DOMICILE ROUNDUP
Captive tax rate 0%
Minimum capitalisation rate
Non-life business: £100,000 Life business: £250,000
Licensing fees
2011 fees: Insurer/Reinsurer/Captive £5,040 PCC/ICC £5,040 PCC Cell/ICC Cell £1,420
For a full list of fees and updates visit:
http://www.gfsc.gg/Insurance/ Pages/
Fees.aspx
Note: No change in fees for 2012 12.5% As per European requirements:
Insurance captive - €2.3m-€3.5m depending on types of business Reinsurance captive - €1.1m
There is no initial authorisation fee.
Annual regulatory fees are based on class of business and premium volume.
Large number of direct insurance captives which write pan-European business on a Freedom of Services/ Establishment basis.
A wide range of industries are represented in Ireland, predominantly international industrial and commercial basis.
0%
Class 12 (restricted) minimum £50,000 but risk based margins apply in addition.
@ 1 January 2012: Captive - Authorisation fee £2,000; Annual Fee £4,250
Protected Cell Company - Authorisation fee £2,000;
Annual Fee £4,250
Cell – Authorisation £1,000; Annual Fee in respect of each cell is 0.2% of the net written premium of that cell, subject to a minimum of £500 and a maximum of £4,250 per cell per year.
The annual fee for a PCC is subject to a maximum in the aggregate of £25,000.
0% £100,000
Pure Captive - £4,725 for General Business or £9,450 Long Term Business
PCC or ICC Core - £4,725
PCC or ICC cell - £1,350 for General Business, £2,700 for Long Term Business
30%
35% tax on profits (possibility of refunds to shareholders).
€1,225,000 for reinsurance captives; €3,200,000 for commercial reinsurer.
Reflects EU directives - €2.2-3.2 million, depending on class of business; reinsurance captives - €1 million; other pure reinsurance €3 million.
Class 1 captive: US$ 150,000
Class 2 captive: US$ 400,000 (unless the QFC Regulatory Authority determines another amount for the firm)
Class 3 captive: US$ 250,000
Class 4 captive: US$ 1million (unless the QFC Regulatory Authority determines another amount for the firm)
Labuan entities carrying on a Labuan Business Activity of a trading nature can opt to pay either 3% on net profits or a flat rate of US$6,250. Non-trading activities are not subject to tax and other non-Labuan business activities which fall within the scope of the domestic Malaysia Income Tax Act pay the headline tax rate of 25%.
a. Pure/Single Captive: Approx USD93,750
b. Cell Captive: Approx USD156,250 €2,000 per licence
Application for authorisation - €1,800; acceptance of application - €2,500; continuance of authorisation - €5,000.
Captive class 1,2,3 or 4: US$ 5,000 PCC – core only: US$ 8,000
PCC – core and individual cell(s): US$ 8,000 + US$ 1,000 per cell
Cell(s) of an authorized PCC: US$ 1,000 per cell Captive manager: $ 1,000
Annual fee of approx USD3,125 Wide range of industries from oil & gas to airlines
Majority of our captive are single parent captives
N/A as
not broken down by this classification
Industrial.
Automotive, chemical and utilities.
N/A N/A N/A N/A
Banking, Trust and Collective Investment Funds
7 0
There is no particular emphasis on an industry sector. We would comment that the majority of the captives are owned by UK parents.
Under the Central Bank of Ireland’s definition of a captive, a captive re/ insurance entity can have only one parent.
123 Group
captives are not separately recorded.
Industry sectors best represented in the domicile
Insurance, banks, transport, construction and building materials, and engineering and machinery.
Number of single- parent captives
The majority of our
captives are single parent captives.
Number of group captives
We do not record
numbers of group captives but they would be a very small percentage of the total.
10
The sole captive insurance company in Qatar started as a captive insurer to the oil & gas sector.
None
One (Al Koot Insurance & Reinsurance Company)
*These details should be considered as a guide only. For further information on specific domiciles, please contact the domiciles directly.
CICA | Forty years of captive leadership
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