The USVI’s tax program is not only one of the most competitive tax benefits packages within the Caribbean, but across the globe. The British Virgin Islands does not have any capital gains tax, gift taxes, sales tax, value added tax, profit tax, inheritance tax or corporation tax. Contact. Incorporation in the BVI tax haven can also be of great benefit to high net worth individuals seeking to establish a home for their personal businesses as it allows them to flexibly manage both their current assets as well as potential future estate. Sign up to receive Virgin Islands articles, updates and offers. Resources:

An individual who has income from American Samoa, the Commonwealth of the Northern Mariana Islands (CNMI), Guam, Puerto Rico or the U.S. Virgin Islands will usually have to file a tax return with the tax department of one of these territories.

Being aware of who is required to pay the stamp tax in the U.S. Virgin Islands and also what value the property will be valued at for recording purposes is important when it comes to real estate transfer tax in the U.S. Virgin Islands such as St John stamp tax. Since you cannot prepare and e-file or file a Virgin Islands Tax Return on eFile.com or anywhere online, you can contact the Virgin Islands Bureau of Internal Revenue for information on how to do this. Among the places which are unincorporated territories of the United States are St. John, St. Croix, St. Thomas, and Water Island.

These fees include the recording of deed fee, stamp taxes, the release of mortgage fees, and release of lien. The tax is imposed upon the manufacturer or importer of fuel and is due within thirty (30) days after the end of the month concerned.

The British Virgin Islands does not have any capital gains tax, gift taxes, sales tax, value added tax, profit tax, inheritance tax or corporation tax.

You do not have to file with the IRS for any tax year in which you are a bona fide resident of the Virgin Islands on the last day of the year, provided you report and pay tax on your income from all sources to the Virgin Islands and identify the source(s) of the income on the return. Government type: Parliamentary democracy (House of Assembly); self-governing overseas territory of the UK.

An official website of the United States Government.

Payment of property tax bills issued by the Virgin Islands Government can be made in person at any of the Tax Collector Offices. The fact that British Virgin Islands has good links to all other areas of the world both through transportation, shipping and air as well as financial services combined with a reputation for being a well-managed tax haven and recognition as one of the oldest and most well-known tax havens in the world means that it is especially suitable for those whom offer services and products in unstable or remote parts of the world and need a trusted base for their financial operation. This simply means that purchasing property in any of these islands automatically accords you equal guarantees, constitutional protections, and equal rights as any other place in the United States. Generally, instead of filing returns and paying taxes to the IRS, residents of the USVI, and corporations[3] formed in the USVI, file returns and pay income taxes directly the Virgin Islands Bureau of Internal Revenue[13]. O: 340.776.6666 While the official name is the Virgin Islands, they are usually called the British Virgin Islands to separate them from the nearby American Virgin Islands.
These individuals file their form 1040 returns, along with the form 8689, with the IRS and they file a copy with the Virgin Islands Bureau of Internal Revenue[13].

All persons, firms and corporations doing business in the Virgin Islands, except those that are specifically exempt, must pay excise tax on all goods, merchandise, or commodities manufactured in or brought into the Virgin Islands for sale or disposition in the course of a trade or business, for processing or manufacturing, or for any other business purpose.

Because of traditionally close links with the US Virgin Islands, the British Virgin Islands has used the US dollar as its currency since 1959. On the dotted line next to line 65, enter “Form 8689” and show the amount.

US Virgin Islands may have more current or accurate information. | St. John Real Estate Blog

The information on this website is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Form 8689, Allocation of Individual Income Tax to the Virgin Islands is used for this computation.

The USVI stamp tax is determined by the value of the property—buyers and sellers have the notion that the value of the property is the contract price or the one indicated on the deed.

Generally, instead of filing returns and paying taxes to the IRS, residents of the USVI, and corporations formed in the USVI, file returns and pay income taxes directly the Virgin Islands Bureau of Internal Revenue. However, if you need to complete a Federal Income Tax …

Normally, when buying or selling a property in the U.S Virgin Islands, this tax is imposed while making a transfer in real estate property between two parties within the jurisdiction. Land owned by British Virgin Islander or BVI Company: $10.00 on the first acre or part thereof; $3.00 on each acre, or part acre, thereafter. Land owned by An Expatriate: $50.00 for half acre or less; $150.00 for greater than half acre and not exceeding 1 acre; An additional $50.00 for any additional acre or part there of.
Virgin Islands Bureau of Internal Revenue9601 Estate ThomasSt. The relative simplicity of these tax regulations along with the low tax rates explain why British Virgin Islands has become one of the most popular places for off-shore establishment of businesses.

Regardless of the contract, in order to record the deed, one is required to produce the stamp tax fee at the Office of the Recorder of Deeds. The “British Virgin Islands tax haven” has come about through the creation of a very simple set of corporate taxation rules that offer a highly beneficial taxation system. Tax Clearance letter requests can be made only at the St. John, St. Thomas, Sunny Isle (St. Croix) and Frederiksted (St. Croix) locations. Equal Housing Opportunity: All real estate advertised herein is subject to the Fair Housing Act of 1968. Almost any company or individual involved in international business can benefit from a BVI BC. As such a tax haven provides beneficial terms under which either new companies can be incorporated or off-shore entities of already existing companies can be established. Financial services is by far the most economically important sector and over 50% of the territory’s income comes from license fees paid to the government by off-shore firms.

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Please check official sources. The lack of inheritance taxes as well as the ability to nominate a small number or even only one director means that they can protect their family wealth both from excessive taxation as well as outside influence. DVD includes over one hour of information.

116-127, Form 8508, Request for Waiver From Filing Information Returns Electronically (PDF), Treasury Inspector General for Tax Administration, About Form W-2 (VI), U.S. Virgin Islands Wage and Tax Statement.

Some states have diverse transfer tax laws that may have certain exemptions on certain types of buyers based on income level or buying status. In the U.S. Virgin Islands, unique tax benefits translate to a better bottom line. If you are a temporary worker on the last day of the tax year, you may or may not be a bona fide resident of the Virgin Islands. Other fees and license requirements are also in effect for such services as registering 340-773-6449 (St. Croix) 1131 King Street, Suite 101 Christiansted, St. Croix, Virgin Islands 00820 Thomas, U.S. Virgin Islands, 00802. It’s, therefore, recommendable to consult an attorney conversant with property law prior to engaging in a contract of sale for the purchase of property within the U.S. Virgin Islands. This is illustrated by the fact that the large share of off-shore registrations are done in the British Virgin Islands tax haven.

The legislation was brought in at the same time as income tax in the Territory was reduced to zero.

U.S. Virgin Islands: America's Business Paradise.

Their economy is currently focused on financial services and tourism.

Its beneficial tax legislation, as well as high degree of privacy regarding financial transactions have made BVI one the most important so-called “tax havens”.

The estimated value of property in the U.S Virgin Islands is governed by the State through the Tax Assessor’s Office. Tell prospective and current residents about your business.


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