Definition of "Yacht"
>>BTW, I thought if the boat has a galley, a permanent head, and sleeping space for the whole family, then most likely it could be called a "yacht".<<
Actually if it has those, plus a mortgage there is one other VERY IMPORTANT name for it that I''m surprised no one mentioned. That is "Tax Deduction".
With a galley, a head and sleeping space, mortgage interest can be deducted under a "Second Home". Talk you your accountant...