Earning Well and Keeping It: Money for Yacht Crew
Salaries look large until the first winter. How to structure savings, tax and spending across a season.
The trap
Accommodation and food are covered, so spending feels harmless. Then the season ends, day work dries up, and three months of shore costs land at once.
A simple structure
- Base fund — six months of shore living, untouched
- Certification fund — your next tickets and courses
- Long-term — invested, not sitting in a current account
- Spending — what is left
Tips are not salary
Treat tips as variable income. Budget on your contracted salary; save the tips.
Tax
Residency rules differ by country and change often. Speak to an accountant who deals with seafarers specifically before your first full year on board — not after.
Currency
Getting paid in euros and spending in rand or pounds means exchange rates matter. Use a multi-currency account rather than accepting bank spreads.
The winter question
Every crew member who plans for the off-season enjoys it. Everyone who does not spends it stressed and takes the wrong next job.