Posted: 19th November 2016 | Written by: Bruce Maltwood
Withholding tax of up to 33% is being applied to charters in some EU countries and yacht owners may need to consider restructuring arrangements to avoid being caught out. Yacht ownership established in territories such as Cayman, BVI, Isle of Man, Guernsey and Jersey could be liable and the list of countries currently applying this tax includes France and Spain, with more countries likely to come online shortly.
Posted: 4th November 2016 | Written by: Bruce Maltwood
Choosing a yacht ownership structure has never been a simple matter but, with recent changes in legislation, a minefield of tax laws and fierce competition, along comes Brexit to really shake things up. According to Bruce Maltwood, Director of Sarnia Yachts, these changes present a wave of opportunity, putting Malta firmly in the spotlight as a preferred jurisdiction.
Posted: 7th October 2016 | Written by: Jodie Clarke
Yachting has always been viewed as a grey area when it comes to taxation and most crew have only declared their income if their native land recognizes them as exempt. Sadly
with new banking transparency and reporting regulations this is no longer an option, but certain tax breaks can soften the blow.
Posted: 14th August 2016 | Written by: Patrick Maflin
The phone rings and it's your soon-to-be new captain telling you that you got the job! In most cases, your employment contract is the last thing on your mind when you accept. However, whether you will work on an MLC compliant vessel with a Seafarers' Employment Agreement or a private yacht under a Crew Agreement, a valid contract is vital and the devil is in the detail.
Posted: 22nd July 2016 | Written by: Patrick Maflin
Whether you are career crew or just passing through, it's important to make informed financial decisions early on in your career as this will affect your financial options later on, particularly when it comes to investments and buying a property.
Posted: 8th July 2016 | Written by: Patrick Maflin
With uncertainty comes opportunity, and yacht crew will already be reaping the benefits of a weaker Pound if they are paid in Euros or Dollars. For anyone wanting to enter the property market there is also further good news as the Bank of England announced plans to allow banks and building societies to increase their lending, so it will now be easier and cheaper to obtain a mortgage.
Posted: 24th June 2016 | Written by: Patrick Maflin
When the world woke this morning social media and the news outlets were ablaze with the news 'Britain has voted for Brexit'. The UK is in a state of shock and despite the many polls during the referendum, nobody could have predicted this outcome. The question on everyone's lips is what happens now?
Posted: 31st May 2016 | Written by: Kevin Tullett
Voting ‘yes’ or ‘no’ means people will be forced to take a ‘side’ - its easier than sitting on the fence. As Brits, we enjoy a healthy debate but the media is hardly inundating us with facts, so each vote cast on 23rd June will arise from a decision based on uncertainty. As an electorate, we do not know the alternatives to membership. However, many are ignoring that a ‘leave’ vote is likely to be IRREVERSIBLE, while a vote to ‘stay’ can always be reviewed in the future.
Posted: 28th May 2016 | Written by: Patrick Maflin, Marine Accounts
Ever since the referendum was announced, politicians and finance experts have been confusing the general public with crystal ball statistics. So, let’s look at the nuts and bolts and how Brexit would affect you personally as a British ex-pat or crewmember.
Posted: 22nd May 2016 | Written by: Patrick Maflin
The Panama Papers leak revealed details of more than 200,000 offshore entities, the main focus being on senior politicians and public figures. However, the knock on effect for those of us without billions to hide in offshore accounts could mean unexpected tax bills and, at worst, no bank account to store our earnings in.