The U.S. Virgin Islands’ Growing Technology Sector: Benefits and Requirements Under the University of the Virgin Islands’ Research and Technology Park Program
The U.S. Virgin Islands (“USVI”), an unincorporated territory of the United States, offers targeted tax incentives to attract and retain businesses that utilize technology and research, from online marketing to energy trading to global financial research through the University of the Virgin Islands Research and Technology Park Program (“RTPark”).
These incentives are administered by the University of the Virgin Islands (“UVI”) Research and Technology Park Protected Cell Corporation (“RTPark-PC”), a public corporation and an autonomous instrumentality of the USVI government. The incentives also extend to the dividends or allocations received by their bonafide resident owners.
To qualify for benefits, an applicant must meet the RTPark program requirements and receive income that is eligible for tax incentives under the Internal Revenue Code of 1986, as amended and as applicable to the USVI and the Treasury Regulations promulgated there under. We have set out below the Federal framework for the USVI’s grant of benefits and then the local requirements and available tax incentives for qualifying businesses.