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Moore Stephens Yachting now offers financial services for yacht crew

Business

Building on its success providing services to yacht owners, Moore Stephens Yachting now proves financial advice and services to yacht crew, ranging from offshore bank accounts to pensions.

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.

In response to client demand and a lack of suitable cost-effective products in the market, 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”.

“For us, it was a natural progression,” said Moore Stephens Yachting’s Ayuk Ntuiabane, “We have been helping owners and their advisors with registration, ownership and registration services. Now we’re also helping their crews plan their personal financial future.”

The new Moore Stephens yacht crew service is headed by Steve Hawkins, who already oversees the company’s financial services division.

“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.”

Previously, expatriate workers such as yacht crew have had a limited choice of financial products and providers able to meet their future planning needs and traditionally, offshore life assurance companies have provided such products but these plans, whilst often expensive, often lacked both investment direction and flexibility.

Moore Stephens Isle of Man is an independent member firm of Moore Stephens International. Moore Stephens Yachting also provides services to yachts as well as service providers to the industry including builders, brokers and lawyers.

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