Bureau of Internal Revenue Presentation, VIEDA is an equal opportunity provider, employer and lender, © 2001 - 2020 United States Virgin Islands Economic Development Authority, Economic Development Commission Small Business Program, VIEDA EDC Schedule of Board Meetings 2018, U.S. Virgin Islands State Trade Expansion Program (STEP), Art, Music, & Film Incentives (S.T.A.R.S. Do not use this form to report wages subject to U.S. income tax withholding. 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. Join Alex Randall as he introduces you to his home, the U.S. Virgin Islands. The British Virgin Islands has since the 1960s become one of the most important players in the financial off shore industry with more than 45% of all off shore companies being incorporated in the BVI. The British Virgin Islands, or BVI for short, is a group of fifty islands in the Caribbean forming a British Overseas Territory. In some situations, you may have to determine if you are a resident or a nonresident of the territory. World’s Largest Selection of BVI Shelf Companies with Prestigious Name. The U.S Virgin Islands Stamp Tax: How Does It Work? This is in part due to the fact that the BVI have kept a high standard of living and never needed to enter into such agreements in order to secure aid or access to goods and services from other countries. They have been autonomous from Britain since 1967. The British Virgin Islands tax haven offers a well regarded site for incorporation for any international subsidiary or as part of a tax planning effort by anybody with a high degree of international business dealings. 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. Form 8689, Allocation of Individual Income Tax to the Virgin Islands is used for this computation. Resources: If you are looking to buy or sell property in the United States Virgin Islands, you must have heard about real estate transfer tax otherwise referred to as stamp tax. International organization participation: Caricom (associate), CDB, Interpol (subbureau), IOC, OECS, UNESCO (associate), UPU. 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. The Virgin Islands Bureau of Internal Revenue and the IRS are not the same entity although the same tax rates and laws apply. 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. There are no local income taxes or surcharges imposed on individuals over and above the mirror system rates so that the overall rate of income tax for individuals is equivalent to the rate that a resident of a state without a state income tax would pay. On the dotted line next to line 65, enter “Form 8689” and show the amount. The Virgin Islands tax system includes income, container, gross receipts, excise, highway user’s, hotel room, real property, entertainment, franchise, fuel, gift, inheritance, tire and stamp taxes. As the major revenue collection agency of the Government of the Virgin Islands, the Bureau must maintain the required human and technical resources to succeed in its mission. 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. Normally, when carrying out a transaction on property in any of the named islands, the Contract of Sale for the property puts down the expenses incurred by each party in order for it to be accounted for during closing. U.S. Virgin Islands. They are available to residents of any country in the world and can be formed as a continuation of another company in another part of the world. Some states have diverse transfer tax laws that may have certain exemptions on certain types of buyers based on income level or buying status. 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. 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]. Employers are required to remove social security, Medicare and income tax from employee pay. General Instructions for Forms W-2 and W-3 (Print Version PDF) 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. Worldwide Incorporation Services provides the following services in the British Virgin Islands Tax Haven: Copyright © 1998-2020 Worldwide Incorporation Services, [su_button background="#D1A336" color="#ffffff" icon="icon: file-text-o" icon_color="#ffffff" onclick="ppsShowPopup(234); return false;"]SHELF COMPANIES LIST[/su_button], We’ve been helping business owners since 1998, We work closely with British Virgin Islands Companies Registry to guarantee our service, Fastest offshore companies & accounts – Most competitive pricing worldwide, Golden Cross House 8 Duncannon St,, London, WC2N 4JF, Unit A, 25/F, United Centre, 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. These are the most popular form of off-shore companies in the world. Their economy is currently focused on financial services and tourism. 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. | St. John Real Estate Blog This Office was created through legislation enacted in December 2007 (Act 6976), which transferred the collection of real property taxes from the Department of Finance to the Office of the Lieutenant Governor. A particular classification of levies is assigned to recording fees which are needed by the Office of the Recorder of Deeds to carefully record a deed in the Virgin Islands. Privacy Policy We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. 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. Virgin Islands Bureau of Internal Revenue9601 Estate ThomasSt. Learn More, Terms of Use | Contact Us | Privacy Policy, Travel Documents and Passport Requirements, Virgin Islands Bureau of Internal Revenue, Employers are required to remove social security, Medicare and income tax from employee pay. These fees include the recording of deed fee, stamp taxes, the release of mortgage fees, and release of lien. …. 340-773-6449 (St. Croix) 1131 King Street, Suite 101 Christiansted, St. Croix, Virgin Islands 00820 The British Virgin Islands tax haven’s beneficial and simple taxation and regulation structures allows for both efficient and cost-effective registration as well as ongoing administration. Payment of property tax bills issued by the Virgin Islands Government can be made in person at any of the Tax Collector Offices. They have been autonomous from Britain since 1967. 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