What taxes do you pay in St Croix?
The US Virgin Islands are a little known tax haven for all. We have no state, county, or city taxes, no sales tax and extremely low property taxes ( $377 per $100,000 of value for homes and condominiums). Our only taxes are paid on IRS Forms, to the local government, know as “mirror image” taxation.
Is St Croix tax free?
Individual U.S. citizens and permanent residents who are bona fide residents of the Virgin Islands are subject to the same tax rates as are applicable to individuals under the U.S. Internal Revenue Code but they pay their tax on worldwide income to the U.S. Virgin Islands Bureau of Internal Revenue rather than to the …
Does US Virgin Islands have income tax?
The USVI has its own income tax system based on the same laws and tax rates that apply in the United States. An important factor in USVI taxation is whether, during the entire tax year, you are a bona fide resident of the USVI.
How much are taxes in US Virgin Islands?
With the blessing of the U.S. Treasury and Congress, the islands offer a 90 percent reduction in U.S. corporate and personal income taxes. Much of corporate America already pays federal taxes well below the statutory 35 percent rate. But in the U.S. Virgin Islands, the average rate is just 3.37 percent.
Does the USVI tax Social Security income?
Taxes imposed on residents of the Virgin Islands include: Federal Income Tax (same as US mainland) Property Tax. Employers are required to remove social security, Medicare and income tax from employee pay.
Are the Virgin Islands a tax haven?
The British Virgin Islands as a tax haven has proven to be one of the most attractive places in the world for establishing an offshore business. This British territory has up-to-date company laws and regulations that have been specifically designed to attract offshore investors.
How much alcohol can you bring back from St Croix?
Citizens & Residents: From the U.S.V.I. , U.S. citizens can bring back 5 liters of liquor duty-free, plus an extra liter of rum (including Cruzan rum) if one of the bottles is produced in the Virgin Islands.
How much are cigarettes in St Croix?
Cost of Living in St Croix
|Bottle of Wine (Mid-Range)||11.00$|
|Domestic Beer (0.5 liter bottle)||2.57$|
|Imported Beer (12 oz small bottle)||3.00$|
|Cigarettes 20 Pack (Marlboro)||5.00$|
How old do you have to be to buy cigarettes in St Croix?
Wayne Biggs, Commissioner of the Department of Licensing and Consumer Affairs (DLCA) is reminding all businesses and establishments that it is a violation of the Virgin Islands Code for alcohol or tobacco to be sold to any person under the age of eighteen (18).
What is the difference between an excise tax and a sales tax?
Sales tax applies to almost anything you purchase while excise tax only applies to specific goods and services. Sales tax is typically applied as a percentage of the sales price while excise tax is usually applied at a per unit rate. … Note: Excise taxes are often subject to sales tax, so you can pay tax on tax.
Are you a U.S. citizen if you live in the Virgin Islands?
The U.S. Virgin Islands are an unincorporated territory of the United States, meaning that only select parts of the U.S. Constitution apply to its residents. Individuals born in the U.S. Virgin Islands are considered citizens of the United States.
Is it expensive to live in the Virgin Islands?
The cost of living in the U.S. Virgin Islands is higher than on the U.S. mainland. On average, apartments cost $2,000 per month. A two-bedroom house costs at least $285,000. Not everyone can afford health care on the U.S. Virgin Islands.
How do you become a resident of the Virgin Islands?
To qualify as a bona fide resident of possession during a taxable year, an individual must 1) satisfy a presence requirement, 2) not have a “tax home” outside of the possession during the taxable year, and 3) not have a “closer connection” to a foreign country or the United States than the possession.
Does the U.S. Virgin Islands tax retirement income?
USVI Income Taxes: For residents of the USVI, instead of filing returns and paying taxes to the IRS, residents file returns and pay income taxes directly to the Virgin Islands Bureau of Internal Revenue. … U.S. Virgin Islands Military Retired Pay Income Tax: Military retired pay is taxed in the USVI.