The Corporate Transparency Act (CTA), went into effect in January. It captures more information on foreign and domestic individuals with ownership in certain entities.
While the CTA creates a significant reporting burden for legal and tax professionals, the increased transparency in ownership is a great opportunity to offer life insurance.
A US life insurance policy can help to provide liquidity where there is a US tax liability, and unlike residents of the US, nonresident foreign nationals can personally own a life insurance policy outright without it being subject to US income or estate taxes.