Tax Benefits - indi...
 
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Tax Benefits - individuals

 
Lyla1515
(@lyla1515)
Active Member

Hello VIM family,

 

I'm trying to find out any tax advantages of moving to USVI vs the US. 

Can you recommend a good Tax Accountant i could reach out to to discuss? 

My main questions are 

- capital gains rate?

- federal rate? State rate? 

- income tax rate?

 

Also, if anyone has experience on this and any tips / info please share. 

 

thanks!

Quote
Topic starter Posted : November 14, 2021 1:01 pm
daveb722
(@daveb722)
Trusted Member

In the USVI, you file using the federal forms, but turn it into the revenue department here and either pay here or get your refund here (which is never guaranteed in a timely manner as they are just getting caught up after 6-7 years of back refunds).  There is no state tax here. Tax rates are based on your income as it would be in the states. 

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Posted : November 14, 2021 1:48 pm
Stxdreaming1
(@stxdreaming1)
Advanced Member
Posted by: @lyla1515

Hello VIM family,

 

I'm trying to find out any tax advantages of moving to USVI vs the US. 

Can you recommend a good Tax Accountant i could reach out to to discuss? 

My main questions are 

- capital gains rate?

- federal rate? State rate? 

- income tax rate?

 

Also, if anyone has experience on this and any tips / info please share. 

 

thanks!

Are you looking at saving on Crypto? If so, Puerto Rico is the place to be. 

ReplyQuote
Posted : November 15, 2021 10:05 am
STTsailor
(@STTsailor)
Trusted Member

Cap gains same as us

fed tax rate same as us

no state tax

low real estate taxes

PR has some benefits reportedly but details are unknown to me.  

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Posted : November 15, 2021 10:08 pm
stjohnjulie
(@stjohnjulie)
Trusted Member

As already said.  Everything is the same except federal taxes are paid to the local VIBIR instead of IRS. Social security and Medicare are still paid to the IRS.  And there is no state tax.  Businesses have a 5% tax on GROSS income.   EDC companies have some huge tax breaks if you are granted those benefits.  

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Posted : November 16, 2021 2:49 am
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