Tax Strategy: Start Your Own Insurance Company

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Rob Wolmer & Rhory McNamara • April 2015 • Tax Mitigation via Captive Insurance

If you have business income that would have normally been taxed in the US, you can set up a captive (self) insurance company and deduct up to $600,000 from your taxable income.

How to take action
To set up a captive insurance company in St. Lucia, the requirements are:

  • A robust business plan
  • Financial projections
  • Due diligence documentation on shareholders, directors and other people involved in running the insurance company
  • One local director in St. Lucia

It usually takes about 3 months from the application to when you receive your insurance license.

Rhory McNamara: [email protected]

View all Tax Mitigation resources here.
View all Offshore Insurance resources here.

 

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