Page 153 - Caribbean-Central America Profile 2018

U.S. VIRGIN ISLANDS

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

US VIRGIN ISLANDS Official Name: United States Virgin Islands
Capital: Charlotte Amalie (St. Thomas)
Nationality: Virgin Islander(s)
Official Language: English
Population (millions): 0.11 (2016 est.)
Size: 144 square miles
Currency: U.S. Dollar (USD)
Internet Domain : .vi
International Dialling Code: +1 340
Electricity: 110/120 volts / 60-cycle

COUNTRY OVERVIEW INVESTMENT INCENTIVES
q The United States Virgin Islands (USVI) is geographically The USVI offers a very unique tax incentives program for qualified
part of the Virgin Islands archipelago and consists of the main businesses through the Economic Development Authority and its
islands of Saint Croix, Saint John and Saint Thomas. Economic Development Commission Program. The USVI encourage
global companies in the areas of manufacturing, service businesses such
q Saint Croix’s Danish influence is perfect for visitors who prefer as high-technology assembly plants, pharmaceuticals and outsourcing
a laid-back experience. The historic towns of Frederiksted and companies such as call centers and business as well as other qualified
Christiansted offer quaint shops, charming pastel buildings and businesses to qualify for the Economic Development Commission
refreshing cultural diversity. Program. Tax incentives available through the Economic Development
q Two-thirds of Saint John is a national park; its comfortable pace Commission Program include:
is perfect for enjoying the island’s world-renowned beaches • 90% reduction in corporate income tax
such as Trunk Bay, Cinnamon Bay, and Salt Pond Bay. • 90% reduction in personal income tax
q Saint Thomas boasts one of the most beautiful harbours in the • 100% exemption on excise tax payments
world. As the most visited port in the Caribbean, downtown • 100% exemption on business property tax
the capital Charlotte Amalie, offers elegant dining, exciting • 100% exemption on gross receipt tax
nightlife, world-class, duty-free shopping and even submarine
rides. • Tax reduction on royalty income from software developed in the
USVI and sold to non-US customers
The U.S. Virgin Islands has all the benefits of being a Caribbean Investors in the U.S. Virgin Islands can also enjoy these benefits:
location with key U.S. benefits. This unique territory status enables • A business-friendly environment.
St. Croix, St. John, St. Thomas and Water Island to utilize U.S. • An educated labor force.
currency, courts and flag protection. Local affairs are led by the • US currency, courts and flag protection.
Governor and Legislature. Being within a U.S. jurisdiction also • Easy air access to and from the United States, South America, Europe
provides the following benefits to companies operating in the and other Caribbean Islands.
islands: • World-class telecommunications.
• “Made in USA” labeling • Made in USA labeling.
• Shipping advantages • Duty free, quota free exporting of USVI made goods into the United States.
• Duty-free imports • Immigration advantages.
• Shipping advantages.
• Duty free and quota free exporting of USVI-made goods into the • Availability of prime rental space.
U.S.
• No state or territory tax To receive benefits from the Economic Development Commission, an
applicant must fulfill the following conditions:
The benefits offered under the Economic Development Commission • Provide full-time employment for at least 10 residents of the U.S.
program help qualifying companies reduce their taxes and hence Virgin Islands who have resided in the V.I. at least one year prior
increase their profits. The Virgin Islands government is also very to being hired by the tax beneficiary. Provided further, then an
supportive of public-private partnerships and in such as secured enterprise which is apply for economic development benefits as a
several deals involving millions of dollars in capital investments to category IIA enterprise engaged in non-labor intensive financial
private companies. services, shall be required to employ a minimum of five (5) full-
time persons.

JTZ Publishing B-117