Our Jurisdictions
Puerto Rico
Puerto Rico, is an unincorporated territory of the United States with official Commonwealth status. It is located approximately 1,000 miles (1,600 km) southeast of Miami, Florida. The United States Congress governs the territory with full jurisdiction under the Puerto Rico Federal Relations Act of 1950.
The geography of Puerto Rico, the use of the U.S. currency and its political status are all determining factors on its economic prosperity.
Economy and Infrastructure
The economy of Puerto Rico is classified as a high-income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum. Its economy is mainly driven by manufacturing (primarily pharmaceuticals, textiles, petrochemicals, and electronics) followed by the service industry (primarily finance, insurance, real estate, and tourism)
Fiscal Advantage
The Government of Puerto Rico enjoys both fiscal and tax autonomy with respect to the United States Tax Code, with special distinctions made in several areas. International insurers in Puerto Rico are exempt from the reporting requirements under CRS (OECD) and FATCA.
Regulatory Climate
The International Insurers and Reinsurers Division is under the Supervision of the Office of the Commissioner of Insurance (OCI). The OCI is an accredited National Association of Insurance Commissioners (“NAIC”) member. NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.
Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. It is also a participating member of the Association of Insurance Superintendents of Latin America (“ASSAL”)
St Kitts and Nevis
St Kitts and Nevis, is a two-island independent country in the Leeward Islands. Nevis is a sovereign state in the British Commonwealth, situated southeastern part of the Caribbean Sea. Nevis has a stable democracy, an easy-to-understand legal system founded on British Common Law together with a modernized corporate climate and an open economy.
Nevis is one of the most sought-after jurisdictions for offshore banking and insurance as well as offshore company formation that has strong security and asset protection clauses. It is home to the Eastern Caribbean Central Bank and Eastern Caribbean Securities Exchange, and has been recognized by the FATF (Financial Action Task Force) and the OECD (Organization for Economic Co-operation and Development).
Type of Law
Nevis law is based on English common law. With respect to offshore companies, Nevis law is based upon Nevis LLC legislation which is modeled after the Delaware
LLC Act. Nevis asset protection is superior to that of most other offshore jurisdictions.
Fiscal Advantage
The government of Nevis has exhibited a total commitment to maintaining the privacy and protection for legitimate businesses. Neither Nevis nor St. Kitts have
been tainted by reports of money laundering or tax evasion as has been the case in the past with a number of other offshore jurisdictions. A Nevis offshore company is exempt from taxation on income generated anywhere in the world outside of Nevis. There are no income taxes to be paid, nor are there estate, inheritance, gift, duty, or capital gains taxes.
Regulatory Climate
The Nevis Financial Services Regulation and Supervision Department (FSRC) is the Nevis Branch of the Financial Services Regulatory Commission and is the agency
responsible for authorizing and licensing companies or persons to conduct financial services business and for monitoring regulated financial services activities to
safeguard the public against any illegal and or unauthorized financial services business operating from Nevis. The FSRC has the responsibility for regulating and supervising regulated company’s compliance with the AML/CFT requirements. The FSRC regulates over 150 Insurance companies incorporated in Nevis
M1 Specialty Global Trust Unit-Linked Plans are not offered or available for sale in the United States or to United States citizens or residents or to residents of Puerto Rico, Nevis, and British Virgin Islands. The information provided on this website is not intended for distribution to, or use by, any person in the United States, Nevis, Puerto Rico, or the British Virgin Islands.
This website is designed to provide general and not specific information about M1 Specialty Unit-linked Insurance Plans . The material provided on this website is for informational purposes only and is subject to change without notice. The information contained in the website is not an offer to sell or the solicitation of an offer to any one in any jurisdiction in which an offer is not authorized. No portion of this website is directed to persons who reside in jurisdictions that prohibit by any law, rule or regulation M1 Specialty from making the information on this website available to its residents or which would subject M1 Specialty or any of its products, services or affiliates to any authorization, registration, licensing or notification requirement within any jurisdiction. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
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