Living on a cruise ship?

[Aquahound]

Exactly A member who understands that after a very short period of time your loyalty program would have many benefits. With RCCL and other lines the single surcharge is greatly cut, free cruises, upgrades, so the price would come down greatly within the first few months.

 

It doesn't come down by that much. A JS on RCI is typically $1500-$2500/wk. On the low end of the single supplement, at 150%, that's still a cost of $2250....and that's still before gratuities. Sorry, but short of some sort of special deal cut with RCI, I still can't comprehend a single only paying $70k/yr in a JS.

[AdGuyMG]

The ship carries a crew of 280 and 150 to 200 Guest and or owners so under 500 total people. I believe the ship is required to have space for 125% of the total people on the ship. But tenders and inflatables and other things on the ship count towards the 125%.

 

There's 2 in that picture. Just forward of that lifeboat is a larger tender/lifeboat. On the port side, there are 3 lifeboats, including another of the larger tenders.

 

Exactly the point I was trying to make. The ship has a small population of Crew and Passengers.

[Essiesmom]

If you sail on a line that fives OBC for stock ownership, and a military OBC/discount (and they can be combined) , that could defray your gratuities and drinks, specialty restaurant, drinks... EM

[Cruise Junky]

The article I read on him last night said he booked insides. So not sure which is correct, insides or Jr. Suite. Price wise, insides seems to make better sense.

[MicCanberra]

I agree, or cheaper still, perhaps he just stays inside someone else's JS :eek:

[jdvmd]

I read about a new boat that’s selling condos on their ship, believe it was called storylines. Sounds fantastic, even has a shared kitchen where you can cook your own meals if you choose, and your healthcare is included. However, after a little more digging I discovered that they charge an extra 10k ish per month per “condo” and quickly lost interest.. too rich for my blood!

 

 

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Received something in the mail from them last week stating beginning prices at $149,000. Website says: $255K. Here is the website. https://storylines.com/ship/

Ship looks beautiful.

 

 

Thought it was also interesting to read about the tax benefits.

Are you eligible for significant tax incentive due to living a life at sea? In some cases your whole annual cost of living with us could be covered by the tax breaks. Check out this link here for more.

 

Have also met Mario. Nice guy.

[MicCanberra]

Interesting about the tax benefits.

[Texas Tillie]

Interesting about the tax benefits.

 

I thought that US citizens owed taxes on unearned income (dividends, interest, capital gains, etc.), the type of income a person living on a cruise ship would have, no matter where they lived.

 

 

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[navybankerteacher]

I thought that US citizens owed taxes on unearned income (dividends, interest, capital gains, etc.), the type of income a person living on a cruise ship would have, no matter where they lived.

 

 

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Correct - the US leads the world in collecting taxes from citizens regardless of where they live. Usually, credit can be taken for taxes on income paid to other countries, but living on a ship is no escape.

 

Over 5,000 people renounced US citizenship in 2016 - largely to escape taxes. But it costs a couple of thousand to just turn in your passport (an essential step) - and you have to prove that you have paid all taxes for the past five years before they will listen to you.

 

Just walking away doesn't work - unless you carry all your cash with you - the US will pursue deposits in foreign banks to capture unpaid taxes.

[calliopecruiser]

I thought that US citizens owed taxes on unearned income (dividends, interest, capital gains, etc.), the type of income a person living on a cruise ship would have, no matter where they lived.

 

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It does say that, but then also makes vague reference to being qualified to exclude some foreign earnings ("If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income.However, you may qualify to exclude from income up to $102,100 of your foreign earnings.")......but it doesn't say what it takes or how likely it is to qualify - not to mention it's only on foreign earnings, not foreign residence. So if your unearned income is from US companies or property, it wouldn't apply. Very vague, just like most sales pitches.

[CaptnG]

Received something in the mail from them last week stating beginning prices at $149,000. Website says: $255K. Here is the website. https://storylines.com/ship/

 

Ship looks beautiful.

 

 

 

 

 

Thought it was also interesting to read about the tax benefits.

 

Are you eligible for significant tax incentive due to living a life at sea? In some cases your whole annual cost of living with us could be covered by the tax breaks. Check out this link here for more.

 

 

 

Have also met Mario. Nice guy.

 

 

 

Thanks, I did look at their site and that’s where I discovered the monthly fees. Seems like it would be pretty expensive when you combine the expenses, but still a fun way to enjoy retirement.

 

 

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[Expat Cruise]

Yes the monthly fees are high but the real issue I would have is taking a very old ship and converting to floating condos. The developer take a big profit and the ongoing costs are on the new owners (guest) .

 

The ship is 22,000 tons so very small, by today's standards and a old design. Yes the cabins can be changed b the basic ship design is already set. So no one buying into this deal really knows the true on going costs. With a old ship these cost could run into the millions. Bad engine, fuel system, water system, drive shafts, Props, Generators all very costly. Also keeping older ships to meet the safety standards. Just seems to me the two guys from down under could make a big profit and walk away leaving major costs for the owners.

[chengkp75]

Received something in the mail from them last week stating beginning prices at $149,000. Website says: $255K. Here is the website. https://storylines.com/ship/

Ship looks beautiful.

 

 

Thought it was also interesting to read about the tax benefits.

Are you eligible for significant tax incentive due to living a life at sea? In some cases your whole annual cost of living with us could be covered by the tax breaks. Check out this link here for more.

 

Have also met Mario. Nice guy.

 

I believe these condo folk are trying to sell the same tax break benefits that shady "tax advisors" have been pushing on Merchant Mariners for decades now, the "physical presence test", meaning you are physically outside the US for more than a certain amount of days per year, you are allowed to deduct a fixed amount from your income. The problem with this is that the tax code (and who knows whether this was changed in the new code) specifically states that any time spent on or above international waters in excess of 24 hours at a time, does not count as time outside the US. This was done to specifically remove Merchant Mariners from this tax break, as we would all qualify for time outside the US. I believe the tax auditors will have a great time when these folk start to file their taxes.

[Expat Cruise]

I believe these condo folk are trying to sell the same tax break benefits that shady "tax advisors" have been pushing on Merchant Mariners for decades now, the "physical presence test", meaning you are physically outside the US for more than a certain amount of days per year, you are allowed to deduct a fixed amount from your income. The problem with this is that the tax code (and who knows whether this was changed in the new code) specifically states that any time spent on or above international waters in excess of 24 hours at a time, does not count as time outside the US. This was done to specifically remove Merchant Mariners from this tax break, as we would all qualify for time outside the US. I believe the tax auditors will have a great time when these folk start to file their taxes.

 

I do not know the rules covering those working in International waters. But as owners of the ship the cabin owners maybe able to claim the place the shipped is flagged as a legal land residence.

 

I have been outside the United States by IRS tax code since 2002 and do follow the laws. But these laws are very favorable to living outside the United States. Plus the US IRS has very little power outside the United States, so receipts and deductions can be hard to question. Even audits are hard as IRS does not have personal in many countries. Even if you stay within the law the benefits are very large and profitable. About your first $103,000 dollars of earnings is exculded from US taxes, plus lots of other benefits and deductions.

[chengkp75]

I do not know the rules covering those working in International waters. But as owners of the ship the cabin owners maybe able to claim the place the shipped is flagged as a legal land residence.

 

I have been outside the United States by IRS tax code since 2002 and do follow the laws. But these laws are very favorable to living outside the United States. Plus the US IRS has very little power outside the United States, so receipts and deductions can be hard to question. Even audits are hard as IRS does not have personal in many countries. Even if you stay within the law the benefits are very large and profitable. About your first $103,000 dollars of earnings is exculded from US taxes, plus lots of other benefits and deductions.

 

Well aware of the benefits and requirements for filing as an expat, as I worked many years as an expat in the offshore oil industry. Even then, way back in the 70's, you had to have a physical residence in the country you were claiming residency in, if part of your time was spent on fixed platforms offshore (and be liable for local taxes, if applicable). A foreign flag vessel is recognized in international law as just that, a vessel, not a "legal land residence". Many unfortunate US Mariners were caught in these claims by the "tax advisors" and subject to audits and penalties.