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Big Tax Savings With Virgin Island Business

D. Jerry Garcia, Director of Marketing and PR,
United States Virgin Islands, Economic Development Authority
116 King St. Frederiksted, St. Croix, V.I. 00840

  Interview Highlights

  • They help businesses get started in the Virgin Islands.
  • They are part of the United States and offer incredible tax exemptions.
  • Businesses can get 90% exemption from corporate taxes if they are resident there.
  • The exemption is for 10 years and can be renewed for 10 years.
  • This is an IRS tax exemption.
  • Tesident means they have to be there 182 days a year.
  • They do not have state, city, or county taxes.
  • Currently you have to invest at least $100,000 and have 10 employees.
  • They now have new draft legislation that will go down to 3 employees for certain kinds of businesses.
  • You can't vote for a president but you can live with very low taxes.
  • They do not consider themselves a tax haven but low taxes for economic development.
  • They can help with any aspect of setting up a business.
  • They have incubator programs that provide below market rates.
  • You can hire Virgin Island employees in US and that counts in your 10 employee minimum.