One of the strengths of the Cayman Islands as a domicile is its team approach to captives, according to Julie Robertson, partner and chair at Honigman Miller Schwartz and Cohn.
The US Tax Court ruled against captive owners and jewellers Benyamin & Orna Avrahami on August 21 in a case long-anticipated by the captive industry.
In a decision that may place 831(b) captive insurance companies - or microcaptives - under further scrutiny, the US Tax Court has ruled in favour of the IRS in the case of Avrahami v Commissioner.
With around 35 to 40 states having now passed some form of captive legislation, more captives are redomiciling to their home state, according to Bill Mourelatos, director of Aon Insurance Managers (Vermont).
The scrutiny that some types of captives – in particular 831(b)s – face from the IRS is unlikely to go away, and advisors must get smarter about how they educate clients, according to Anne Marie Towle, captive consulting practice leader at JLT Insurance Management, speaking at the Vermont Captive Insurance Association’s (VCIA) annual conference in Burlington, Vermont.
The Federation of European Risk Management Associations (FERMA) has proposed guidelines for captive re/insurance arrangements aimed at ensuring a consistent implementation of the OECD recommendations on Base Erosion and Profit Shifting (BEPS).
Ministers and high-level officials from 76 countries and jurisdictions have signed a multilateral BEPS convention to close loopholes in tax treaties and reduce opportunities for tax avoidance by multinational enterprises.
The Puerto Rico International Insurers Association (PRIIA), an industry trade group, has assured that its international insurers are ‘open for business’ in spite of the fact the island is filing for voluntary bankruptcy.
The Organisation for Economic Co-operation and Development (OECD) has made a significant step in implementing country-by-country (CbC) reporting with a new wave of activations of automatic exchange relationships.
The US District Court for the Eastern District of Tennessee has denied the request of captive managers and consulting firms CIC Services and Ryan to seek injunctive relief from Notice 2016-66.