Captive news

North Carolina becomes latest captive domicile North Carolina says that it is "open for business as a domicile for captive insurance companies". The North Carolina Captive Insurance Act, which allows for the formation of captive insurance companies in the state, became effective with the appropriation of funding from the North Carolina General Assembly to implement the act. "Entering the captive insurance market will provide economic opportunities for North Carolina and help accommodate the needs of businesses in our state," said Insurance Commissioner Wayne Goodwin. "We have a state-of-the-art captive law, and the Department of Insurance is committed to making North Carolina an attractive new home for captives." Cayman and UK sign tax Inter-Governmental Agreement The Cayman Islands and the UK have signed a 'FATCA'-type intergovernmental agreement (IGA), preparing the way for Cayman to automatically share financial information with the UK on UK taxpayers who hold Cayman Islands accounts. Steps to establish the legislative and operational framework to implement the agreement are underway, and Government also intends to issue guidance to assist with the implementation, said Cayman's Premier, the Hon. Alden McLaughlin.hideCayman's Minister of Financial Services, Wayne Panton, said that Cayman and the UK have agreed to monitor the outcomes of the IGA to ensure that it remains effective against tax evasion, and that it also does not add undue compliance costs for financial institutions. Under the IGA, financial institutions in Cayman will report information on financial accounts that are substantially owned by persons with UK tax-reporting obligations, to the Cayman Government. Cayman's Government will then forward the information to the UK. Guernsey and UK sign tax information sharing agreement Guernsey has signed an agreement with the UK on a package of tax measures. Guernsey signed the Inter-Governmental Agreement (IGA) which enhances the automatic tax information exchange provisions already in place between Guernsey and the UK under measures equivalent to the EU Savings Tax Directive. These measures have been in existence since 2005, with automatic exchange of information the only option since 2011. The IGA is similar to the Model I type agreement being negotiated with the US relating to the Foreign Account Tax Compliance Act (FATCA), which is expected to be signed shortly. Guernsey's IGA with the UK was signed at the same time as Jersey signed an equivalent agreement with the UK and closely follows the other British Crown Dependency, the Isle of Man, signing similar terms. Guernsey's IGA with the UK will be subject to approval from the States of Guernsey, the Guernsey parliament, at its December meeting. The Guernsey parliament will also be asked to confirm Guernsey's support for the compilation of an OECD model for automatic exchange of information and its support for the OECD model to be rapidly adopted as the global standard for automatic exchange of information. Guernsey also recently signed Tax Information Exchange Agreements (TIEAs) with Slovakia and Gibraltar. This means that Guernsey has now signed 48 TIEAs and 21 Double Taxation Arrangements (DTAs), including eight full DTAs and 13 partial DTAs.

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