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Legal & Finance

Seafarers Earnings Deduction - Tax Advice for Yacht Crew

Posted: 25th Jun 2017

Written by: Patrick Maflin

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... Read More

French Social Security - What You Need to Know

Posted: 1st Jun 2017

Written by: John Cook

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... Read More

Debrief: French Social Security Seminar at Monaco Yacht Club

Posted: 18th May 2017

Written by: Patrick Maflin

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... Read More

Yacht Crew FAQs: French Social Security

Posted: 28th Apr 2017

Written by: Patrick Maflin

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... Read More

Sea Service Verification on Large Yachts: MIN 543 (M)

Posted: 8th Apr 2017

Written by: Sam Watson

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... Read More

French Social Security: Implications for US, AUS & NZ Yacht Crew

Posted: 1st Apr 2017

Written by: Patrick Maflin

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 ... Read More

Superyacht Salvage: Insurance Implications

Posted: 24th Mar 2017

Written by: Jonas Ball

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... Read More

ISAs and Yacht Crew - Don't Miss Out!

Posted: 18th Mar 2017

Written by: Patrick Maflin

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... Read More

New French Social Security Laws: Implications for Yacht Crew & Owners

Posted: 18th Mar 2017

Written by: John Cook

France has now brought its social security laws in line with the mandatory requirements of MLC 2006 with Decree no 2017-307 which comes into force on 1 July 2017. Together
with a major law firm, Lesia Group has studied the Decree... Read More

Bad Financial Advice: How to avoid it

Posted: 15th Feb 2017

Written by: Patrick Maflin

Many of you will have come across Facebook posts concerning crew who have received bad financial advice. Sadly, in all too many cases, they have lost some or all of the funds they invested. When you consider the time and hard work... Read More

Insurance and Dayworkers Under MLC

Posted: 13th Jan 2017

Written by: Jonas Ball

Dayworkers are always a contentious point with regards to insurance. All too often, no employment contracts are signed and in the event of a claim, the process becomes complicated in trying to prove whether the owner is liable for... Read More

NZ Residency Laws Revisited

Posted: 28th Dec 2016

Written by: Patrick Maflin

The New Zealand Inland Revenue Department is trying to remove any grey areas from their residency laws to produce a working model that is clear and easy to understand. However, to comply with the 183 and 325 day rules there are so... Read More

Tax Residency: How to Complete the CRS/ FATCA Form from your Bank

Posted: 16th Dec 2016

Written by: Patrick Maflin

If you are working on a yacht and banking offshore, the likelihood is that you have received, or will receive, a letter entitled CRS/ FATCA concerning your tax residency. It's important that you respond to avoid risk of your accou... Read More

The Tax Conundrum for Yacht Crew

Posted: 19th Nov 2016

Written by: Patrick Maflin

When it comes to understanding tax liabilities, many yacht crew still believe that they don't need to declare their income. Even if you bank offshore, are non-resident, are not resident anywhere, spend less than 183 days anywhere ... Read More

Charter Yachts and Withholding Tax

Posted: 19th Nov 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, ... Read More

Why Malta is a Preferred Jurisdiction for Yacht Ownership Structures

Posted: 4th Nov 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... Read More

Tax Breaks on Crew Training?

Posted: 7th Oct 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 ... Read More

Yacht Crew Contracts

Posted: 14th Aug 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 vess... Read More

MCA Clarification: SEAs and Crew Agreements

Posted: 13th Aug 2016

Written by: OnboardOnline

Having heard some of the stories on social media of late, there is still some confusion around the requirements for yacht crew employment contracts. Clarification can be found in the MCA's Guidance Note, MGN 474 (M), which outline... Read More

Yacht Crew Agents: The French Register

Posted: 11th Aug 2016

Written by: OnboardOnline

Since the implementation of MLC 2006 there has been uncertainty among yacht crew agents operating in France, specifically in regard to Regulation 1.4 Recruitment and Placement. The PYA MLC work group sought clarification and has i... Read More

Positive News for Superyacht Charters in Spain

Posted: 29th Jul 2016

Written by: OnboardOnline

The sun is shining on the Balearics in the form of new legislation set to simplify and streamline procedures for superyachts wishing to charter in these Spanish waters. After the partial lifting of the Spanish Matriculation Tax i... Read More

Clamp Down on Safety for PWCs in France

Posted: 25th Jul 2016

Written by: OnboardOnline

Reports have been circulating about a number of yachts in French waters having been stopped by the Gendarmerie Maritime for not having lights fitted to the buoyancy aids used by guests operating personal watercraft (PWCs). Read More

Financial Benefits of Residency for Yacht Crew

Posted: 22nd Jul 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 bu... Read More

Local Agent Mandatory for Vessels Over 45m in Croatian Waters

Posted: 14th Jul 2016

Written by: OnboardOnline

The Croatian government has announced a new regulation requiring superyachts above 45m cruising in Croatian territorial waters to appoint a local agent. This is an extension of EU Directive 2002/59/EC, which used to apply only to... Read More

BREXIT: UK Mortgage Opportunities for Yacht Crew

Posted: 8th Jul 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... Read More

Positive Result On Declaration of Cabotage in France

Posted: 25th Jun 2016

Written by: Pat Sakellari

MYBA, the Worldwide Yachting Association is pleased to announce that the French authorities have agreed to remove a large portion of the yachting sector from its Décret Etat d’Accueil legislation. With immediate effect, commercia... Read More

Britain is Out, What Now?

Posted: 24th Jun 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 predict... Read More

Brexit: The Case to Remain

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 a... Read More

Brexit: Sailing into the Unknown?

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 Bri... Read More

Tax Compliance in Light of Panama Papers Leak

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 accou... Read More

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