We find most yachtsmen prefer the flexibility in offshore products designed specifically for working expatriates.

You might assume this is because of tax-free growth and confidentiality, certainly a feature of offshore structures, but actually it’s much simpler than that.

Offshore Banking

As a world cruising yachtsman you have stopped being an Australian in Australia (Brit in the UK etc.), you have become a "citizen of the world", and until you return to Australia OR UK (if indeed you DO) your priority must be to accumulate wealth in a "tax neutral" environment as possible, all part of a longer term financial strategy.

Offshore bank accounts are an integral part of this, but not just because of any underlying tax-free growth and confidentiality.

Their real value in yacht-crews finances is to provide a seamless international banking service in the three major currencies (USD, GBP and EUR) used in yachting. Offshore banks provide cash withdrawals (from any currency account) worldwide via plastic card, wire transfers in any currency and are used to dealing with the special needs of working expatriates, including those wearing docksiders!. This simple structure will be your doorway to an effective financial plan.

Can Yachting Financial Solutions help me with this?

Of course we can, we will make a EUR 60 one-off charge to cover the costs of helping you to open an offshore bank account, however we’ll happily refund this once you become a financial planning client- which is our core business…

What’s a Financial Planning Client?

To become a Financial Planning client, you will usually have to:

  • Ask yourself

    Have been at least six months in yachting.

  • Have a permanent [not seasonal] position.

  • Want to save at least USD/EUR 800 per month or have USD/EUR 10,000 to discuss.

I am all three of these already, can I get straight on with Financial Planning? Of course you can!