Did you know that the US Virgin Islands offers tax incentives? For more information on these benefits we turn to the experts at BoltNagi PC:
The United States Virgin Islands offers an excellent tax incentives program for companies willing to relocate to the Territory through the islands’ Economic Development Commission and University of the Virgin Islands Research and Technology Park.
The U.S. Virgin Islands are located in the eastern Caribbean just 1,100 miles south of Miami and 4,100 miles southeast of London. This U.S. Territory has a population of approximately 110,000 and is made up of three main islands: St. Thomas, St. John and St. Croix. Aside from having beautiful beaches it is also a great place to do business and maximize your company’s profits.
The Economic Development Commission encourages investment in the Territory by companies in the manufacturing, assembly, pharmaceutical, and service sectors, among many others. The University of the Virgin Island Research and Technology Park is focused on creating a thriving technology and e-commerce based business sector.
Tax incentives for qualifying businesses and owners include:
• A 90% reduction in corporate income tax payments.
• A 90% reduction in tax on corporate dividends, S corporation and partnership distributions.
• A reduction in the customs duty rate from the standard 6% to 1% for the value of raw materials and component parts imported from outside the United States.
• A 100% exemption from excise tax payments on raw materials and component parts.
• A 100% exemption from property taxes and gross receipts taxes.
In order for a business to qualify for these tax benefits companies must show a commitment to growing the U.S. Virgin Islands economy by agreeing to invest a certain amount of money in the Territory and hiring Virgin Islands residents.
About BoltNagi PC: BoltNagi PC is a full-service law firm located in St. Thomas that has extensive experience helping companies to navigate the application process for tax benefits. From drafting applications to presenting them before the Economic Development Commission and the Research and Technology Park Board of Directors, BoltNagi ensures that the process runs smoothly and has assisted many companies over the years in securing substantial tax savings.
BoltNagi has extensive experience across the legal spectrum and is committed to the prompt and efficient delivery of quality legal services. The firm’s clientele is extremely diverse in both size and range of activities, and its practices are directed principally toward banking, real estate, real estate development, finance, corporate and commercial transactions as well as tax and estate planning, civil litigation, government relations and legislation.
BoltNagi can be contacted by phone at (340) 774-2944 or by mail at 5600 Royal Dane Mall, Suite 21, St Thomas, VI 00802-6410.