Non-US insurance companies are allowed to sell products to non-us tax residents
BNP Paribas is the first company to take advantage of Florida's international insurance law that allows non-US insurance companies to sell life products to non-US tax residents. The main significance of the law is that it exempts non-US residents from paying an upfront 30% withholding tax on domestic policies, by using an offshore wrapper. Bowman Brown, chairman of Financial Services Industry Practice, Shutts & Bowen, said: "Most variable annuity and life insurance products sold in the international market contain imbedded investment elements. Non-US residents generally were subject to US...
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