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Tax Engineering

Offshore insurance company


Question

We are a group of investors who want to establish an offshore insurance company. We have experience in establishing and managing local insurance companies, but never in offshore. We are looking for an advice.

Answer

An offshore insurance company is a regulated financial entity that insures the risks of third parties or entities in a tax-free or offshore jurisdiction. The main advantage of offshore insurance companies is that they work in a tax-free environment and with less financial regulations than the same type of company in an onshore jurisdiction. Generally this type of insurance companies with 0% tax liability are used to cover the risks of companies and individuals registered in high tax countries and in the case of using insurance or compensation it would be in a free of tax country.

The countries that have specialized in offshore insurance are Belize, Bahamas, Aruba, Cayman Islands and Cook Islands. In reference to the cost of offshore insurance company registration, the most regulated and expensive country would be the tax haven of Cayman Islands and the most economical would be Belize, the average price to constitute an offshore insurance would be 49,995 euros. Keep in mind that the constitution process can take up to 6 months and it is possible that the regulatory body requires the physical presence of the managers of the company to verify that they have no relation to the activities related to money laundering. If you are interested in setting up an offshore insurance company we recommend that you contact us to analyze your case and see the type of risks your entity needs to insure.

offshore insurance


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Emmett O'Sullivan
Hello, I have a residential property in Sooke BC. Canada and I'm wondering are you able to insure them for me? The policy must state that the bank (CIBC) is First payee. Please email or call my Cell @ 250-415-5176 to discuss. Sincerely, Emmett O'Sullivan.
Reply
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Admin

Dear Emmett, 

Unfortunately, we don't offer insurance services. However, we advise you continue searching for other companies that offer onshore insurance policies.

Regards and good luck on your research.

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