Over the years, I have watched as the complexities of managing yacht crew grew to be more and more intricate. Slowly, Yacht Crew Management began to take up the bulk of time at Fairport Yacht Support and other Yacht Management companies as Social Security and Tax laws evolved, and the MLC convention was put into place. It was at that time that an idea was hatched; develop a company that takes the liability away from the owner and puts it onto the company. Previously, crew were typically employed by the owning entity of the yacht with the Management Company acting as an agent for the payroll. Often the payroll was sent from US based bank accounts, promoting the potential of employment disputes to the US judicial system or the Jones Act. Non-US crew are also exposed to US immigration and Visa problems when paid out of, or into, a US based bank. Professional Yacht Crew has the solution. Professional Yacht Crew (PYC) Cayman morphed both concepts of traditional payroll and offshore accounts by establishing a new Segregated Portfolio Company (SPC) in the Cayman Islands. This company has no assets or links to any company or individual. That Segregated Portfolio Company (SPC) becomes the employer and leases the crew back to the Owner. This concept allows for the crew to be covered by US tax laws, MLC requirements, and be protected by the vessel’s P&I policy,whilst allowing the Owner to be protected from frivolous litigation and crew complaints. Professional Yacht Crew Leasing has been vetted and approved by the industry’s leading maritime Attorneys.
We look forward to offering you our one-of-a-kind solution. Best regards, Graeme Lord
+1-954-980-0902 gl@pyccayman.com
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