Metooxx, if straight trading income does not qualify, does fee income (mgmt & perf fees) from managing a fund qualify? Why does traidng income not qualify? Thanks!
Yes, that is what we are doing. "Services" provided in the USVI for non-USVI customers; is the income that qualifies. In case of trading there is no customer. Call me if you want to know how this works...
inflector, meetooxx, Great thread by the way. Just so the little guy individual trader understands this correctly, would you please clarify the qualification in plain English. My understanding is that anyone reading this thread and thinking they can go down to the VI, set up a 10 person company (housekeeping, accountant, assistant, etc) and simply trade with no fund or clients is mistaken, correct? In other words, I can't trade out of my bungalow on the beach with my household staff of 10 (kind of cramped, I know), and get the benefit. Thanks, JP
inflector, Not to be personal, but I'm just curious, if you were married and had a couple of pre-school toddlers would you recommend the VI? I think the initial development of a child is so crucial to their eventual lot in life that I am carefully considering where to eventually settle down when I finish up my employment overseas. Minnesota with the highest educational standards comes to mind (except for the cold). To be honest, assuming that my assessment is correct and that an individual trader does NOT reap the tax benefit, there is no reason to go, other than vacation. It is not like other possibilities such as Thailand where I can cover a family of four's health insurance for less than 1000 USD a year, and I can live an upper middle class lifestyle for less than 3 thousand a month. Regards, JP
metooxx, See my post above to inflector. Would you be able to comment on the family issues? Thanks, John
If you are making enought to afford a private school @ $12-$15 annually per child, yes; otherwise no.
The above is not unfamiliar to me as that is the way I was raised, courtesy of the State Department. My current employment contract also includes private school for the children, so I am accustomed to the expense involved. Thanks for the info.
http://www.st-thomas.com/ http://www.vinow.com/general_usvi/faq/ http://www.nationsonline.org/oneworld/virgin_islands_us.htm#Business worldatlas.com
This other vi thread that was just started claims that even without the econ dev tax break, a trader would only pay vi taxes and not us taxes, and that cap gains tax are soon a thing of the past in vi. Can anyone that lives down there confirm this?