General Info
● Professional Yacht Crew has a dedicated staff in George Town, Cayman Islands and has full control of the business without subcontracting any of our responsibilities. Our procedures meet all the Maritime labor Convention (MLC) requirements along with the European General Data Protection Regulations (GDPR). ● PYC has a dedicated bank account with Cayman National Bank from which the crew are paid. Everything is administered through PYC in the Cayman Islands ● Cayman Islands is also the jurisdiction for any legal issues. ● PYC is added as additional insured under the yacht’s P & I insurance for which there is generally no additional charge. PYC assumes all responsibilities for the crew as the employer. In the event of a crew sickness, injury or fatality the crew medical insurance and P & I will respond, should that not be sufficient the PYC Segregated Portfolio Company (SPC) would be dissolved and the next PYC Segregated Portfolio Company (SPC) would become the employer. Creating a new Segregated Portfolio Company (SPC) takes about two days. ● Each Segregated Portfolio Company (SPC) is named by the order in which they are created – for example PYC1, PYC2, PYC3, which would be the crew employer on the crew agreement. ● PYC assumes the burden of Monthly and Annual reporting to the IRS. Each Segregated Portfolio Company (SPC) has their own dedicated IRS issued EIN and all crew subject to US taxes are issued W-2 and W-4s. All crew are treated as employees, as opposed to subcontractors, per the IRS 20 questions. We provide monthly, quarterly and annual IRS reporting as well. ● Professional Yacht Crew works closely with Fairport Yacht Support, who provides all other Yacht Management services from their US based offices.
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