A sea salary is good money — but it arrives in bursts, in foreign currency, while you are away from home for months. Managing it well is what turns a good wage into real savings. Here is a practical guide to allotments, tax and saving as a seafarer.
Allotments — sending money home
An allotment is an automatic monthly transfer of part of your wages to your bank or family while you are on board. Set it up with the crewing agency or in the crew agreement:
- Decide a split — for example 70–80% home by allotment, the rest as cash or an on-board balance.
- Confirm the currency and bank details carefully; fixing a mistake mid-contract is slow.
- Keep your payslips — they are proof of income for loans, visas and mortgages.
Tax and residency
Tax depends on your country of residence, not the ship's flag:
- Many countries offer a seafarers' tax relief or non-resident status if you spend enough days outside the country (for example the UK Seafarers' Earnings Deduction).
- Keep a record of your sea service and travel dates — you will need it to claim relief.
- When in doubt, use an accountant who specialises in seafarers. The fee is usually far smaller than the tax saved.
Saving and avoiding traps
- Pay yourself first. Treat savings as a fixed monthly allotment, not whatever is left over.
- Build an emergency fund of 3–6 months of expenses — contracts and crew changes are unpredictable.
- Watch transfer fees and exchange rates. Small percentages add up over a career; compare providers.
- Never pay to get a job. No legitimate agency charges you for a contract (see our scam guide).
Know your worth first
Good money management starts with a fair contract. Check the real salary ranges for your rank and vessel type before you sign, and compare current vacancies so you never accept below the market rate.