FINANCE TIPS FOR YACHT CREW

Stop off for a check-up at the money-doctor whilst you are in Genoa

One of those subjects that everyone seems to shy away from today with Genoa Superyacht Hub – money! An appropriate subject for our city – perhaps you don’t know that the beautiful building down by the Porto Antico, now home to Genoa’s Port Authority, after having been Marco Polo’s prison, in 1407 hosted the Banchi di San Giorgio, thus creating the first modern bank in the world.

Working on a yacht is a great way to make decent money, but proper planning can help your money work for you, meaning that when you decide to settle down you’ll find yourself well on the way to being able to buy a home or more generally saving for your kids’ college fund or for retirement. There are a number of basic steps to take, and we examine these in this article.

The main point, however, is that you need to start saving and investing. The fact that you are probably earning in a different country or currency than many of your peers, as well as having nearly all of your living costs covered with the job, will mean that you actually have a lot more “disposable” income, which instead of spending you could start putting away for the future. As William Shatner once famously said “If saving money is wrong, I don’t want to be right.”

Once upon a time you could use a simple savings account and generally get a decent interest rate which would compound your savings over time – but not any more! Interest rates are really low and in some cases are even negative. If paying a bank to hold your savings for you doesn’t sound appealing, you need to look at the alternatives, and that’s where things get complicated.

So we want to share some basic tips with you to help you get started. The first steps are often the hardest, but with proper guidance your investments will help you to safeguard your future.

Whilst you are staying in Genoa, a great idea would be to have a word with Genoa Superyacht Hub’s Kiwi seafarer finance expert who is part of Spectrum IFA Group, a European financial advisory firm – you can contact him through Pesto Sea Group. He’s available to meet you here in Genoa either online or physically, give you a full finance check-up and “diagnose” what really needs to be addressed.

Here are some tips to get you started!

1. INITIAL CHECK-UP

2. START WITH THE SIMPLE STUFF - BANKING

3. TAX PLANNING

Have you ever thought about Italy as Country of residency and considered the relevant quite interesting tax regime for seafarers employed on board of foreign flag vessels?
Here at Genoa Superyacht Hub we can refer you on for expert tax advice at any stage in your career and we have a network of tax experts who can talk you through the pros and cons of your particular situation.

4. START INVESTING

5. REGULAR REVIEWS

Everyone’s situation changes – life’s just like that. So make sure that you regularly review your financial plan to make sure it’s still fit for your purposes.

You may think of purchasing a house and need to free up a big lump sum or want to start thinking about making a move to a land-based job or starting your own business; you might need to start planning for school or university fees for your kids and want to start planning for your retirement. Whatever the event, try and plan ahead for the move – and our experts here at Genoa Superyacht Hub will be with you every step of the way! 

WELCOME TO GENOA SUPERYACHT HUB! #MakeGenoayourHomePort



Contact us for more info