BRITISH VIRGIN ISLANDS

260

General Business: $100,000. Long Term business: $200,000

Approval by the Commissioner

* Insurance Application Fee $500
* Incorporation Fee: $700
* Registered Agent Fee $350 (pro rated)
* IBC Government Fee  $1000 
 * Annual Insurance License Fee $2,000.

None (except for 15% income tax on profits from underwriting local BVI risks)

BERMUDA

1400

Class 1: $120,000

Class 2: $250,000

  Class 3: $1 million

General Business:
 75% must be in relevant assets.
Long-term business: None

Registration Fees $4,000 - $9,000 depending on amount of capital

Class 1: $3,460 (min)

Class 2 & 3: $5,340 (min)

CAYMAN ISLANDS

550

General Business: $120,000

Long Term business: $240,000

Both: $360,000

None for restricted Class B companies but other investments may be restricted.

Application & Annual fee:
CI$5,000
($6,097.56). This fee is considered  the captive's first year's annual fee.

None

GUERNSEY

500

£100,000 ($160,000)

minimum.

8% of net premiums for first 5 million and 16% thereafter. 75%  of assets required to maintain margin solvency.

Application & annual fee:
 £1,950 ($3,127). PCCs: £2,500
 ($4,009) upon application and £1,950 annually plus 0.25% of gross premiums.

4 options: no tax but annual fee of £600 ($962) sliding-scale tax on investment income of shareholders' funds; 20% of net profits; fixed rate of up to 30% for 5 years.

VERMONT

500

$250,000 pure;
$750,000 association; $500,000 RRGs

None

$200 application fee; plus a fee of $3,200 to cover our outside actuarial review. $300 Annual license fee

$5,000 minimum annual premium tax. Direct premiums: 0.4% on first $20 million; 0.3% on next $20 million; 0.2% on next $20 million; 0.075% on each dollar thereafter. There are no state income taxes on Vermont captives.

LUXEMBOURG

280

50 Luxembourg Francs ($1.3million) minimum.

None, but certain assets must be held in EU.

500,000 Luxembourg Francs ($1,340) for incorporation plus 1% tax on capital.  Annual License fee of $100,000 Luxembourg.

Varies. Basic Rates: 30% Corporate income tax plus 4% Commercial business tax  on income over 700,000 Luxembourg Francs ($18,760).

BARBADOS

220

US$125,000

None

US$250 application fee; US$2,500 annual license.

None

ISLE OF MAN

180

£50,000 ($83,000)

None

£1,500 ($2,405) application fee; £3,000 ($4,180) annual license fee.

Standard tax is 20%. I of M companies operating internationally may elect 1% - 35% tax under International Business Act. Captives operating under a 1981 Act enjoy partial or full exemptions if business is not transacted with I of M residents.

DUBLIN

170

Direct: Minimum share capital of
 500,000 Irish Punts ($684,550).

None

Reinsurance: None, 4,000 Irish Punts ($5,476). Application Fee, Supervision Fee: 500-25,000 Irish Punts ($685 - $34,228) depending on premium volume.

None on premium; corporate tax at 10% until January 1, 2002. 12.5% thereafter.

TURKS & CAICOS ISLANDS

80

$100,000 for general insurers; $180,000 for life insurers, subject to review of business plan.

Investment may be restricted to meet solvency requirements.

$500 license application fee; $2,000 annual license fee.

None

HAWAII

75

At discretion of regulator. Guidelines are: $250,000 for pure captive, $750,000 for association captives and $500,000 for risk retention group.

Investment restrictions as per other admitted insurers.

Annual $300; Application: $1,000; Pure: $3,500; Associated and RRG: $7,500.

Premiums taxed at 0.25% for single-parent and 1% for association  captives/RGGSs.

SINGAPORE

60

$400,000 (231,12)

None but encouraged to use Singapore based funds.

$5,000 ($2,889) annual fee.

Corporation tax is 26%. Captives taxed at 10% for underwriting profits of offshore business; and non-Singapore dividends capital gains and interest.