Moore Stephens Yachting, which has been advising yacht owners on financial matters relating to registration and ownership for nearly two decades, is expanding its services to help crew members.
For over 100 years, Moore Stephens has a long-standing reputation in the global shipping industry. Moore Stephens Isle of Man has been active in the Superyacht industry for over eighteen years, particularly in the provision of turnkey yachting and VAT solutions.
from Ownership structures, Registration, Tax to Management, Moore Stephens is a complete consultancy solution provider
What do they plan to offer?
Moore Stephens Financial Services will now advise yacht crew on life, medical, disability and travel insurance, savings plans as well as providing planning advice for retirement including its “Yacht Crew Retirement Plan”.
“Crewing a yacht is a special environment, for example, income and gains arising through ‘Offshore’ savings and investments should not generally be subject to taxes, assuming that investor does not have a country of tax residence; most yacht crew the lack of a permanent country of residence which means their banking and financial affairs often can remain in a tax beneficial location,” observes Hawkins, “We see our task to be helping individual crew members take advantage of that while carefully planning for the future.”
We have come across many crew recruiting, hiring, chartering etc websites. I am sure that this would bring a positive change in the working environment of crew members. We can surely expect similar initiatives in other countries. In India right from selling to consulting to financial planning all is catered by the one point of contact (no specialization) so for these services to emerge would still take a long time in a nascent market.
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