Crew Tax

Taxation on your income is a sticky problem and how much tax you will have to pay will vary hugely. Criteria such as the country you are from, how long you have been away, how much you have earned and how much you have saved all play a crucial part in how much tax you will have to pay.

My recommendation is that once you have been in the field for six months to a year, approach a financial advisor in the country where you officially reside or hope to and get some proper information. If you are South African and you are working on a yacht in France, there is little sense in approaching a French financial advisor. Speak to someone back home who knows the rules and can best advise you.

A good friend of mine was very businesslike with her yachting endeavour and during the fifteen years she worked on board she invested her money wisely, followed her accountants suggestions and advice to the letter. She now owns three homes around the world, is a millionaire and has retired aged thirty eight.

Most crew bank offshore as this can save a lot of aggravation. Many banks have offshore subsidiaries or sister institutions and will be able to advise you on the ins and outs of opening an offshore account. A word of warning however, read the fine print. While offshore accounts might be a great way of getting easy access to your money while avoiding some taxes, bank charges can be extremely heavy. Some offshore banks may charge as much as £20/$38 simply to cash a cheque.