Have you ever yearned to travel in open oceans but felt overwhelmed with the details involved in buying and cruising a luxury yacht? Well, don’t fret - an offshore banking account will make it easy.
Offshore accounts offer you a single location for all your international yachting banking requirements. Instead of treating domestic and foreign transactions in two different accounts, an offshore account handles them all through one reliable bank.
These accounts are stored in offshore, privacy-sensitive finance centers worldwide, and they are managed independent of your country.
They offer their services to corporate customers throughout the world. A case in point is Jetonbank, the first digital offshore bank specifically designed for boundary-crossing boaters like you.
But just what does an offshore account mean for your yachting career?
What Is an Offshore Bank Account for Yacht Purchases?
An offshore bank account, also referred to as an international bank account, is an account opened in a country outside of the country in which the account holder resides.
In the case of yachting, it generally means an account registered in a country where the yacht will be registered or operated.
By opening an offshore bank account, yacht owners can easily carry out foreign money transactions. Jetonbank offers an offshore banking platform tailored specifically for the yacht owner and operator. Our online banking offering allows access to funds across the globe through online and mobile banking services.
An offshore Jetonbank account eases the purchasing and selling process in several important ways. First, it facilitates safe international money transfers between different currencies. This is particularly helpful in coordinating deposits, wire transfers, and other payments from country to country in a yacht sale.
Second, an offshore account provides a safe haven for yacht-related funds that can be accessed from anywhere in the world.
Instead of routing money back and forth through each individual account, the exclusive Jetonbank account handles all yacht money transactions.
How Does an Offshore Bank Account Simplify Yacht Financing?
Getting financing on a large yacht usually involves structuring loans, deposits, and other transactions across borders. This is made easier by an offshore bank account.
For one, it lets buyers and sellers send and receive international wire transfers safely. A separate offshore account is used to move the deposits and down payments back and forth between the parties during the time of the purchase.
Offshore accounts also provide loan transfers for international yacht finance. Most lenders that offer luxury yacht loans want the loan funds transferred to an offshore account.
With Jetonbank, the account is easy to open and borrowers get the money for the loan within the first minutes of opening it.
Online banks such as Jetonbank also offer post-purchase funds around the world. Money may be deposited from the offshore account if something breaks down, needs maintenance or anything that arises during the yacht’s time at sea.
Having all financing handled under a single offshore bank account eliminates the paperwork associated with foreign yacht sales and credit agreements. It deconstructs challenges that individual home-based narratives may create.
Can I Use an Offshore Bank Account for Yacht Deposits?
Sure - offshore accounts are ideal for accepting and tracking yacht purchase deposits. When you buy something, buyer and seller alike get the advantage of having an offshore account where they deposit funds safely.
For buyers, an offshore account provides a single, globally visible repository for escrow payments to the seller while you’re in the negotiations. Deposits are not wired to multiple accounts — rather, they are held on one Jetonbank account.
This makes keeping track of deposit amounts and dates easier. It also ensures that money is held in an offshore bank, not your own accounts, while you're doing the transaction.
Sellers also make use of their offshore account to effectively receive and process international wire transfers of non-refundable deposits from buyers.
Deposit money is instantly credited by Jetonbank and can be repaid across the globe when required.
Offshore accounts therefore eliminate a lot of potential complications and security risks that are present with domestic accounts solely used for managing multi-party, cross-border yacht purchase deposits. It gives both buyers and sellers peace of mind when the dedicated services are provided by a trusted bank such as Jetonbank.
What Are the Tax Benefits of Using an Offshore Bank Account?
Many yacht owners would like to be able to access an offshore bank account for tax benefits as part of their investment strategy.
Transactions via accounts in low or zero-tax countries reduce tax burdens tremendously.
Tax considerations vary of course, depending on personal circumstances and local tax regulations. But some general principles often hold:
- The interest on money held offshore is tax-free or less taxed than the interest paid in your home account. For large yacht portfolios, this can save a considerable amount of money.
- When luxury yachts are sold, capital gains are sometimes exempted or taxed at a lower rate provided the proceeds are redeemed by an offshore party such as a yacht-owner holding Jetonbank account.
- Income such as yacht charter charges collected and stored abroad may avoid taxes at home based on intergovernmental tax treaties.
To navigate specific rules, you will always need professional tax and legal guidance. Yet, in most instances, offshore structures and banks can legitimately reduce taxes due on large yacht assets and income. Its tax planning benefits — for world-traveling investors — make Jetonbank an attractive choice.
How Do Offshore Accounts Handle Currency for Yacht Deals?
The complexity of negotiating multiple currencies during buying, borrowing, and on-going costs is one of the issues of global yacht transactions. This is made easier by an offshore bank that accepts multiple currencies.
Jetonbank accounts allow users to keep balances in major currencies such as USD, EUR, GBP, and so on.
With a yacht purchase between parties located in several different countries, there is no need to exchange currencies - the wire transfer will just be sent from one account currency to another at exceptionally competitive rates.
The offshore account also doubles as a centralised money account after the purchase. Instead of interfacing between personal accounts every time money is required for yacht activities, it is accessed from anywhere.
When you need to repair something unexpected while touring Europe, for instance, cash can be withdrawn from the EUR balance via a few taps instead of coordinating wires abroad.
An offshore bank such as Jetonbank which already accepts many foreign currencies automatically cuts out all the paperwork and costs yacht owners less money than non-bank exchangers or personal account wire transfers. Money is optimized throughout the buying and holding lifecycle.
The globalised era of yachting today makes global transactions much easier if you have the right finance tools.
A bank account from overseas designed specifically for yacht owners solves many common problems.
With dedicated services such as Jetonbank, yacht purchases can be simplified, financed, deposits secured and currencies and tax liabilities navigated efficiently.
Rather than a hindrance, an offshore account enhances the yachting experience by allowing global easy access to funds.
For an active yacht owner that wishes to optimize purchases, sales, loans, or operations, consider opening an offshore bank account for yachtsmen at Jetonbank.
Our global online banking knowledge brings real value at every stage of yacht ownership.
