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Thank you for visiting USVIEDC.com!
We hope the site is informative and motivates you to explore the USVI EDC program further.
Regards,
Admin @ USVIEDC.com
Disclaimer
Please be advised that USVIEDC.com is a privately-operated website intended to promote public awareness of and education regarding the US Virgin Islands and its tax incentive program, but does not represent and is not the website of the US Virgin Islands Economic Development Authority or the Government of the US Virgin Islands.
Tax Advice Disclosure
USVIEDC.com is not engaged in the professional practice of rendering tax advice. Nevertheless, we believe it appropriate to advise you that, pursuant to federal regulations imposed on practitioners who render tax advice (”Circular 230″), any tax advice that may be construed to be contained herein is not intended, written or made available to be used for the purpose of avoiding tax penalties that may be imposed by the Internal Revenue Service. To the extent that it may be construed that advice is or is intended to be used or referred to in promotion, marketing or recommending a partnership or other entity, investment plan or arrangement, the regulations under Circular 230 require that we advise you as follows: (1) the information contained on this site is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties that may be imposed on a taxpayer; (2) the advice was written to support the promotion or marketing of the transaction(s) or matter(s) addressed by the written advice; and (3) the taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.
 According to the recent article “12 Good Ecommerce Resources,” by Armando Roggio in Practicalecommerce.com, Armando says “Ecommerce entrepreneurs frequently earn their profits in small margins, where slight competitive advantages can be the difference between flourishing and floundering.”
He goes on to state: “Gaining a competitive advantage can be as simple as trying a new marketing tactic, making a subtle adjustment to your website, or operating more effectively.”
Armando provides 12 great information resources with helpful and meaningful strategies. We would like to respectfully include a “13th Ecommerce Resource” - a practical suggestion that can help Ecommerce companies operate more effectively.
The 13th Ecommerce Resource is the US Virgin Islands EDC program. Recent IRS determinations allow Ecommerce businesses to easily and effectively connect their income to the US Virgin Islands and receive a 90% income tax exemption. Using our EDC Calculator, see below a generalized example of what an Ecommerce company currently in California may save with $1,000,000 of taxable income.
There are many strategies to gain a competitive advantage, but there is not another single strategy that can so significantly affect a profitable Ecommerce company’s competitive advantage as the USVI EDC program. Try our EDC Calculator for your Ecommerce business then contact us to see how your business can take advantage of the “13th Ecommerce Resource.”
Edgar
Administrator - USVIEDC.com
 Obama at the G20 Summit Just weeks after the G20 Summit in March, the Obama administration unveiled their plan to reform international taxation in the United States with the White House press release titled “Leveling the Playing Field: Curbing Tax Havens and Removing Tax Incentives For Shifting Jobs Overseas“. This press release prompted the following headlines:
Clearly, the tax landscape for US-based companies doing business overseas is about to change dramatically. It is time to include the USVI as part of your global tax strategy. Why?
1) The United States Virgin Islands is a possession of the United States, not a foreign tax haven.
2) The United States Virgin Islands is not considered a tax haven and is one of only two Caribbean countries identified on the OECD ‘white list’ of jurisdictions that “have substantially implemented the internationally agreed tax standard”.
3) There are no bank secrecy laws that are being utilized to hide assets or transactions. The United States Virgin Islands is not about hiding money from the IRS, but instead about a legitimate, US-sanctioned program to provide incredible federal tax incentives in exchange for bringing much-needed business operations and jobs to the US-owned Territory of the United States Virgin Islands.
4) The United States Virgin Islands Economic Development Program is authorized jointly in the United States tax laws (Internal Revenue Code §934 & §937) and the United States Virgin Islands tax laws.
5) The United States Virgin Islands Economic Development Program creates jobs in the USVI.
6) The United States Virgin Islands Economic Development Program has been in existence since 1960 as a result of a federal mandate by the United States Congress and it firmly remains in existence today with US political support.
7) The United States Virgin Islands Economic Development Program offers competitive tax incentives, which include:
- 90% exemption on US income tax (results in a top federal tax rate of 3.5%)
- 100% exemption on 4% gross receipts tax
- 100% exemption on 0.75% real property tax
- 100% exemption on 4.2% excise tax
- 100% exemption on 7% US Customs import duty
- 1% VI Customs Duties instead of 6%
8) No need to defer income with a top federal tax rate of 3.5%.
The time is now to include the USVI as part of your global tax strategy. To learn more about how you and your company can receive these significant incentives, contact us at www.usviedc.com.
Regards,
Edgar
Administrator -USVIEDC.com
The Tax Foundation recently announced that Tax Freedom Day will arrive on April 13 this year, the 103rd day of 2009.
That means Americans will work about three and a half months of the year, from January 1 to April 13, before they have earned enough money to pay this year’s tax obligations at the federal, state and local levels.This is eight days earlier than in 2008, and a full two weeks earlier than in 2007, for two reasons:
- the recession has reduced tax collections even faster than it has reduced income, and
- the stimulus package includes large temporary tax cuts for 2009 and 2010.
Nevertheless, in 2009, Americans will pay more in taxes than they will spend on food, clothing and housing combined.
HOWEVER…..
Tax Freedom Day arrived, and passed, on January 11 this year, the 11th day of 2009, for US Virgin Islands EDC Beneficiaries. That means USVI EDC beneficiaries will work about two weeks of the year, from January 1 to January 11, before they have earned enough money to pay this year’s tax obligations at the equivalent federal, state and local levels. That is like adding 3 months of gross income to your bottom line!
Tax Freedom Day arrived, and passed, on January 11 2009, for US Virgin Islands EDC Beneficiaries.
The US Virgin Islands EDC program offers various tax incentives, which include:
- 90% Exemption on Local Income Taxes (Federal equivalent)
- 90% Exemption on Dividends
- 100% Exemption on Gross Receipts Taxes
- 100% Exemption on Property Taxes
- 100% Exemption on Excise Taxes
- 1% Custom Duties
To learn how you can add three months of income to your bottom line, read more about the US Virgin Islands EDC Program here at www.usviedc.com.
Edgar
Some people I have recently spoken with have suggested the US Virgin Islands is just another “tax haven” wealthy individuals and businesses use to evade US taxes. Are they right?
According to the Organisation for Economic Co-Operation and Development (OECD) there is no precise technical definition of a “tax haven”. The OECD set out a number of factors for identifying “tax havens”.
 The four key factors they set out were:
1) No or nominal tax on the relevant income
2) Lack of effective exchange of information
3) Lack of transparency
4) No substantial activities
How does the US Virgin Islands and their Economic Development Program measure up to these standards? Let’s consider these four key factors and see what the facts suggest.
1) No or nominal tax on the relevant income
The US Virgin Islands does offer a low tax incentive for qualifying businesses under its Economic Development Program. However, the OECD also states “No or nominal tax is not sufficient in itself to classify a country (or in this case, a US Territory) as a tax haven.”
Is the OECD opposed to low tax jurisdictions? According to the OECD website “The OECD favors competition in all economic spheres, including taxation, providing it is fair and open. The OECD is not opposed to low or zero tax rates. On the contrary, the OECD supports tax reforms that lower rates and broaden the tax base. It supports tax competition that is based on the service provided, but not on the basis of secrecy.”
2) Lack of effective exchange of information
With respect to effective exchange of information, in an official letter to the OECD in early 2002, the Governor of the US Virgin Islands formally acknowledged “the USVI understands that the United States has provided the OECD with information indicating that effective exchange of information with respect to the USVI is already available to foreign countries through the operation of U.S. federal law, the exchange of information of U.S. tax treaties and tax information exchange agreements, and the Tax Implementation Agreement Between the United States of America and the Virgin Islands (implemented in 1987).”
 G20 Summit Leaders - London 2009 Following the G20 Summit this week (March 2009), the OECD tax haven list was published. The United States Virgin Islands are one of only two Caribbean countries on the OECD ‘white list’ which gives credit to 40 jurisdictions that “have substantially implemented the internationally agreed tax standard“. This standard requires exchange of information on request in all tax matters for the administration and enforcement of domestic tax law without regard to a domestic tax interest requirement or bank secrecy for tax purposes. It also provides for extensive safeguards to protect the confidentiality of the information exchanged.
3) Lack of transparency
In the same official letter to the OECD in 2002 the US Virgin Islands also acknowledged with respect to transparency “that the USVI substantially meets the standards set out by the OECD. In particular, USVI authorities have access to beneficial ownership for all entities incorporated or organized in the USVI, either directly or through USVI-based resident agents who are required to maintain that information. USVI authorities also have access to bank information.”
Further, IRS Notice 2007-31 issued on March 21, 2007, states that the US Internal Revenue Service and VI Bureau of Internal Revenue officials entered into a new working arrangement which provided revised guidelines and procedures for the routine exchange of information under the Tax Implementation Agreement (1987) for US Virgin Islands taxpayers.
4) No substantial activities
Meeting the “Specific Requirements for Granting of Benefits” (29 Virgin Islands Code §708) to receive tax incentives through the US Virgin Islands Economic Development Commission requires by its definition “substantial activities”.
Such activities include, but are not limited to, the following:
- Invest at least $100,000, exclusive of inventory, in an approved industry or business.
- Be a bona fide resident of the US Virgin islands.
- Have their principal place of business in the US Virgin Islands.
- Receive income that is eligible under IRC §934 of the Internal Revenue Code of 1986.
- Employ at least ten (10) persons on a full-time basis who are residents of the US Virgin Islands.
- Maintain an employee pension benefit plan.
- Maintain an employee welfare benefits plan, which includes medical insurance, vacation and sick leave, and paid time off.
- Establish and maintain a management training program for employees.
- Provide educational assistance to residents of the US Virgin Islands in an amount and form which is acceptable to the EDC.
- To obtain services and goods form persons or companies who are residents of the US Virgin Islands.
Clearly, meeting such requirements require substantial activities. The US Virgin islands Economic Development Program meets the OECD’s comments above in that “it supports tax competition that is based on the service provided, but not on the basis of secrecy.”
An informed person will see that the US Virgin Islands and its Economic Development Program’s tax incentives allow qualified businesses and individuals nominal tax on effectively connected income. However, the tax incentives are provided with effective exchange of information under federal law in a fully transparent way that substantially meets the OECD’s requirements. Additionally, the tax incentives are only provided by the US Virgin Islands in return for the substantial employment and investment activities that such businesses provide to the US Virgin Islands economy and community.
So, are the US Virgin Islands just another “tax haven”? To all those who have suggested so, the facts speak loud and clear…
The resounding answer is NO!
Regards,
Edgar
Administrator - USVIEDC.com
Minimizing income taxes, dividend taxes, property taxes, sales taxes, gross receipts taxes, excise taxes and even customs duties can give you an enormous advantage over your competition. Imagine if you could legally eliminate almost all of them! Well, you can!
How much more competitive could you be if you reduced your tax overhead by over 90%? To put it another way, how much better off would you and your business be if the most tax you ever had to pay was 3.5% instead on 35% or more? As every business owner knows, the burden of tax overhead on a business can be enormous. Every year businesses unnecessarily pay large amounts of money in taxes only because they are unaware of the US Virgin Islands Economic Development Commission (EDC) Program.
“Every dollar cut from your tax overhead is equivalent to a significant increase in revenue.
Improving the efficiency of your tax structure creates equivalent top line growth while improving your bottom line profits.”
The US Virgin Islands EDC Program can provide you and your business with enormous tax benefits that allow you to take control of your taxes and significantly improve your profits. What better way to improve your bottom line during difficult economic times.
The US Virgin Islands EDC Program is under the jurisdiction of the US Department of the Interior and is authorized jointly by the tax laws of the United States and the United States Virgin Islands. Its basic purpose is to foster diversification of the US Virgin Islands economy and produce significant, positive economic benefits for the US Virgin Islands community and its residents.
As with many economic development programs offered by mainland States, various tax incentives are used to attract, retain and expand businesses in the community. However, as a possession of the United States with its own separate government and taxing authority, it can not only provide State tax benefits but can also provide federal tax benefits. The US Virgin Islands EDC Program offers various tremendous tax incentives, including the following:
- 90% U.S. Income Tax exemption (equivalent to a top federal tax rate of 3.5%!)
- 100% Gross Receipts Tax exemption
- 100% Real Property Tax exemption
- 100% Excise Tax exemption
- 1% Custom Duties
Every dollar cut from your tax overhead is equivalent to a significant increase in revenues. Significant improvements in your tax structure create the equivalent of enormous top line revenue growth while improving bottom line profits without having to actually increase your revenue at all. The tax benefits available from the US Virgin Islands EDC Program are equivalent to almost a 50% increase in revenues… without any actual increase in revenues! In other words, for your business to currently net the same profits after taxes as it would with the EDC Program’s tax benefits your business’ revenues would have to increase by almost 50%. What better way to improve your bottom line profits during difficult economic times.
Tax overhead doesn’t have to be so taxing! Improving your tax structure through the US Virgin Islands EDC Program immediately creates a tremendous and unfair competitive advantage. Ultimately, doing your due diligence and completely exploring how the US Virgin Islands EDC Program can benefit you can pay tremendous dividends with enormous tax savings for many years to come.
See www.usviedc.com to learn more about how the US Virgin Islands EDC Program can give you and your business an enormous, unfair competitive advantage.
Theodore C. “Teddy” Skokos, Jr., Esq.
Clearwater Consulting Concepts, LLLP
A US Virgin Islands EDC Beneficiary
www.cccvi.com
Obama’s tax hikes and closing of personal exemptions and itemized deductions is a new hot topic of financial advisors catering to the affluent and its repercussion on personal wealth now and way down the road.
Obama’s 2010 budget proposal would reinstate the top two Clinton-era tax rates of 36 percent and 39.6 percent up from the 33 percent and 35 percent the richest Americans now pay. That would affect about 2.6 million taxpayers. The budget also would raise taxes on capital gains and dividends to 20 percent for top earners, up from the 15 percent set in 2003.
Higher-income earners, primarily families with more than $250,000 of income, would face an additional tax burden under a proposal to limit their itemized deductions. The proposal would cap the value of deductions for things like charitable donations, mortgage interest and investment expenses at 28 percent for people in the top brackets, or 30 percent less than they would otherwise receive. The deduction cap provision would subject more of their income to tax.
Obama has proposed almost $1 trillion in higher taxes over the next decade on the highest-earning Americans, Wall Street financiers, U.S.-based multinational corporations and oil companies to pay for permanent tax breaks for lower earners.
While some top earners are fretting the passage of this proposal, a solution may be as near as the US Virgin Islands.
The US Virgin Islands Economic Development program, managed by its Economic Development Commission (EDC), can provide substantial relief for qualifying individuals and companies. The US Virgin Islands EDC program is authorized jointly by the United States tax laws (IRC §934 & §937) and the United States Virgin Islands tax laws. It is a legitimate economic development program whose purpose is to draw business to the US Virgin Islands, help the Virgin Islands economy diversify, and is designed to produce significant, positive economic benefits to the Territory of the US Virgin Islands and its residents.
To do so, the US Virgin Island EDC program offers various tax incentives, which include:
- 90% Exemption on Local Income Taxes (Federal equivalent)
- 90% Exemption on Dividends
- 100% Exemption on Gross Receipts Taxes
- 100% Exemption on Property Taxes
- 100% Exemption on Excise Taxes
- 1% Custom Duties
This means that an individual or company that qualifies to participate in the US Virgin Islands EDC program income may receive a 90% tax credit on their federal equivalent tax amount.
Don’t wait! Go to www.usviedc.com and see how to get your EDC benefits before 2010 and help the US Virgin Islands too.
Edgar
I enjoyed reading a blog article by Yoichiro “Yokum” Taku, a corporate and securities partner in the Palo Alto, California law office of Wilson Sonsini Goodrich & Rosati.
Yocum provided 3 excellent reasons for technology companies to incorporate in either:
- Delaware,
- the state where the company has its headquarters, or
- the Cayman Islands.
His choices for incorporation are not new or unheard of, yet there are compelling reasons to include a fourth choice: The US Virgin Islands.
Why the US Virgin Islands?
The US Virgin Islands Economic Development Commission (USVI EDC) program provides qualified businesses and individuals with exceptional and comprehensive benefits and incentives that allow them to take control of their income taxes and significantly improve their profits. But unlike every other offshore jurisdiction on the planet, because the US Virgin Islands are a US-owned territory there is no repatriation of the money. Therefore, no 35% repatriation tax when the money is brought into the US as there is with all Non-US offshore jurisdictions.
The USVI EDC program falls under the US Department of the Interior, and is authorized jointly by the United States tax laws (IRC §934 & IRC §937) and the United States Virgin Islands tax laws. It is a legitimate program whose purpose is to draw business to the US Virgin Islands, help the US Virgin Islands economy diversify, and is designed to produce significant, positive economic benefits to the Territory of the US Virgin Islands and its residents.
As with many economic development programs, various tax incentives are used to attract, retain and expand businesses for their community. The US Virgin Islands EDC Program offers various tax incentives, which include:
- 90% Exemption on Local Income Taxes (equivalent to a top federal tax rate of 3.5%)
- 100% Exemption on Gross Receipts Taxes
- 100% Exemption Real Property Taxes
- 100% Exemption on Excise Taxes
- 1% Custom Duties
Like most insular territories of the US, the USVI operates under a “mirror tax” system with the US, which means that for many taxpayers, the tax forms and calculations are the same as what would be expected elsewhere in the US. The key difference: taxes owed are remitted or allocated to the territorial Internal Revenue Bureau (IRB) instead of the IRS. While remitting taxes to the IRB, the USVI remains a US jurisdiction subject to US laws, including corporate laws, intellectual property laws and investment laws. It also has support from Philadelphia’s Third Circuit Court of Appeals which has federal and appellate jurisdiction.
Of special interest to e-businesses is that late in 2006, the United States Internal Revenue Service delivered an early holiday present to the US Virgin Islands, its Economic Development Program and particularly to technology companies. IRS Notice 76-2006 issued in late August specifically cited the USVI EDC Program for utilization by technology companies. In April 2008, key clarifications pertinent to Knowledge-Based Businesses were published in final regulations for IRC §937(b) which speak specifically to certain e-commerce and technology related business models. These notices, along with a Tier-1 data-center facility housing the world’s largest amount of unused internet/telecommunications bandwidth, allow the US Virgin Islands to offer technology companies an unparalleled opportunity to execute their business model in the most tax advantaged manner.
Federal law permits insular territories of the US, including the USVI, to operate under modified tax scenarios as long as key “residency” and “income sourcing” requirements are met. Care must be taken to meet the income sourcing and residency requirements. There are a variety of ways an individual or company can qualify for EDC tax benefits.
While the jurisdictions Yocum suggests to incorporate in have certain excellent features, I hope you will agree, the US Virgin Islands offers some very interesting possibilities for technology companies, especially those that prefer to utilize the most tax efficient business model available to businesses under the US flag.
Regards,
Edgar
A recent article by Steven Etkind & Roger Lorence of Sadis & Goldberg LLP describes Sen. Carl Levin, Democrat of Michigan, as having “declared war” on offshore funds managed by U.S. investment advisors with his “Stop Tax Haven Abuse Act” (S. 506).
Sadis & Goldberg LLP represents over five hundred domestic and offshore hedge funds and venture capital funds, registered investment companies, registered investment advisers and broker-dealers.
No doubt, there is much to fear with this proposed legislation.
Interestingly, the US Virgin Islands may be an excellent solution for offshore funds managed by US investment advisors. How?
The US Virgin Islands Economic Development Program administered by the Economic Development Commission (EDC Program).
The US Virgin Islands EDC Program falls under jurisdicton of the US Department of the Interior and is authorized jointly by the United States tax laws (IRC §934 & §937) and the United States Virgin Islands tax laws. It is a legitimate program whose purpose is to draw business to the US Virgin Islands, help the Virgin Islands economy diversify, and is designed to produce significant, positive economic benefits to the Territory of the US Virgin Islands and its residents.
To do so, the US Virgin Islands EDC Program offers various tax incentives, which include:
- 90% exemption on US income tax (results in a top federal tax rate of 3.5%!)
- 100% exemption on 4% gross receipts tax
- 100% exemption on 0.75% real property tax
- 100% exemption on 4.2% excise tax
- 100% exemption on 7% US Customs import duty
- 1% VI Customs Duties instead of 6%
These incentives can allow a fund domiciled and managed in the US Virgin Islands nearly the same efficiencies as the offshore model, but with some great upsides regarding this Congressional Bill.
- Not a tax haven - The US Virgin Islands is a US territory under the US flag and protection.
- No bank secrecy laws - there are no bank secrecy laws that are being utilized to hide assets or transactions.
- Authorized by Congress - the US Virgin Islands Economic Development Program is congressionally approved, legal and transparent.
With the US Virgin Islands EDC Program having such solid legal footing and the “Stop Tax Haven Abuse Act” being such a hot topic in Washington, we encourage domestic and offshore hedge funds and venture capital funds, registered investment companies, registered investment advisers and broker-dealers to consider moving to the USVI.
Edgar
In a “huge victory” for four Kapok Management partners and the US Virgin Islands, a federal jury acquitted James A. Auffenberg, Jr., James W. Ferguson, III, Peter G. Fagan, and J. David Jackson of allegations that they fraudulently utilized the legitimate, government-sanctioned US Virgin Islands Economic Development Program to evade $74 million in taxes.
The verdicts are a blow to the U.S. Internal Revenue Service, which had accused the Kapok Management partners of illegally sheltering $300 million through the US Virgin Islands EDC Program that allows qualifying beneficiaries to legally cut their U.S. tax liability by 90 percent.
“It’s a huge victory for the islands,” said Lee Rohn, attorney for Auffenberg.
After almost two months of trial in the U.S. Virgin Islands, a federal jury returned not guilty verdicts on all counts and acquitted the men of conspiracy, attempted tax evasion and fraud charges, effectively bringing to a close what is believed to be the largest such case ever tried in the U.S. Virgin Islands.
“We’re very pleased that a federal jury saw clear evidence that there was no effort on the part of the defendants to commit fraud,” says Dallas attorney Charles M. Meadows, Jr. “This was obviously a complex and lengthy case to try against the formidable resources of the federal government.”
“I consider the verdict a tremendous vindication for the EDC Program and for Kapok. It’s a win-win for the Virgin Islands, and hopefully, it will lead to a re-invigoration of the EDC Program.”
Kapok Management was one of several investment partnerships established in the US Virgin Islands to take advantage of the EDC Program, which was authorized by Congress during the 1960s, and is provided for in Internal Revenue Code §§934 and 937.
“I consider the verdict a tremendous vindication for the EDC Program and for Kapok. It’s a win-win for the Virgin Islands, and hopefully, it will lead to a re-invigoration of the EDC Program.” said attorney Gordon Rhea “What we pointed out (in court) was that Kapok was part of a government-approved and government-instigated and structured tax incentive program designed to do exactly what it did” which was drive business and economic development to the U.S. Virgin Islands.
Rhea said the defense succeeded in showing that Kapok was a valid company under the EDC Program.
The men were indicted in March 2007 following a four-year investigation that began with a federal raid of Kapok Management in May 2003. The probe triggered a broader IRS investigation of the US Virgin Islands Economic Development Program. The IRS said in November 2007 that audits of 279 people in the territory yielded little or no tax and penalties.
“This case has impacted many lives as well as deterred investment in the territory and effectively put the USVI on the defensive with potential business partners, Congress, and the IRS,” Marjorie Rawls Roberts, a St. Thomas-based tax attorney said Wednesday. “Now that the jury has spoken, the USVI can hopefully revisit its relationship with the federal government on all tax matters and move forward for a fair and timely resolution of outstanding issues. With that done, the territory’s private sector can work with local and federal governments to create a brighter economic future for the Virgin Islands.”
We wholeheartedly agree!
More information about the US Virgin Islands EDC Program can be found at www.usviedc.com.
Edgar
Bloomberg News has positive things to say about the US Virgin Islands Economic Development Program.
Ryan J. Donmoyer, a Washington reporter for Bloomberg, while discussing Allen Stanford’s involvement with the US Virgin Islands since he applied for special EDC incentives in 2006, correctly described the US Virgin Islands Economic Development Program as;
“a congressionally sanctioned economic development program there that allows people who qualify to legally reduce their personal tax bill to 3.5 percent from as high as 35 percent.”
He further says:
“The territory generally follows federal laws, but its government has the right to create special incentives to attract businesses. In 2001, it expanded a program that effectively lets hedge fund managers and other financiers who meet certain requirements to pay a 3.5 percent tax rate rather than the 35 percent they’d face in the U.S. mainland.
To qualify for the tax incentives, firms must invest at least $100,000 in the territory, buy products such as office supplies and computers in the Virgin Islands, contribute to area charities and hire at least 10 people, 80 percent of whom must be natives of the islands.
Company owners must live in the territory for at least half of the year, under federal requirements.”
Combine the white sandy beaches, clear blue skies and temperate waters with a globally competitive operating environment that is bolstered by an unprecedented waiver of local and federal income taxes, and you will see why even Stanford recognized the US Virgin Islands as “a diamond that is waiting to be discovered”.
Discover for yourself the unique benefits of the US Virgin Islands and it’s Economic Development Program here in our site…and feel free to contact us if you have any questions!
We appreciate Ryan Donmoyer’s positive characterization of the US Virgin Islands EDC Program in his report, and thank him and Bloomberg for affirming what we present here on this site.
Read Ryan Donmoyer’s full report at Bloomberg.com
Thanks Ryan!
Edgar
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