Yacht crew have always had certain 'complications' when trying to open bank accounts offshore for their time spent on the boat.With the introduction of the Common Reporting Standard from 1st January 2016, things might be about to get that little bit harder.
This is an extract email from a bank (with whom we work) regarding their new procedures when opening bank accounts for yacht crew. If you are a yacht crew member or about to embark on being yacht crew then you may need to consider the following information when managing your financial arrangements.
Extract reads as follows:
