A new reporting requirement, the Corporate Transparency Act (CTA), went into effect in January. It captures more information on foreign and domestic individuals with ownership in certain entities. The CTA exposes an even greater need for US life insurance to help plan.

John Hancock's blog, "The Corporate Transparency Act and its impact on the foreign national market" dives into this new reporting requirement and is a must-read for those who work with foreign nationals.

John Hancock can partner with you to find the right policy.

The increased transparency in ownership is a great opportunity to offer life insurance!

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.

For more John Hancock foreign national materials, and to get answers to all of your foreign national questions, access 3 Mark's exclusive Foreign National Playbook. Discover a variety of valuable resources - from general insights and our Carrier Guidelines At-a-Glance; to materials from all the major carriers in the foreign national market.

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