have the guy details .
    Any way as I keep saying we have no idea the amount we talking about , it could be 5K not everyone got 60/100K boat .
    And just to answer the OP question , yes I have on my last boat three years go ,
    the cash when in my account after a chat with the bank manage who only interest was why I was banking sure a large amount . Not heard anything since , and I have a very good relationship with the buyer to this very day .
    Last edited by sailaboutvic; 01-09-19 at 19:28.
    Warning forumite dyslexia near by
    www.bluewatersailorcroatia.webs.com

  5. #25
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    Jan 2004
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    Med
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    Default Re: Sale of boat in Greece - how to handle € cash?

    Quote Originally Posted by dunedin View Post
    Yes, if according to posts #17 & #18 cash transactions of that size are illegal in Greece, the OP could be breaking the law if accepts the payment, as much as the buyer for offering it. Got a good Greek criminal lawyer for your defence?

    (It is hard to think of any legitimate reason why more than €50 or so of cash would be used these days in any Western country)
    I almost buy everything in cash , I just paid out £500 for a course computer in cash .
    Last year in Greece we brought new sails , in cash and a new set of batteries bank in cash , I love cash .
    In a few months I will be hauled out and all that will be done in cash .
    I will go to a cash machine and withdraw cash , I not met anyone yet that when I said about paying in cash they said sorry no can do .
    You can always do a deal when you pay in cash , and I love doing a deals.
    Warning forumite dyslexia near by
    www.bluewatersailorcroatia.webs.com

  6. #26
    Join Date
    Apr 2019
    Location
    Wales
    Posts
    917

    Default Re: Sale of boat in Greece - how to handle € cash?

    Quote Originally Posted by sailaboutvic View Post
    I will go to a cash machine and withdraw cash , I not met anyone yet that when I said about paying in cash they said sorry no can do .
    In the UK it's starting to be more, "Oh you're paying in cash, that'll be extra." or, "Paying by card? You get this much off your bill.". Personally I'd never pay by cash, too expensive.

    Sure that's £15,000 to you, but to me that's £15,000 debt and £50 interest income to me, to pay back as and when I like. Minus the interest income, I get to keep that .

  7. #27
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    Jan 2004
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    Med
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    Default Re: Sale of boat in Greece - how to handle € cash?

    Quote Originally Posted by Luminescent View Post
    In the UK it's starting to be more, "Oh you're paying in cash, that'll be extra." or, "Paying by card? You get this much off your bill.". Personally I'd never pay by cash, too expensive.

    Sure that's £15,000 to you, but to me that's £15,000 debt and £50 interest income to me, to pay back as and when I like. Minus the interest income, I get to keep that .
    I not been back in the uk since last Dec , when I brought a new iPad , filled a car with fuel, and brought present for family , all in cash .
    Warning forumite dyslexia near by
    www.bluewatersailorcroatia.webs.com

  8. #28
    Join Date
    Jan 2013
    Location
    Agios Nikolaos, Crete
    Posts
    6,356

    Default Re: Sale of boat in Greece - how to handle € cash?

    Quote Originally Posted by sailaboutvic View Post
    As long as the OP has prove how he got the money there no case and as the guy going to pay some by bank drath or what ever he going to have the guy details
    This is the problem. Any Greek bank into which the seller tries to deposit said large amount of cash will need a paper trail proving that he didn't get the cash from black market trading. He no doubt will point at the buyer who will deny all knowledge of it and point to the bank transfer as full and final payment for the boat. That will leave the seller most likely looking at a tax demand from the Greek authorities based on their default assumption that it's black market money. He will also probably have problems moving that money into the UK, the bank there will also want a paper trail showing where the money has come from.....
    Mostly harmless....

  9. #29
    Join Date
    Jun 2001
    Location
    Haslemere/ Evia Island
    Posts
    7,449

    Default Re: Sale of boat in Greece - how to handle € cash?

    Quote Originally Posted by Tony Cross View Post
    This is the problem. Any Greek bank into which the seller tries to deposit said large amount of cash will need a paper trail proving that he didn't get the cash from black market trading. He no doubt will point at the buyer who will deny all knowledge of it and point to the bank transfer as full and final payment for the boat. That will leave the seller most likely looking at a tax demand from the Greek authorities based on their default assumption that it's black market money. He will also probably have problems moving that money into the UK, the bank there will also want a paper trail showing where the money has come from.....
    Bill of sale???? what amount on it. - Only half the amount (ie the bank transaction) and thats Fraud.

    What has not been mentioned is the danger of bank transfers across boarders. It might arrive in your account, and your bank will say it is cleared, but it is not actually cleared for some time and the money can be called back - thats how some of the scams work when you get a good price for the sale of a car, and your bank says its cleared - but its not actually properly cleared. You loose your money. Fine if its a SEPA payment - thats a complete transaction in one go.... but they do it the old fashioned chaps way.

    Lots of dogy 100 and specially 500 euro notes around. The 500s were especially for the italian money laundering market.

    It sound dodgy - have you met the guys?
    Last edited by Chris_Robb; 02-09-19 at 11:12.

  10. #30
    Join Date
    Jan 2005
    Location
    Winter in Kent, rest of the year on board
    Posts
    478

    Default Re: Sale of boat in Greece - how to handle € cash?

    Quote Originally Posted by Chris_Robb View Post

    It sound dodgy - have you met the guys?
    Thanks Chris; I haven't met him since the 'offer' was made to the yacht broker handling the sale. However judging by the responses made by the forum so far, I will be advising him against proceeding any further.

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