Our team of experienced attorneys and business experts will discuss the opportunities available through the U.S. Virgin Islands Tax Incentives Programs. Tax incentives for qualified businesses in the U.S. Virgin Islands, are available 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.
The U.S. Virgin Islands Tax Incentive policy was enacted by the United States Congress in 1960, see section 934 of the Internal Revenue Code, which permits the U.S. Virgin Islands to grant tax incentives to approved beneficiaries for income that is sourced and/or connected to the Territory.
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 Industrial Parks
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