This session will discuss US and foreign international tax issues facing both tax exempt and non-tax exempt captives domiciled offshore. Included in the discussion will be qualification as an insurance company, treatment of non-insurance transactions/entities, the implications of CFC and PFIC status, the approach to calculating UBTI and subpart F income, the Federal Excise Tax, Section 953(d) domestication elections, US trade or business and withholding tax issues and the implications of reinsurance. We will also touch on the application of the new Bermuda corporate income tax and Pillar 2. The presentation will walk through each of those items from the perspective of a captive owned by a for-profit enterprise and a tax-exempt entity, including structuring, accounting, documentation and operational considerations.

Following this presentation, audience members will be able to understand the tax implications of owning and operating an offshore captive, differentiate between the structuring considerations when a captive is owned by a tax-exempt vs. for-profits corporation, and understand recent tax developments happening outside the US and their impacts on captives.