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Legal & Finance
WYCC 'French Law' is the first retirement plan for seafarers created in accordance with the French Decree 2017-307 of 9 March 2017. The program was submitted and approved by members of the French government, ENIM and Maritime Affa...
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Property prices have risen sharply in Paris and the market on the Côte d’Azur remains strong, but savvy buyers can still find deals that offer access to the coast and yachting lifestyle. As a UK and overseas property professional ...
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When it comes to buying, converting or building a superyacht, insurance can sit a long way down the priority list but a certain level of insurance is mandatory, and can be a godsend if something does go wrong. But recent events su...
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Now that the furore surrounding the implementation of the French Decree on social security for seafarers who are resident in France and working on a foreign flagged vessel has died down, John Cook surveys the options available to ...
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Setting up superyacht ownership structures requires expert knowledge amidst a legal and fiscal landscape that is constantly evolving. However, if there’s one person always in the know it’s Chris Allix of Dominion Marine, so we cau...
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Sarnia Yachts give us an insight into the world of Malta Limited Partnerships. Also known as a partnership ‘en commandite’ (or Malta LP), they provide a practical and secure method of yacht ownership. They also provide transparenc...
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Superyacht crew insurance has barely changed in a decade, despite critical shifts in social policy. Updated solutions are needed. Based in Florida, the international insurance brokers SGRM, have partnered with WYCC Luxembourg, to ...
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The Mediterranean summer season is in full swing with clients deciding whether or not and how to sail in Europe. As the superyacht industry is aware, European Customs are getting stricter with regard to the operation of superyacht...
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Whenever we read about VAT in the superyacht industry we see the phrase ‘use and enjoyment’, but what exactly does that mean? The rules and rates vary between EU member states but they are determined by the state where usage comme...
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Last year, Dominion Marine took the opportunity to rebrand its entire business and launched their new ‘DM84’ image and website reflecting the pedigree of a company built on over 30 years of success in the superyacht industry.
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The UK has some of the tightest financial regulations in the world, but the offshore environment still lacks the same level of client protection. Many superyacht crew have fallen prey to bad financial advice, so Johanna O'Brien of...
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Life insurance. One of the dullest topics on Earth UNTIL it becomes urgently necessary. That’s when you wish you had paid a lot more attention to it. Taking the time to get it properly organised, especially in a profession entaili...
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It is well known within the yachting industry that the EU Commission has issued a notice to Malta and Cyprus that they intend to commence infraction proceedings against them in relation to their leasing schemes. We understand that...
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One of the themes discussed at the recent Superyacht Investor Conference was yacht management and its role for both the owner and the captain. Sarnia’s Steven Marquis summarises why effective yacht management brings value for mone...
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Have you ever heard of anyone outside of the yachting industry able to save more than 80% of their salary? It’s practically impossible unless you’ve managed to somehow wangle free accommodation and live like a hermit. But for crew...
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It would seem there are already a number of people that believe the proposed amendments to the French Social Security Decree will solve the issues that have been concerning the yacht sector since the Decree was first announced in ...
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Despite the recent changes to stamp duty and mortgage tax relief, making some investors question the reliability of Buy to Let Investments as an asset, they will always remain a staple when it comes to investments in the UK.
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As of the 1st of September 2017 in the UK, HMRC started receiving details of bank accounts, trusts and holdings as a result of the Common Reporting Standard. So if you've just finished a busy çharter season and you haven't yet dec...
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The French social security decree (No 2017-307 of 9 March 2017) has been a hot topic for much of 2017. The implementation has not been smooth, creating confusion, uncertainty, alienating French and non-EU crew and resulting in a s...
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Back in the day of Henry VIII, life aboard a naval warship was akin to being in prison with the added danger of being cannonballed, drowned or killed by primitive medical care. Thankfully conditions have improved and these days yo...
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For a yacht to be in free circulation within the EU it has to have been supplied in the EU, imported into the EU or grandfathered in by way of VAT exemption on age. If your yacht was supplied in the EU as a domestic supply with VA...
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It's Groundhog Day... you save and you spend. You save and you spend. The cycle never stops. You're a hamster on a treadmill - spinning away, yet standing still. Don't get me wrong, yachting is a lot of fun, and there are far wors...
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Eventually the time comes for all yacht crew to address their tax situation and to accept that this is inevitability, not a choice. There are still so few UK/EU resident crew who are aware of the existence of SED, or that taking a...
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Following news of changes to the French Social Security system, for many yacht crew the implications remain clear as mud. Having scrutinized every point, John Cook cuts through the confusion to summarize exactly what you need to k...
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In the words of David Crosby ‘You got to speak out against the madness, you got to speak your mind if you dare’. The yachting community definitely spoke its mind yesterday evening in response to the French Decree (Décret no.2017-3...
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Following the announcement on 9 March regarding upcoming changes to French Social Security Laws, Marine Accounts has received numerous questions from concerned seafarers about how these changes will affect them. Here's a quick ref...
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The Maritime & Coastguard Agency (MCA) has now published MIN 543 (M): Sea Service Verification on Large Yachts, outlining revised arrangements for the verification of Sea Service Testimonials (SST) for seafarers working on large y...
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While the USA and Canada hold bilateral social security treaties with France, Australia and New Zealand do not. So what are the implications for AUS and NZ yacht crew when new French social security laws come into force on 1 July ...
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Does your hull insurance cover towing and salvage costs? In the event, a salvor may be a professional salvage company or the captain of a commercial yacht and, if successful, they are entitled to charge a fee. What many people don...
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Many UK yacht crew are aware that they can file tax returns under the Seafarers Earnings Deduction (SED) and claim 100% tax relief on their income from yachting. What many crew may not know is that once you become a UK tax residen...
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