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Rem 11 Smith Bay EE 00802
00802 Smith Bay
With over 2,770 linear feet of beachfront. Multi-use zoned, including zoned R-3, this property offers an opportunity for the development of condos, hotel, timeshare and /or villas.
About Hotel Develolpment Act:
The Virgin Islands Hotel Development Program is designed to assist in the development of hotels, resorts and related hotel facilities to increase opportunities in tourism enterprises in the U.S. Virgin Islands so as to facilitate and to accelerate opportunity for employment in these enterprises
About USVI Tax Incentives:
The goal of the EDC is to provide the necessary incentives for business expansion or relocation to the USVI.
Companies who are granted benefits under the USVI EDC program can qualify for the following incentives:
- 90% credit against corporate income tax due on income derived by the business granted benefits;
- 90% credit against personal income tax due on distributions from the business granted benefits for bona fide resident owners of the U.S. Virgin Islands;
- Reduction in the customs duty from the standard 6% to 1%;
- 100% exemption from excise tax;
- 100% exemption from real property taxes due on property used in the business;
- 100% exemption from gross receipts tax (currently imposed at a rate of 5%)
- Tax reduction on royalty income from software developed in the USVI and sold to non-US customers.
ECONOMIC DEVELOPMENT COMMISSION