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US Virgin Islands is not a tax haven or offshore jurisdiction, but USVI companies (or corporations) could be established as "USVI Exempt Companies" with partial or full exemption from local and US federal income taxes.
US Virgin Islands does not use a state withholding form because there is no personal income tax in US Virgin Islands.
VIRGIN ISLANDS INHERITANCE TAXES Code, all inheritances after 1984 are exempt from taxation.
The Virgin Islands Bureau of Internal Revenue and the IRS are not the same entity although the same tax rates and laws apply. If you are a US resident with income allocable to the Virgin Islands, file Form 8689 with your regular 1040 tax return.
EDC Tax Benefits 90% reduction in corporate income tax. 90% reduction in personal income tax. 100% exemption on excise tax. 100% exemption on property taxes. 100% exemption on gross receipts tax. 1% duty on imported goods.
Land tax is payable on every acre or part of an acre of land in the territory. House tax is payable on the assessed value of every house in the territory. The combined (Land and House) tax, referred to as Property Tax, is charged to every owner who erects, reconstructs, enlarges or repairs any existing building.
(a) For the purposes of this section a homestead shall constitute the abode including land and buildings, owned by, and actually occupied by, the property owner, or by members occupied by, a person, or by members of the property owner's family free of rental charges.
INDIVIDUAL INCOME TAX Individuals who are bona fide residents of the Virgin Islands file Form 1040 with the Virgin Islands and pay tax on their worldwide income to the Virgin Islands.