| DOMICILES |
EST #CAPTIVES |
CAPITALISATION |
INVESTMENT RESTRICTION |
FEES |
TAXES |
| 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. |