U.S. Virgin Islands Tax Incentives
The U.S. Virgin Islands (“USVI”) Economic Development Commission’s tax program provides significant tax incentives for qualified business development in the territory. We represent clients in all aspects of their requests to receive economic benefits.
For approved companies, those that are in the USVI, and earn their income in the Virgin Islands may qualify for many of the following incentives:
- 90% reduction in corporate income tax
- 90% reduction in personal income tax
- 100% exemption on gross receipt tax
- 100% exemption on business property tax
- 100% exemption on excise tax payments
- Reduction in the customs duty from the standard 6% to 1%
- Tax reduction on royalty income from software developed in the USVI and sold to non-US customers
- Availability of rental space at below market rates in the St. Croix and St. Thomas Economic Development Parks
By relocating your business or qualified portion thereof to the Virgin Islands, you may be eligible to receive the above-listed tax incentives for your business for a period ranging from 10 to 30 years. Our staff will guide you through the application process and then help you manage the complex rules that govern the businesses that participate in these programs. If you are interested in receiving these tax benefits, please contact Attorney Scot McChain at email@example.com for more information.