Seafarer Pensions
The Seafarer International Retirement Annuity Contacts are specifically designed for US persons or persons likely to become a US taxpayer. US persons overseas, including those working in the marine industry, still have obligations to file US tax returns and information regarding their foreign accounts and investments. Often US persons find that their investments are often subject to additional taxation within the US which can often make certain investments unattractive. This plan is designed to avoid these issues and provides a tax friendly investment option for US seafarers saving for retirement while globally mobile or those who qualify as a non-US person working in the US. This Seafarer Plan can provides an open architecture basis for investments – this maximises the investment growth of retirement savings and minimises the level of tax reporting for a US seafarer.
The Seafarer International Retirement Annuity Trust Plans are generally used for most other nationalities (South America, Africa, Eastern Europe and Asia). The plans are generally more common and flexible given the Trustee duties are less prescriptive. The pension benefits for both types of pension plan are identical.
