Offshore insurers will be able to sell life insurance and annuity policies to non-US tax residents i...
Offshore insurers will be able to sell life insurance and annuity policies to non-US tax residents in Florida for the first time from 1 July 2005 after the legislation was passed by governor Jeb Bush.
Bowman Brown, senior partner of Shutts & Bowen, said insurers will be able to establish offices in Florida to sell to non-residents. He said these are typically Latin Americans or Europeans with second homes there.
Previously, non-residents would have a 30% withholding tax on any insurance policies they bought. Now that only applies to onshore policies, opening up the market for offshore sales.
Florida hopes the change in legislation will spark a growth in its offshore insurance industry to replicate the development of private banking in Miami.
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