Relocating your business, and your home, to the lovely Unit States Virgin Islands (USVI) for at least 183 days out of each year, the corporate benefits, and Half the Year taxes you save could be enormous. Let’s take a look at the details of your savings through this USVI Economic Development Council program.
Virgin Islands have to pay any excise tax on any of its tools, building materials or other supplies that are to be us in the alteration, construction, resign, reconstruction or extension of the premises where you conduct your business.
Once relocat to the U.S. Virgin Islands is totally exempt from three Unit States tax programs. The C program exempts your company from any real property taxes when that same real property is us in your USVI business. You’re also exempt from any tax on gross revenue, otherwise referr to as gross receipts taxes. Nor does your U.S.
Under this great C tax ruction plan your USVI business also gets to take advantage of a 90 percent ruction of income taxes on qualifi USVI business income. You also get a low one percent rate on any customs duty on your company’s component parts and raw materials that are going to be us for manufacturing or industrial processing.
Nor is this Economic Development Council:
Program design to only save your company taxes and provide other corporate benefits for an annual period. Once your firm has qualifi the terms vary from a lengthy 10-30 years. In general your firm’s approval for the C program guarantees these savings via an Economic Development Council certificate that is issu to the company for 10 years. There are some geographic or industry-specific exemptions that double or even triple this term. In Christianst Town, on the island of St. Croix, for instance, the C corporate benefits program certificate is issu for 20 years.
In every case:
The USVI company can petition one time for a renewal of the certificate for the identical time period. If the approved USVI company is in the agriculture or mari-culture (water-related) industry. Its certificate for Economic Development Council tax savings issued for 25 years. A business that established in Frederiksted Town. On the island of St. Croix, issued a 30 year EDC certificate once approved. Perhaps the best part of all these wonderful corporate benefits and the opportunity to save on U.S. Taxes for these business, is the fact that the relocation required, for at least 183 days of every day, is no hardship at all.
What entrepreneur, business partner, or corporate leader would balk at the fate of living half of her or his year in a gorgeous island paradise, basking in warm ocean waves, sunning themselves on white sand beaches, and reveling in all the Caribbean culture and recreation that St. Croix, St. John and St. Thomas islands have to offer.