Virgin Islanders are subject to the same income tax regulations as other U.S. citizens, though the monies collected stay in the Virgin Islands. The federal government matches some taxes, like the rum excise tax. Businesses can take advantage of some great tax breaks offered by the Economic Development Agency.
The Territory seeks to expand its economic base through the further development of light to medium industry and is administered by the “Virgin Islands Economic Development Commission” (EDC). The EDC Program provides for substantial economic benefits to qualified businesses and to those principals who establish residency in the U.S.V.I. Incentives and benefits for new businesses include a maximum 90% exemption from local corporate income tax payments, a maximum 90% exemption from income taxes paid by resident stockholders on dividends received from the company, a maximum reduction in the U.S. Customs rate from 6% to 1%, a maximum 100% exemption on excise taxes for building materials, machinery, equipment, and supplies used in construction, alteration, reconstruction or extension of the physical plant or facilities and a maximum 100% exemption from property taxes and the territory’s 4% gross receipts tax.
For further information on current St. Croix Economic Development Corporation please visit the Economic Development Agency website: www.usvieda.org.
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