First of all, as you will no longer be working in the UK you will be able to utilise offshore banking and potentially receive a number of financial benefits in the process.
In fact, an offshore bank account should be one of the first things you look into when taking on a maritime role. Travelling across the seas and having just a standard UK bank account is not an ideal situation. With an offshore account you won’t be tied to sterling, you will be able to bank in multiple currencies, which will be especially useful if you are paid in one currency, and spend in various ports in various currencies.
As a crew member you may also have a fantastic opportunity to save more money than if you were working onshore. Working on a boat you will have few expenses, in most cases you will live on the boat with no rent and your meals will also be provided, this allows you to place a large bulk of your savings away. This factor is one of the reasons why working on a yacht can be such a financially appealing prospect, it is not uncommon for yacht workers to establish savings plans that will allow them to retire more comfortably, and earlier, than those working on land.
By working in unison with an independent financial adviser who has experience with the maritime industry and yacht crew finances you will be able to work out a savings plan based on your income, personal situation and eventual aims.
Seafarer's Earning Deduction
If you cannot become a non-resident at the current time due to existing ties you may still be able to claim back all tax paid via HMRC's Seafarer's Earnings Deduction scheme (SED). To qualify you
will first have to spend 365 days out of the UK, you must have employment on board a ship, and your employment needs to include a minimum of one voyage or part voyage that starts or ends at a
foreign port. You will have to claim via HMRC's self-assessment form, but you’ll need specialist help with this.