text: Offshore Business Centres – United States Virgin Islands By Marjorie Rawls Roberts, Travis L. Wright and Sean Foster1 The United States Virgin Islands ("USVI") is an unincorporated territory of the United States acquired from Denmark in 1917. As an unincorporated territory, it has a special tax status that has permitted it to enact targeted tax incentives to attract businesses engaging in certain economic development activities in the territory and to serve as the headquarters for foreign-owned holding companies with international operations. The USVI is the home to exempt international insurance companies and more recently the University of the Virgin Islands Research and Technology Park created to foster the development of a technology sector in the USVI. Certain economic benefits can be taken by USVI residents who meet criteria enacted by the U.S. Congress in 2004 and further defined by the Internal Revenue Service ("IRS") in subsequently issued regulations and notices. The USVI also has legislation for trusts and for various entities including a flexible limited liability company statute. This article will discuss the unique aspects of doing business in the USVI, including tax incentives where available. I. Income, Estate and Gift Tax Overview The USVI has used the Internal Revenue Code of 1986, as amended (the "Code"), as its tax code since shortly after its acquisition, pursuant to the Naval Appropriations Act of 1922.2 References to the Code in this article are references to the Internal Revenue Code of 1986, as amended, as applicable in the United States. At times, this article may reference the Code as applicable in the USVI, in which case the words "the Virgin Islands" are substituted for "the United States" and vice versa under what has been called "the mirror" system of taxation. "Congress intended that each territory should apply within its geographical jurisdiction a separate income tax system having the same basic structure as the income tax system applied by the United States within its geographical jurisdiction."3 This process has been referred to as "mirroring,"4 hence various permutations such as "mirror codes."5 Income taxes imposed under this system are payable to the Virgin Islands Bureau of Internal Revenue ("BIR") rather than to the IRS.6 Under the mirror theory, "any changes to, interpretations of, regulations and revenue rulings on and court interpretations of the substantive tax provisions of the Internal Revenue Code are applicable to Virgin Islands tax cases as long as the particular provision at issue is not manifestly inapplicable or incompatible with a separate territorial income tax…."7 Pursuant to the Code, the USVI asserts jurisdiction to tax nonresident alien individuals and foreign entities only if they are engaged in business in the USVI or receive income from sources within the USVI. Nonresident alien individuals and foreign entities that are engaged in a trade or business in the USVI are subject to net-basis income tax on any of their income that is "effectively connected" with that business.8 In addition, all corporations, including foreign corporations, are subject to a 10 percent corporate surcharge imposed by the USVI. Specifically, the USVI has enacted a 10 percent surcharge on "all corporations that have a liability to pay Virgin Islands income tax" equal to "each such corporation's total income tax liability."9 If a foreign corporation is engaged in a trade or business in the USVI but fails to file an income tax return, it is taxed on its gross income instead of on a net income basis.10 In addition, partnerships, and limited liability companies that are taxable as partnerships, formed in the USVI have a return filing obligation, generally Form 1065, U.S. Return of Partnership Income, with the BIR whether or not they have effectively connected income or USVI source income. However, because a partnership's or limited liability company's income is attributable to its partners or members, nonresident alien partners or members of such entities will not have an income tax filing obligation with the BIR so long as the partnership or limited liability company does not have USVI source income and the partner or member does not have any other income from USVI sources. (A) USVI Residency Every "bona fide resident" of the USVI must file a tax return with and pay all taxes due thereon to the BIR. Those persons who are not bona fide residents of the USVI but who have USVI source income are required to file their Forms 1040 with the IRS and the BIR and allocate taxes between the USVI and the United States on IRS Form 8689.11 The test for determining bona fide residency in the USVI for income tax purposes requires a taxpayer to (i) be present in the USVI for at least 183 days (the "physical presence test"); (ii) not have a closer connection to the United States or a foreign country than to the USVI (the "closer connection test"); and (iii) not have a tax home outside of the USVI for the taxable year (the "tax home test"). An individual must meet all three tests in order to be a bona fide resident of the USVI for tax purposes. (i) Physical Presence Test: The physical presence test is satisfied if a taxpayer satisfies one of five alternative tests: (a) 183-Day Test An individual can satisfy the physical presence test by meeting the strict 183-day rule codified in Code section 937, that is, spending at least 183 days a year in the USVI (including days of travel to and from the USVI as long as part of the day of travel is spent in the USVI). (b) 183-Day Rolling Average Second, an individual can satisfy the physical presence test by being present in the USVI for at least 549 days during a three-year period consisting of the current taxable year and the two immediately preceding taxable years, provided that the individual is also present in the USVI for at least 60 days during each taxable year of the three-year period. In 2 other words, this alternative to the physical presence test requires an individual to be present in the USVI for a simple nonweighted three-year average of 183 days per year so long as a minimum of 60 days of presence is met in each of those three years. (c) No More Than 90-Day Test An individual can satisfy the physical presence test by spending no more than 90 days in the United States during a taxable year. This test may permit persons who spend significant time for business or pleasure in Europe, South America, or elsewhere in the Caribbean to meet the physical presence test for residency in the USVI. (d) More Time in the USVI and Earned Income Not Exceeding $3,000 Test An individual can satisfy the physical presence test by spending more days in the USVI than in the United States and having earned income in the United States not exceeding $3,000. "Earned income" is composed of wages, salaries, professional fees and other amounts received as compensation for personal services actually rendered, but does not include a distribution of earnings and profits by a corporation. (e) No Significant Connection to the United States Test An individual can satisfy the physical presence test by having no significant connection to the United States. However, this exception may not encompass any individual who has full-time access to any residence in the United States even if the residence has never been the individual's tax home, such as a vacation home. In addition, the individual's spouse, and any dependents under the individual's custody cannot live in the United States and the individual must not be registered to vote in the United States. (ii) Closer Connection Test The closer connection test requires that a taxpayer be able to demonstrate that he or she does not have a closer connection to the United States or a foreign country than to the USVI. The applicable regulations list ten factors that are considered in determining whether a closer connection exists. These factors include, but are not limited to, the: (i) location of the individual's permanent home; (ii) location of the individual's family; (iii) location of personal belongings, such as automobiles, furniture, clothing, and jewelry owned by the individual and family members; (iv) location of social, political, cultural or religious organizations in which the individual has a current relationship; (v) location of the individual's personal bank accounts; (vi) location where the individual conducts business activities other than those that constitute the individual's principal business; (vii) type of driver's license held by the individual; (viii) country of residence designated by the individual on forms and documents; (ix) types of official forms and documents filed by the individual; and (x) where the individual votes. The preamble to the residency regulations12 provides that the very nature of this factsand-circumstances test does not allow for weighting of factors because a factor with 3 respect to one set of facts and circumstances may be less important than with respect to another set of facts and circumstances. Moreover, the preamble provides that the regulations do not designate specific factors as primary, adopt a weighting of factors, or adopt a rule that counts a majority of the factors to determine a closer connection. Furthermore, the preamble states that because the list of factors is not exclusive, other factors, including whether the individual was born or raised in the relevant possession, may be considered in the closer connection determination. The preamble also provides that although the location of an individual's family is often a very important factor, it is one of many factors to be evaluated qualitatively under the facts-and-circumstances test, and in a particular case it may not be an important or overriding factor. Finally, the preamble concludes that unlike the no significant connection alternative to the physical presence test, the closer connection test can be satisfied, depending on an individual's particular facts and circumstances, even if the individual's spouse resides in the United States. A person who meets the "no significant connection" test set forth in section I(A)(i)(e) above with regard to the United States would usually meet the closer connection test for the USVI unless the person has a closer connection to one or more foreign countries than to the USVI. (iii) Tax Home Test The tax home test requires that a taxpayer's tax home be in the USVI. An individual's tax home is generally considered to be located at his or her regular place of business. If an individual has more than one place of business, then the tax home is the principal place of business. Where a taxpayer works regularly in two or more areas, the time spent performing duties in each area, the degree of the business activities in each area, and the relative financial returns from each area determine the individual's tax home. An individual moving to the USVI can satisfy the tax home test if he or she does not have a tax home outside the USVI during the last 183 days of the taxable year. This "partial year" test only applies, however, if the individual has not been a bona fide resident of the USVI during the three years before moving to the USVI and if the individual is a bona fide resident for the three years after the move year. (B) Applicable Withholding Taxes Pursuant to sections 871 and 881 of the Code, all nonresident alien individuals and foreign corporations, whether or not engaged in a business in the USVI, are subject to gross-basis tax on certain types of USVI source income ― primarily investment income, such as interest and dividends, but also rents, royalties, compensations, remunerations, and other fixed or determinable annual or periodical gains, profits and income ― that are not effectively connected with a USVI business.13 Although sections 871(a)(1) and 881(a) of the mirror Code impose a 30 percent withholding tax on USVI source income, pursuant to its authority under Code section 934(b)(1) to reduce tax on "income derived from sources within the Virgin Islands or income effectively connected with the conduct 4 of a trade or business within the Virgin Islands,"14 the USVI has reduced the rate of withholding to 10 percent.15 Further, U.S. citizen or resident recipients of USVI source income are exempt from withholding under Code section 932(a). U.S. corporate recipients of USVI source income are exempt from withholding pursuant to Treasury Regulation § 1.881-5T(g). Section 932(a)(3) of the Code provides that "the United States shall be treated as including the Virgin Islands" for purposes of the Code (excepting Code sections 932 and 7654). Therefore, U.S. citizen and resident recipients are not treated as nonresident aliens for purposes of Code section 871, and consequently there is no withholding tax on USVI source income of a U.S. citizen or resident. However, the USVI source income is subject to tax in the United States at the applicable federal rates. Treasury Regulation § 1.881-5T(g)(2) provides that for "determin[ing] tax liability incurred to . . . the United States Virgin Islands―[a] corporation created or organized in, or under the law of . . . the United States shall not be considered a foreign corporation."16 Consequently, there is no withholding tax on a U.S. corporation's USVI source income, but the income will be subject to tax in the United States at the applicable federal rates. Treasury Regulation § 1.881-5T(g) is effective for all payments made after April 11, 2005. (C) Estate and Gift Taxes The USVI is not considered a part of the United States for purposes of the estate and gift tax. Therefore, an individual who is a nonresident not a citizen of the United States will not be subject to estate or gift tax on USVI situs assets. Moreover, special rules apply to transfers by certain U.S. citizens who reside in the USVI at the time of a gift or at death. This special class of U.S. citizens includes only those individuals who acquired U.S. citizenship on account of birth or residence in the USVI.17 Consequently, an individual acquiring U.S. citizenship by fulfilling the residency requirement of the citizenship naturalization process in the USVI is deemed a "nonresident not a citizen of the United States." The effect of such a designation is that U.S. estate and gift taxes will only apply to property situated in the United States. (D) Tax Treaties The USVI is not a party to any tax treaty. The United States has sole authority to conclude international agreements on behalf of the USVI. Moreover, many U.S. tax treaties explicitly exclude the USVI while other treaties merely define "United States" in the geographical sense, including only the 50 states and the District of Columbia, with no specific exclusion or reference to the USVI or other territories.18 The inapplicability of a U.S. income tax treaty can result in withholding, nexus and credit determinations being governed by statutory provisions (i.e., the Code), as well as administrative and judicial interpretations thereof. 5 In contrast, the United States' treaties of friendship, commerce, and navigation (FCN treaties) and bilateral investment treaties (BITs) are generally applicable to the USVI and their application has been informally confirmed.19 These treaties provide protections against expropriation and a number of other commercial and investment risks. Additionally an FCN treaty or a BIT typically provides that companies established in either treaty country will receive national treatment and most-favored-nation treatment from the other treaty country with respect to payments, remittances, and transfers of funds or financial instruments between the two treaty parties. The United States has entered into over 40 FCN treaties and over 20 BITs (this total does not include BITs that have been signed but have not yet entered into force). The North American Free Trade Agreement, entered into between the United States, Canada and Mexico, explicitly does not cover territories and possessions of the United States. II. Local USVI Taxes (A) Gross Receipts Tax The USVI imposes a four percent gross receipts tax on every individual, firm, corporation and other association doing business in the USVI. Gross receipts for purposes of the gross receipts tax statute are all receipts of a taxpayer for services or derived from trade, business, commerce or sale, and the value accruing from the sale of tangible personal property or services, or both, including rentals and fees, without any deduction on account of the cost of the property sold, the cost of materials used, labor cost, royalties, taxes, interest or discount paid, or any other expenses. If the annual gross receipts of a business total more than $120,000, the tax must be paid to the BIR on Form 720-VI, and is due monthly by the 30th day of the following month. If annual gross receipts total $120,000 or less, the tax must be paid annually on Form 720-B, and is due by the 30th day following the last day of the year concerned. It is important to note that the gross receipts statute exempts from the gross receipts tax the first $5,000 of gross receipts each month, if annual gross receipts are less than $150,000. (B) Franchise Tax The USVI imposes a corporate franchise tax on USVI corporations and foreign corporations qualified to do or doing business in the USVI. The franchise tax is payable to the Office of the Lieutenant Governor and is discussed more fully in section III(A) below. (C) Excise Tax The USVI also imposes an excise tax on all articles, goods, merchandise, or commodities manufactured in or imported into the USVI. For most items, the excise tax rate is four percent of the value of the property (with value equalling cost plus a mark-up of five 6 percent) or four and two-tenths percent of the cost of the property. In addition, the USVI imposes a personal use tax on all articles, goods, merchandise or commodities brought into the USVI for personal use with an invoice value over $1,000. The tax is imposed at a rate of four percent of the value in excess of $1,000, and is administered by the BIR. (D) Real Property Tax The USVI imposes a real property tax on the value of real property. The tax is imposed at the rate of one and one-quarter percent of the property's assessed value. The assessed value of property is sixty percent of its "actual value" (i.e., fair market value). The actual value is the amount that the property may bring on the open market between a willing buyer who is fully informed of all the advantages and disadvantages of the property and as a willing seller who is fully informed and under no duress to sell would accept. The Tax Assessor utilizes different approaches to determine a property's actual value. These approaches include the cost approach (which estimates the current cost of replacement less accrued depreciation), the income approach (which is used for income producing commercial property) and the sales comparison approach (which compares the property to recent sales of similar properties on the open market). In addition to analyzing market data, the Tax Assessor also appraises the property. The Tax Assessor then correlates the gathered data and analysis to arrive at the actual value of the property. Taxpayers may reduce their property taxes by qualifying for certain exemptions from the property tax. These exemptions include a general homestead exemption, an elderly exemption and an additional senior exemption. (E) Stamp Tax The USVI imposes a stamp tax on the transfer of title to real property. The tax is imposed at the rate of two percent for property valued up to $350,000, two and one-half percent for property valued from $350,001 to $1,000,000, three percent for property valued from $1,000,001 to $5,000,000, and three and one-half percent for property valued over $5,000,001. (F) Customs Duties Customs duties in the USVI are administered by U.S. Customs and Border Protection. Customs duties are generally imposed at the rate of six percent ad valorem on all articles, goods, merchandise, and commodities that are manufactured or that originate outside the territorial sovereignty of the United States and are brought into the USVI. However, the USVI Legislature has the authority to reduce customs duties. (G) Fuel Tax The USVI imposes a tax of seven cents on each gallon of gasoline and diesel fuel manufactured, sold, consumed or otherwise disposed of in the USVI. Fuel used to fuel aircraft, motorboats, yachts, or any other motor vehicle not operating on the public 7 highways, or for industrial or other purposes not connected with the fueling of motor vehicles, is exempt from the fuel tax. III. Types of Entities (A) Corporations Title 13, Chapter 1 of the VIC governs the formation and operation of corporations in the USVI. USVI law recognizes several types of corporations including general corporations, nonprofit corporations, professional corporations and exempt companies. Pursuant to USVI law, a corporation is formed by three or more natural persons filing Articles of Incorporation with the Corporations Division of the Office of the Lieutenant Governor and paying a filing fee dependent upon the amount of authorized stock, which shall not be less than $150. USVI law does not require that the individuals incorporating the corporation be owners or intended officers or directors of the corporation, or be residents of the USVI or U.S. citizens. However, it does require that a resident agent be designated for service of process, and the resident agent must be a USVI resident. The Articles of Incorporation filed with the Office of the Lieutenant Governor must contain (i) the name of the corporation; (ii) the purposes for which the corporation is formed; (iii) the number of authorized shares of stock, a statement of par value (or that shares are to be without par value), and a statement of classes of stock if more than one class is issued; (iv) the minimum amount of capital with which the corporation will commence business, which shall not be less than $1,000; (v) the physical and mailing addresses of the principal office or place of business in the USVI and the name and physical address of the resident agent; (vi) the term of existence of the corporation, if limited; (vii) the number of directors, which cannot be less than three, or a statement that the bylaws will set the number of directors; and (viii) the names and places of residence of the incorporators. Corporations organized under the laws of a foreign country or any state of the United States must qualify to do business in the USVI prior to commencing operations in the USVI. In order to qualify to do business in the USVI, the foreign corporation must file with the Office of the Lieutenant Governor a (i) certified copy of its charter or certificate of incorporation; (ii) certificate signed by its president or vice president and under its corporate seal, attested by its secretary or assistant secretary, stating the name of its authorized agent for service of process in the USVI; and (iii) sworn statement of the assets, liabilities and capital stock (both authorized and paid up) of the corporation at the close of its last fiscal year. The minimum filing fee for qualifying to do business is $150. Corporations organized under the laws of the USVI must also file an annual report with the Office of the Lieutenant Governor on or before June 30 of each calendar year. There is no fee associated with this filing. 8 The management and affairs of the corporation are governed by the corporation's bylaws. The incorporators may adopt the corporation's original bylaws, or in the alternative, the Articles of Incorporation may authorize the board of directors to make and adopt bylaws, subject to the right of a majority of the shareholders to amend or repeal the bylaws. Every USVI corporation and every foreign corporation qualified to do or doing business in the USVI is also required to pay an annual franchise tax of $1.50 for each thousand dollars of capital stock used in conducting the business in the USVI, subject to a statutory minimum of $150. The franchise tax is administered by the Office of the Lieutenant Governor. Finally, all corporations, including foreign corporations, are subject to a 10 percent corporate surcharge tax imposed by the USVI. Specifically, the USVI has enacted a 10 percent surcharge tax on "all corporations that have a liability to pay Virgin Islands income tax" equal to "each such corporation's total income tax liability."20 (B) Partnerships USVI law recognizes four partnership forms: the general partnership, the limited liability partnership, the limited partnership and the limited liability limited partnership. (i) General Partnerships The Uniform Partnership Act, as enunciated in Title 26, Chapter 1 of the VIC, governs the formation and operation of general partnerships. The statute does not require any filing, registration or written partnership agreement to create a partnership and there are no annual fees. If a written partnership agreement does exist, it will govern the partnerpartner and partner-partnership relations. To the extent that the agreement does not otherwise provide, the Uniform Partnership Act will govern such relations. Each partner of a general partnership will be jointly and severally liable for all debts and obligations of the partnership. Foreign general partnerships are not specifically recognized by statute for purposes of qualifying to do business in the USVI. However, the USVI trade name registration statute requires the partnership to file with the Office of the Lieutenant Governor a notarized certificate setting forth (i) the designation, name or style under which the partnership is to be conducted; (ii) the location of the partnership; (iii) a brief description of the kind of business to be transacted; and (iv) the true and real name or names of the party or parties conducting or intending to conduct the business, or having an interest in the partnership, including mailing addresses. The fee for registering a trade name is $25. Otherwise, the laws of the jurisdiction where the partnership was organized continue to govern relations among partners and between the partners and the partnership. 9 (ii) Limited Liability Partnerships Pursuant to USVI law, a general partnership may become a limited liability partnership upon approval by the number of partners necessary to amend the partnership agreement. However, unlike general partnerships, limited liability partnerships must file a Statement of Qualification with the Corporations Division of the Office of the Lieutenant Governor electing limited liability partnership status and pay a $150 filing fee thereon. By electing such status, no partner of the partnership will be liable for the debts and obligations of the partnership beyond that partner's investment in the partnership. The Statement of Qualification must provide (i) the partnership's name; (ii) the physical address of the partnership's chief executive office (and if different, the physical address of its USVI office); (iii) the name and physical address of the partnership's agent for service of process if there is no office in the USVI; (iv) the election to be a limited liability partnership; and (v) a deferred effective date, if any. The name of the limited liability partnership must end with "Registered Limited Liability Partnership," "Limited Liability Partnership," "R.L.L.P.", "L.L.P.", "RLLP," or "LLP". Foreign limited liability partnerships must file a Statement of Foreign Qualification with the Office of the Lieutenant Governor prior to transacting business in the USVI, and pay a fee of $150. The Statement of Foreign Qualification must provide (i) the name of the foreign limited liability partnership satisfying the requirements of the foreign jurisdictions law and ending with "Registered Limited Liability Partnership," "Limited Liability Partnership," "R.L.L.P.", "RLLP," or "LLP"; (ii) the physical address of the partnership's chief executive office and, if different, the physical address of an office in the USVI, if any; (iii) if there is no office in the USVI, the name and physical address of the partnership's agent for service of process in the USVI; and (iv) a deferred effective date, if any. The laws of the jurisdiction under which the foreign limited liability partnership was organized continue to govern relations among the partners and between partners and the partnership and the liability of partners for the debts and obligations of the partnership. Both foreign and domestic limited liability partnerships are required to pay an annual fee of $150 and file an annual report with the Office of the Lieutenant Governor between January 1 and June 30 of each year following the calendar year in which the partnership files a Statement of Qualification or a Statement of Foreign Qualification. The annual report must provide (i) the name of the limited liability partnership and the state or other jurisdiction under whose laws the foreign limited liability partnership was formed; (ii) the physical address of the partnership's chief executive office and, if different, the physical address of its USVI office, if any; and (iii) if there is no USVI office, the name and physical address of the partnership's agent for service of process in the USVI. (iii) Limited Partnerships The Uniform Limited Partnership Act, Title 26, Chapter 3 of the VIC, governs the formation and operation of limited partnerships. A limited partnership is formed by the filing of a Certificate of Limited Partnership with the Corporations Division of the Office 10 of the Lieutenant Governor. The Certificate of Limited Partnership must provide (i) the name of the limited partnership; (ii) the physical address of the partnership's office in the USVI and the name and physical address of the partnership's agent for service of process in the USVI; (iii) the name and business address of each general partner; (iv) the latest date upon which the limited partnership is to dissolve; and (v) any other matters the general partners determine to include. Although not specifically set forth in the Uniform Limited Partnership Act, a filing fee of $150 must accompany the Certificate of Limited Partnership. The name of the limited partnership set forth in the Certificate of Limited Partnership must contain without abbreviation the words "limited partnership". Foreign limited partnerships and foreign limited liability limited partnerships (discussed in detail below) must file an Application for Registration as a Foreign Limited Partnership with the Office of the Lieutenant Governor prior to transacting business in the USVI. The fee for filing an Application for Registration as a Foreign Limited Partnership is $150. The Application for Registration as a Foreign Limited Partnership must provide (i) the name of the foreign limited partnership and, if different, the name under which it proposes to register and transact business in the USVI; (ii) the state and date of its formation; (iii) the name and address of the agent for service of process in the USVI; (iv) a statement that the Lieutenant Governor is appointed the agent for service of process if no appointment has been made; (v) the address of the office required to be maintained in the state of its organization by the laws of that state or, if not so required, of the principal office of the partnership; (vi) the name and business address of each general partner; and (vii) the address of the office at which is kept a list of names and addresses of the limited partners and their capital contributions, together with a statement that the foreign limited partnership will keep and maintain those records until such time as its USVI registration is cancelled or withdrawn. The laws of the jurisdiction under which the foreign limited partnership was organized continue to govern its organization and internal affairs and the liability of its limited partners, and the USVI cannot deny registration based upon any difference between the laws of the USVI and the foreign jurisdiction. The general partner in a limited partnership will still be liable for the debts and obligations of the partnership, but a limited partner will not be liable to third parties for the debts or obligations of the limited partnership unless the limited partner is also a general partner, the limited partner participates in the control of the business, or the limited partner knowingly allows his, her or its name to be used in the partnership's name in a manner that is prohibited by law. (iv) Limited Liability Limited Partnerships Pursuant to USVI law, a limited partnership may become a limited liability limited partnership upon approval by the number of partners necessary to amend the partnership agreement. The limited partnership must also file a Statement of Qualification with the Corporations Division of the Office of the Lieutenant Governor and pay a fee of $150 thereon. In addition, a limited liability limited partnership is required to file an annual report with the Office of the Lieutenant Governor and pay a fee of $150 thereon. The 11 annual report must provide (i) the name of the limited liability limited partnership; (ii) state or country where organized; (iii) mailing and physical address of USVI office, if any; and (iv) name, and mailing and physical address of agent for service of process in the USVI. The name of the limited liability limited partnership must end with "Limited Liability Limited Partnership," "L.L.L.P.", or "LLLP". Neither general nor limited partners of a limited liability limited partnership are liable for the partnership's debts or obligations beyond their investment in the partnership. (C) Limited Liability Companies The Uniform Limited Liability Company Act, as enunciated in Title 13, Chapter 15 of the VIC, governs the formation and operation of limited liability companies ("LLC(s)") operating in the USVI. An LLC is organized upon the filing of Articles of Organization with the Corporations Division of the Office of the Lieutenant Governor. Although not set forth in the Uniform Limited Liability Company Act, a filing fee must accompany the Articles of Organization in an amount equal to the filing fee associated with the annual report (to be discussed below). The Articles of Organization must contain (i) the name of the company; (ii) the physical and mailing addresses of the initial designated office; (iii) the name and physical address of the initial agent for service of process in the USVI; (iv) the name and physical address of each organizer; (v) the minimum amount of capital with which the company will commence business, which shall not be less than $1,000; (vi) whether the company is to be a term company and, if so, the term specified; (vii) whether the company is to be manager-managed, and, if so, the name and physical and mailing addresses of each initial manager; and (viii) whether one or more of the members of the company are to be liable for its debts and obligations. Every LLC organized under USVI law and every foreign LLC authorized to transact business in the USVI must file an annual report with the Office of the Lieutenant Governor and pay a fee at the rate of $1.50 for each thousand dollars of capital used in conducting business in the USVI. The annual report fee is subject to a statutory minimum of $300. The annual report must provide (i) the name of the company and the state or country under whose law it is organized; (ii) the mailing and physical address of its designated office and the name and physical address of its agent for service of process in the USVI; (iii) the mailing and physical address of its principal office; and (iv) the names and business addresses of any managers. The management and affairs of an LLC, including the LLC's business and relations among the members, managers, and company, are controlled by the terms of an operating agreement as agreed to among the members and managers of the LLC. Although the terms of an operating agreement trump the default rules for governing relations among the members, managers and company found in the VIC, an operating agreement may not (i) unreasonably restrict a right to information or access to records by a member of an LLC; (ii) eliminate a member's or manager's duty of loyalty set forth in Title 13, sections 1409 or 1603 of the VIC, but the agreement may (a) identify specific types or categories of activities that do not violate the duty of loyalty, if not manifestly unreasonable; and (b) specify the number or percentage of members or disinterested managers that may 12 authorize or ratify, after full disclosure of all material facts, a specific act or transaction that otherwise would violate the duty of loyalty; (iii) unreasonably reduce the duty of care set forth in Title 13, section 1409 of the VIC; (iv) eliminate the obligation of good faith and fair dealing of members and managers as set forth in Title 13, section 1409 of the VIC, but the operating agreement may determine the standards by which the performance of the obligation is to be measured, if the standards are not manifestly unreasonable; (v) vary the right to expel a member as specified in Title 13, section 1601 of the VIC; (vi) vary the requirement to wind up the LLC's business in a case specified in Title 13, sections 1801(3) or (4) of the VIC; or (vii) restrict rights of a person, other than a manager, member, or transferee of a member's distributional interest, under the Uniform Limited Liability Company Act. Members of an LLC may consist of natural persons or entities such as a corporation, partnership, trust or other LLC. There are no USVI domicile or residency requirements for becoming a member of a USVI LLC and the USVI recognizes single member LLCs. An LLC must maintain a designated office in the USVI, which need not be a place of business in the USVI, and also must designate a resident agent. The resident agent may be an individual resident of the USVI or a USVI corporation, limited liability company or foreign company authorized to do business in the USVI. A USVI LLC may be member managed, in which the members control the management of the LLC, or manager managed, in which a member or a non-member controls the management. Additionally, a USVI LLC may have perpetual existence or formation may be based upon a term of years, and a USVI LLC may be formed for the performance of any lawful business purpose. Foreign LLCs must file an Application for Certificate of Authority to transact business in the USVI with the Office of the Lieutenant Governor prior to transacting business in the USVI. The application must provide (i) the name of the foreign company; (ii) the name of the country under whose law it is organized; (iii) the physical address of its principal office; (iv) the address of its initial designated office in the USVI; (v) the name and physical address of its initial agent for service of process within the USVI; (vi) the minimum amount of capital with which the company will conduct business in the USVI, which cannot be less than $1,000; (vii) whether the duration of the company is for a specified term and, if so, the period specified; (viii) whether the company is managermanaged, and, if so, the name and address of each initial manager; and (ix) whether the members of the company are to be liable for its debts and obligations. In addition, the foreign limited liability company must deliver a certificate of existence or a record of similar import authenticated by the secretary of state or other official having custody of company records in the country under whose laws the company is organized. The minimum initial filing fee for an application for a certificate of authority to transact business is $300. (D) Exempt Companies The USVI has enacted legislation permitting the establishment of exempt companies. A USVI exempt company ("EC") offers foreign investors significant tax benefits for their 13 worldwide assets and business activities. It also receives the protection of the U.S. flag in a politically stable jurisdiction; access to U.S. federal courts; and protection from expropriation under the United States' extensive network of treaties of friendship, commerce and navigation. (i) Tax Benefits ECs offer substantial USVI tax benefits to foreign investors. They are effectively exempt from tax on all income, except for income from the United States and some types of USVI income. An EC is, for example, exempt on interest income received on deposits with banks or savings institutions located in the USVI or abroad, as well as on amounts held by an insurance company under an agreement to pay interest thereon. An EC is also exempt from tax on dividends or interest received from another exempt company and on gains from the sale, exchange, or other disposition of the stock of another exempt company. In addition, an EC is exempt from all local USVI taxes, including the four percent gross receipts tax. Shareholders of an EC are not subject to any withholding tax, otherwise imposed at a 10 percent rate. The tax benefits for an EC are guaranteed under a 20-year contract between the exempt company and the USVI, which is actually signed by the Lieutenant Governor of the USVI. There are generally no licensing requirements for an EC, except for two special types of exempt companies—exempt insurers and exempt international banking facilities. The only requirements that exempt companies must meet are to file a combined annual report and annual franchise tax report with the Office of the Lieutenant Governor and to pay an annual franchise tax of $1,000. Moreover, unless the EC earns income from U.S. or USVI sources, an income tax return need not be filed with either the BIR or the IRS. (ii) Requirements for Establishment The exempt companies legislation is contained in Title 13, Chapter 14 of the VIC. This legislation sets out five requirements for exempt companies. Specifically, an EC must (i) not engage in the active conduct of a trade or business in the United States; (ii) not engage in the active conduct of a trade or business in the USVI; (iii) comply with the stock ownership requirements set out in section 934(b)(3)(B) of the Code (i.e., less than 10 percent of the total voting power and total value of the corporation's stock can be owned by one or more U.S. individuals or corporations); (iv) comply with the stock ownership requirements set out in Title 14, section 854 of the VIC (i.e., less than 10 percent of the total voting power or the total value of an exempt company's stock can be owned by one or more USVI persons); and (v) elect to be an exempt company at the time of incorporation either in its Articles of Incorporation or through a separate election filed at the same time with the Office of the Lieutenant Governor. An EC will not be disqualified if 10 percent or more of the total voting power of its stock is owned by one or more USVI persons as a trustee or trustees pursuant to a voting trust, so long as the trustee or trustees have no beneficial ownership interest in the EC and the company otherwise qualifies as an exempt company. 14 A foreign company can also establish an exempt branch in the USVI instead of a separately chartered EC. An exempt branch receives the same benefits as an EC and is specifically exempt from the branch profits tax otherwise imposed under Code section 884. In addition, an EC or a branch has the option of electing to be taxed at a one percent rate instead of having its tax reduced to zero. The exempt company or branch could then credit its one percent income tax payment against its $1,000 franchise tax obligations. (iii) Example of Use of EC The USVI exempt companies legislation provides the opportunity for foreign individuals and companies to own aircraft through an entity that is not subject to United States federal income taxes but which qualifies as a "United States citizen" for purposes of obtaining an "N" number from the Federal Aviation Administration ("FAA"). To obtain an "N" number from the FAA for an aircraft that is to be operated primarily outside the United States, the owner of the aircraft must be either a "citizen of the United States" or a resident alien. It is possible, however, for a nonresident alien or a foreign corporation to establish and own a corporation that qualifies as a "citizen of the United States," which in turn can own the aircraft, if the corporation (i) is incorporated in one of the states or territories of the United States; (ii) the president and at least two-thirds of the board of directors and principal officers are U.S. citizens; and (iii) at least 75 percent of the corporation's voting interests are owned or controlled by U.S. citizens. As a practical matter, this ownership structure is usually established by means of a voting trust by which the beneficial foreign owner transfers to an independent voting trustee the right to exercise at least 75 percent of the corporation's voting power. When such a structure is used, in addition to the usual bill of sale and registration application, the owner must submit to the FAA a copy of the executed voting trust agreement and an affidavit of the voting trustee representing that the trustee is a U.S. citizen and not related to the beneficial foreign owner in such a manner that the owner could influence the trustee's independent judgment. The trust itself must provide for the trustee, and any successor trustee, to be free from the control of the foreign owner. It must also provide the process by which any successor trustee is appointed. A typical EC structure for aircraft ownership by a foreign person would have the foreign owner engaging a U.S. citizen, resident in the USVI, as a voting trustee. Usually the voting trustee would be a local attorney or the employee of a management or trust company. As a USVI resident without a beneficial interest in the company's stock, the voting trustee meets the ownership requirement for USVI law. As a person who is not a "United States person," the trustee also meets the Code ownership requirements. Finally, the FAA ownership requirement is met because the trustee meets the definition of a United States citizen which does not depend on residence. To make the exempt company qualify as a "United States citizen," the only other requirements are that the president and 15 two-thirds of the board and principal officers be United States citizens. Often the beneficial owner will wish to serve as one of the board members and perhaps hold one office. The other directors and officers may be individuals resident in the United States or the USVI, and may include the voting trustee. The requirement that the exempt company not engage in an active trade or business in the United States or the USVI is not a problem in cases where the aircraft is to be operated exclusively overseas. (iv) Captive Insurance Companies The USVI has enacted legislation permitting the establishment of captive insurance companies.21 The USVI has crafted these provisions regarding captive—or international—insurers to be administratively flexible and not unduly burdensome to insureds while at the same time protecting interests of the USVI by ensuring that financially sound captives are established in the USVI. Although it is not imperative that a company meeting the requirements as an international insurer elect exempt company status, it is unlikely that an international insurer would not do so since the tax benefits are available only to companies electing exempt company status. The Division of Banking and Insurance, which is part of the Office of the Lieutenant Governor, has regulatory authority over insurance companies. The Lieutenant Governor is the Commissioner of Insurance but the Director of the Division is the functional official. Three types of USVI international insurers may be formed under USVI law: (i) the single-parent—or pure—captive, (ii) the association captive, and (iii) the industrial insured.22 A single-parent captive is a captive that insures the risks of its parent and affiliated companies. "Parent" means a corporation, partnership, or individual that directly or indirectly owns or controls more than 50 percent of the outstanding voting securities of the captive. Premiums from risks other than those of the parent and affiliates may not aggregate more than 50 percent of the gross premium in any fiscal year, exclusive of reinsurance premiums. The term "affiliated company" means any company in the same corporate system as the captive by virtue of common ownership, control, operation, or management. For these purposes, gross premium does not include reinsurance premiums. An association captive insures risks of its association and affiliates, with the same limitation on insuring related risks as for a single-parent. An association is any legal association of individuals, corporations, partnerships, or associations that has been in continuous existence for at least one year and that collectively owns or controls at least 60 percent of the voting power of a stock captive or has complete voting control of a captive organized as a mutual. Industrial insureds—those captives that use full-time risk managers or buyers, have at least 25 full-time employees, have aggregate premiums of at least $25,000, and insure risks only of its group—have identical limitations. An industrial insured group is a group 16 of insureds that collectively own or control at least 60 percent of a captive organized as a stock insurer, or have complete voting control over the captive if the captive is a mutual insurer. To form a USVI international insurer, an applicant must file an initial application with the Director of the Division of Banking and Insurance. As the first step, a draft, unsigned application with supporting materials should be submitted to the Director. After a preliminary review, which may include a meeting with the Director or an examiner in the Division of Banking and Insurance, a Certificate of General Good is issued by the Director which in turn permits the applicant to file the Articles of Incorporation with the Corporations Division of the Office of the Lieutenant Governor.23 Upon issuance of the Certificate of General Good, the formal application is then presented to the Director along with a nonrefundable $1,000 application fee. The application must contain (i) copies of the Articles of Incorporation; (ii) bylaws and exempt company election; (iii) a feasibility study by an actuary with loss analysis; (iv) biographical affidavits of proposed officers and directors; (v) a detailed plan of operation;24 (vi) nomination of resident agent for service of process in the USVI; and (vii) an incorporators' resolution. (E) Trusts Trust agreements are recognized under USVI law and serve as an important estate planning tool for the management and distribution of assets. Title 15, chapters 53, 55, 57 and 59 of the VIC contain the codified provisions regulating trusts and trustees. In the absence of controlling USVI statutes or case law, the USVI has adopted the Restatement Second of Trusts as the applicable law.25 There exist few formalities for creation of a trust agreement in the USVI. A trust agreement may be an inter vivos trust agreement funded during the lifetime of the grantor (a living trust) or may be established under the last will and testament of the grantor (a testamentary trust). A living trust must be in writing, properly funded at the time of formation and must be executed by both the grantor and the trustee named in the trust agreement, whereas a testamentary trust must be executed according to the formalities for execution of a last will and testament. With regard to funding, the transfer of personal property into a living trust is achieved by simply executing an assignment agreement designating specific items of personal property to be transferred. The assignment agreement must be executed by the grantor and trustee of the trust agreement. The transfer into a living trust of real property located in the USVI requires the grantor to execute a transfer deed naming the trust as the grantee under the deed. The deed must be recorded in the Office of the Recorder of Deeds for the district of St. Thomas & St. John or St. Croix, depending upon the location of the real property. Pursuant to Title 15, sections 1191 et seq., 30 days after execution of a living trust, the trustee must file a copy of the trust agreement, a list of the names, addresses, and dates of birth of the known living beneficiaries, a description of any possible unborn or unascertained beneficiaries, and an inventory under oath of trust property which is in the trustee's possession or of which the trustee has knowledge. Further, the trustee of a 17 living trust must file intermediate, distribution and final accounts with the clerk of the district court of the judicial division where the trust was created.26 Intermediate accountings must be filed within 30 days after the expiration of the first year of formation of a living trust and on an annual basis thereafter. Distribution accounts must be filed within 30 days of any distribution of trust property by the trustee. The distribution account must include a description of the property distributed as well as receipts signed by the distributees. A final account must be filed within 30 days after the termination of a living trust, indicating, among other things, an account of all trust property and the distribution of trust property which the trustee proposes to make. The inventory and accounting requirements of testamentary trusts are set forth in sections 1161 through 1170 of Title 15 of the VIC, and are identical to those of living trusts. The grantor may include within the terms of trust, whether a testamentary trust or a living trust, a waiver of the foregoing inventory and accounting requirements of the VIC.27 An individual of the age of 18 years or older, or an entity validly formed or qualified to do business in, and in good standing under the laws of, the USVI, may serve in the capacity of trustee. There are no domicile or residency requirements for an individual to act in the capacity of trustee. Thus, a trustee does not have to be a resident of the USVI.28 The common law Rule Against Perpetuities as enunciated in the Restatement (Second) of Property (1981) §§ 1.1-2.2, applies to USVI trusts; thus, the beneficiaries of a trust agreement must be definitively ascertained at the time of creation of the trust or ascertainable within the period of the rule against perpetuities. The taxation of USVI trusts is governed by the mirror Code, and payment of tax is made to the BIR rather than the IRS. IV. Economic Development Program The USVI offers economic incentives to businesses under a legislative mandate granted by the U.S. Congress. These incentives have been in place for approximately 50 years and have assisted the USVI in diversifying its economy and developing jobs for its residents. The Economic Development Program is administered by the seven-member Economic Development Commission ("EDC") and its staff of approximately fifteen persons. (A) Qualification Requirements Most beneficiaries are in one of three categories: (i) hotels, (ii) manufacturing, and (iii) service businesses serving clients outside the territory. However, benefits are also available for businesses engaged in transportation, marine businesses such as marinas, large retail complexes, medical facilities, and recreation businesses. 18 To qualify for benefits, a business must employ at least 10 persons on a full-time basis, and must make a minimum capital investment of at least $100,000, exclusive of inventory. Beneficiaries must also provide health and life insurance and a retirement plan to employees, and must purchase goods and services locally if available. Many beneficiaries also undertake significant corporate stewardship commitments, providing monetary donations, in-kind donations, and time to local charities. An applicant for benefits must submit a detailed application to the EDC and then appear and testify at a public hearing. All business owners must be identified with accompanying biographical information. If the EDC recommends that benefits be approved in a subsequent executive session, then the USVI Governor reviews the application before approving (in most cases) the grant of benefits. Businesses then must activate their benefits within five years of approval and will obtain a Certificate in the nature of a contract with the USVI government, setting out the benefit terms and the applicable requirements. Businesses have benefits for terms of between 10 and 30 years, depending on where the businesses are located in the territory, and benefits are renewable upon application and compliance with Certificate requirements. (B) Available Tax Benefits The USVI can provide an income tax credit on income from activities taking place in the USVI under certain circumstances, in addition to exempting businesses from local taxes. In particular, the USVI benefits for businesses participating in the Economic Development Program include: (i) Income Tax Benefits A beneficiary under the Economic Development Program receives a 90 percent income tax credit on eligible income. Eligible income is primarily income from USVI sources, such as income for services provided in the USVI, and income for goods manufactured in the USVI. Certain royalties, dividends, and interest may also be eligible for benefits when earned by finance companies with global clientele in Europe, South America, Asia, and Africa (but not the United States). (ii) Benefits for Owners The 90 percent income tax credit also applies to dividends or distributions received by a beneficiary's USVI bona fide resident owners, to the extent that the dividends or allocations are of eligible income. Salaries and guaranteed payments, however, are fully taxable. Qualification as a resident owner generally requires meeting the requirements for bona fide USVI residency as set forth in section I(A) above. 19 (iii) Property Tax Exemption Businesses participating in the Economic Development Program are exempt from USVI property tax on the property used in the business, which is otherwise imposed annually at a rate of 0.75 percent of the property's value. (iv) Gross Receipts Tax Exemption Businesses are exempt from the four percent gross receipts tax imposed on the gross receipts of businesses operating in the USVI. (v) Excise Tax Benefit Beneficiaries receive an exemption from USVI excise tax on building materials and machinery used in the construction of their facilities and on raw materials brought into the USVI to produce articles. Otherwise, a tax ranging from two to 25 percent applies to the fair market value of many items. (vi) Customs Duty Benefit The customs duty reduction is aimed at manufacturing companies such as watch and jewelry manufacturers. Specifically, because the USVI is outside the United States customs zone, it has enacted its own customs law, imposing a six percent duty on items that are not manufactured in the United States. A beneficiary's customs duties are reduced from six to one percent on raw materials and component parts imported from outside the USVI. Materials made in the United States are exempt from any customs duty. (C) Application Process An applicant for benefits under the Economic Development Program must file a completed application with the EDC at least four weeks prior to a scheduled public hearing in order to be presented at such hearing. The preparation of the application normally takes four to six weeks. In order to prepare a thorough application, an applicant is required to provide a substantial amount of information, including but not limited to: (i) entity formation documents; (ii) a detailed business plan; (iii) bank reference letters for each beneficial owner; (iv) copies of federal or USVI income tax returns for the past three years for the company and/or all beneficial owners; (v) total projected income of the company and total projected expenses for a five-year period; (vi) annual reports of the parent company (if any); (vii) principal marketing analysis; (viii) leases or deeds of property in the USVI to be used in conjunction with such business; (ix) employee job descriptions and salaries; and (x) a description of areas of interest for the applicant's charitable contributions. In addition, the applicant must provide a biography and/or resume of each beneficial owner and each owner must answer a set of background questions. Finally, applicants must set forth their vacation and sick leave policies and 20 provide information on the types of retirement, life insurance, and health plans to be offered to employees. (D) Length of Benefits As noted above, benefit periods vary depending upon where a beneficiary is located within the USVI. Benefits are available for an initial benefit period of 10 years in St. John, St. Thomas, and the St. Croix District of Christiansted, other than the town of Christiansted. Benefits are available for an initial benefit period of 15 years in the St. Croix District of Frederiksted, other than the town of Frederiksted. Benefits are available for initial benefit periods of 20 years and 30 years respectively in the towns of Christiansted and Frederiksted.29 In addition, the USVI Legislature has extended the benefit periods for specific types of businesses including those engaged in rum production,30 processors and producers of milk and milk products,31 hotel and other tourism-related businesses making new investments on St. Croix of at least $100 million,32 agriculture and mariculture businesses,33 and watch and jewelry manufacturing and assembly businesses.34 In general benefits can be renewed for an initial renewal period of 10 years, followed by subsequent renewal periods of five years. For benefits to be renewed, a beneficiary must be in compliance with all requirements of the Economic Development Program and its Certificate and a comprehensive compliance audit will precede any hearing for a renewal. Further, a renewal application must be submitted and the business must have a new public hearing. (E) Compliance Requirements Beneficiaries of the Economic Development Program are subject to certain ongoing compliance requirements with regard to the EDC, the BIR, the USVI Office of the Lieutenant Governor, the USVI Department of Labor, and the USVI Department of Finance. With respect to the EDC's local purchase requirements referenced in section IV(A) above, beneficiaries are generally required to employ or contract, and to require all contractors retained by the beneficiary to employ or subcontract, for services, and to purchase goods, materials, and supplies with and from those persons who are residents of the USVI, and from those firms and corporations that are incorporated (or otherwise established) under the laws of the USVI. In addition, beneficiaries are generally subject to certain competitive bidding and solicitation requirements as set forth in the EDC's Rules and Regulations. Beneficiaries must keep records to substantiate that all procurement activities have been conducted in accordance with the applicable law and the EDC Rules and Regulations. In particular, beneficiaries must maintain records showing justification for non-solicitation of USVI suppliers and must demonstrate with specificity any purchases the beneficiary believes are exempt from the procurement requirements. Additional filing and notice requirements for EDC beneficiaries include the following: 21 (i) Notice to Established USVI Businesses In order to comply with the EDC's local procurement requirements, most EDC beneficiaries are required to place notices in the local newspapers of general circulation within the USVI setting forth the various types of goods and services procured by the beneficiary and inviting responsible USVI suppliers to request being added to the beneficiary's suppliers list. Such publication is generally required twice annually. (ii) Employer's Quarterly Wage and Contribution Report Each employer in the USVI must submit an Employer's Quarterly Wage and Contribution Report to the USVI Department of Labor's Employment Security Agency. This Report requires the name, social security number, gross wages paid during the quarter, and taxable wages paid during the quarter for each employee. A copy of the Report must be filed with the EDC on the same day the Report is filed with the Department of Labor. (iii) Affidavit of Residency for Employees of EDC Beneficiaries Each EDC beneficiary must submit an Affidavit attesting to the residency of its employees and indicating the date that its employees acquired USVI residency. The Affidavit must be submitted to the USVI Department of Labor and to the EDC along with the copy of the Employer's Quarterly Wage and Contribution Report. (iv) Annual Report to the EDC Each beneficiary must file an annual report with the EDC, and include a copy of the beneficiary's Audited Financial Statement or Income Tax Return. Among other things, the Annual Report requires each beneficiary to provide the dollar value of the exemption for gross receipts, real property tax, excise taxes, and income taxes, and the reduced customs duty rate. The Annual Report also requires that each beneficiary list goods and services and capital expenditures from USVI local suppliers and from non-local suppliers. (v) Annual Report to the Office of the Lieutenant Governor Every USVI (and foreign) corporation, including a limited liability company, must file an "Annual Report on Domestic or Foreign Corporations" and "Report of Corporation Franchise Tax Due" with the USVI Office of the Lieutenant Governor. A corporation's filing must be accompanied by a balance sheet and a profit and loss statement. A copy of the return must also be filed with the EDC annually. (vi) Report on Stockholders of Tax Exempted Entities Every beneficiary of the Economic Development Program must annually file a "Report of Stockholders on Tax Exempted Entities." The Report must list the names, addresses, and 22 percentages of ownership for all persons or entities owning five or more percent of the stock or equitable ownership of the business. The Report must also include the names and addresses of all legal or equitable owners of the business who have or will claim EDC benefits as bona fide residents of the USVI. (vii) USVI BIR Filings The BIR administers most taxes in the USVI, including most of the taxes for which EDC beneficiaries receive exemptions or reductions (other than customs duties and real property tax). The BIR requires that beneficiaries file the necessary forms, however, even if no tax is due. For example, a beneficiary with annual gross receipts in excess of $120,000 must file Form 720 V.I. on a monthly basis showing the gross receipts of the business and indicating that the business is exempt from payment of gross receipts tax. (viii) Certificate of Good Standing or Existence Each beneficiary must submit annually to the EDC a copy of a Certificate of Good Standing or Certificate of Existence following the annual filing with the USVI Office of the Lieutenant Governor. (ix) USVI Department of Finance Filings Each employer must file an Employer's Report with the USVI Commissioner of Finance, Government Insurance Fund, for the purposes of determining the amount of premium for Workers' Compensation Insurance. The report must include the number of employees, the kind of occupation or industry, the total amount of wages paid, and the amount of premiums payable. The Commissioner of Finance fixes the premium rates for each group of occupations or industries. (x) Additional Records Beneficiaries of the Economic Development Program generally commit to several "special conditions" in their applications for benefits and during their public hearings, and these special conditions will be stated in beneficiaries' EDC Certificates. Beneficiaries are required to keep files to demonstrate their compliance with these special conditions, which may include donations to local charitable or community organizations and the provision of various employee benefits such as health insurance, life insurance, retirement plans and vacation and sick leave benefits. V. USVI Telecommunications Structure and University of the Virgin Islands Research and Technology Park The University of the Virgin Islands, a federal land-grant university, has a research and technology park and special incentives for technology and e-commerce businesses. In addition, the USVI hosts the fiber optic network cable landing of both Global Crossing and Americas II (a consortium of telecommunication providers managed by AT&T). 23 These facilities are connected to the global telecommunications network and house the second largest concentration of telecommunications and broadband availability in the world. 1 Marjorie Roberts is the President and Owner of the St. Thomas-based law firm of Marjorie Rawls Roberts, P.C., and Attorneys Foster and Wright are associated with the firm. The authors would also like to thank Lisa Wisehart, a legal assistant with the firm, for her assistance in preparation of this article. For more information, contact Marjorie Roberts at firstname.lastname@example.com or One Hibiscus Alley, St. Thomas, VI 00802. 2 Naval Appropriations Act of 1922, ch. 44, 42 Stat. 123 (codified at 48 U.S.C. § 1397). 3 Sayre & Co. v. Riddell, 295 F.2d 407, 411 (9th Cir. 1968). 4 Id. at 410. 5 See also HMW Industries, Inc. v. Wheatley, 504 F.2d 146, 150 (3d Cir. 1974); Holmes v. Director, 827 F.2d 1243 (9th Cir. 1987); Gumataotao v. Director of Department of Revenue and Taxation, 236 F.3d 1077 (9th Cir. 2001). 6 The Virgin Islands Bureau of Internal Revenue is located at 9601 Estate Thomas, Charlotte Amalie, St. Thomas, VI 00802. 7 Chicago Bridge & Iron Co. v. Wheatley, 430 F.2d 973, 976 (3d Cir. 1970). 8 Code section 882. 9 33 Virgin Islands Code ("VIC") § 581(a). 10 Code section 882(c)(2). 11 See IRS Publication 570, Tax Guide for Individuals With Income From U.S. Possessions. 12 Treasury Regulation § 1.937-1. 13 Code sections 871(a)(1)(A) and 881(a)(1). 14 Code section 934(b)(1). 15 33 VIC §§ 541 and 542. Section 581 of Title 33 of the VIC imposes an additional 10 percent surcharge tax on a corporation's total income tax liability, resulting in a total withholding tax of 11 percent. 16 Treasury Regulation § 1.881-5T(g)(2). 17 Code sections 2209 and 2501(c). 18 However, the IRS has indicated in a letter to a taxpayer that the Assistance in Collection provisions of the United States-Canada Income Tax Convention do apply to bona fide residents of the USVI. This position has not been released publicly. 19 Letter from Margaret S. Pickering, Attorney-Advisor, Office of the Assistant Legal Adviser for Economic, Business and Communication Affairs, U.S. Department of State, to Marjorie Rawls Roberts, Attorney at Law, St. Thomas, dated June 30, 1995 (confirming application of FCN treaties and BITs to the USVI). 20 33 VIC § 581(a). 21 See Title 22, Chapter 55 of the VIC. 22 22 VIC § 1409. 23 In contrast to the general corporations law, an international insurer must have at least one incorporator resident in the USVI for at least one year. 24 The plan of operation must include a description of risks to be insured by lines of business projected over a five-year period, the names of any fronting companies, the expected net annual premium income for a five-year period, the proposed maximum retained risk on a per-loss and aggregate basis for a five-year period, proposed rating program, proposed reinsurance program, description of loss prevention program, five-year loss experience and five-year projections, an organizational chart, and the proposed five-year financial plan. 25 Wallace v. Kilbride, 319 F.2d 760 (3d Cir. 1963). 26 15 VIC § 1192. 27 15 VIC § 1107. 28 Restatement (Second) of Trusts § 94 (1957). 29 29 VIC §§ 713a(b), 714(g). 24 30 29 VIC § 714a(a). The period for which eligible USVI rum producers are granted benefits now is tied to the period that USVI revenue anticipation bonds paid from the recoverable federal excise taxes collected on rum shipped to the 50 states and the District of Columbia are outstanding. 31 29 VIC § 714b. USVI processors and producers of milk and milk products that have an EDC Certificate receive extended benefits "for a period of time equal to [25] years from the date of enactment of this section." Id. 32 Act No. 6534, Section 33, enacted on July 18, 2002, provides that "[b]eneficiaries of the [Economic] Development Program in the hotel and other tourism-related businesses, which make new investments of a minimum of US $100 million after having been approved for benefits . . . on the island of St. Croix may be granted up to a 30-year tax exemption." 33 29 VIC § 714(g)(iii). Businesses engaged in agriculture or mariculture, as defined in 29 VIC § 708(a), receive an additional 15 years of full tax benefits. 34 29 VIC § 714c. Watch and jewelry manufacturing and assembly businesses that have an EDC Certificate receive benefits for a period of time equal to the greater of 20 years from the date of enactment of section 714c, or the period of time that the provisions of the Federal Production Incentive Certificate Program are in effect. That program provides for the duty-free entry of defined quantities of watches, watch movements, and jewelry produced in the USVI, and the issuance of production incentive certificates to each producer, based on the producer's shipments and wages during the previous year. 25


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A nostalgic set of sculptures in Suwon, South Korea, remind a younger generation of past passages.
The project from the New York– and Madrid–based Office for Political Innovation aims to not only to highlight the importance of the dwindling resource but also to be a prototype hydration system.
The seventh annual Times Square Valentine Heart will be on display through March 8.
Over the River, an installation by artists Christo and the late Jeanne-Claude, will stretch for 42 miles in south-central Colorado.
From the melting wax house to Washington, D.C.'s giant face landscape, these are the six most unusual stories of the year.
The Brooklyn firm's "HeartBeat" installation will open on Feb. 9.
The New York architect designed an angular workstation for an installation in the Miami Design District.
Two shelters and one installation, selected as winners in the annual design competition, will be constructed in Winnipeg, Canada.
The final flower in an installation completed by more than 19,000 volunteers from across the United Kingdom will be placed on Nov. 11.
Glass walkways unveiled at London's Tower Bridge, light installation commemorates 25 years since the fall of the Berlin Wall, and more news for Monday.


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These Jewelry Answers Report To You What's Going On In The Field
The concept of jewelry is nearly as beautiful as physical pieces of jewelry are themselves. Jewelry captures happy occasions and special events, giving tribute to relationships between those that buy the jewelry and those that receive it. You'll be more successful at buying or selling jewelry if you learn more about jewelry in general, as well as the history and memories behind pieces you'd like to sell or acquire.
Know the distinctions between kinds of gems before you make a jewelry purchase. Gemstones now come in natural as well as synthetic and imitation types. Synthetic and natural are real stones, while the imitation ones are plastic that is colored. Natural stones are found in mines, while synthetic stones are produced by machines.
Before you select your newest addition to your jewelry collection, learn the latest styles that are trending. The only thing that can make picking out a fantastic piece of jewelry better is if you get it at a discount.
Always ask the jeweler about an insurance policy before buying a new piece of jewelry. This is so that if something happens to your piece, you can return it to have it replaced or repaired. In some cases, insurance policies will cover lost, misplaced or stolen pieces.
Take the steps to inhibit its tarnishing. Exposure to water can affect the finish, so avoid it. This could cause your jewelery to rust or become more dull. A very light coating of clear nail varnish can be applied to some jewelry, and this will add an additional line of protection against the elements.
It is a good idea to determine the best approaches for jewelry care. Different metals, stones, and settings have different needs to ensure proper maintenance. What works for one piece of jewelry could dull or damage another. Ask a jeweler when you do not know how to take care of your jewelry.
Costume Jewelry
Costume jewelry needs special care. That's because a lot of the costume settings are not set-in; they have usually been glued. Avoid using harsh chemicals on these pieces, and do not immerse them. The best care is to wipe with a warm damp cloth and then dry with another cloth. This will make your current costume jewelry look great.
Determine whether or not your stone received a treatment, and what kind, prior to purchasing it. Different care is required for different treatments. You do not want to try to clean a treated gem with a solution that may strip the treatment and damage the gem in the process.
Look for sales when you want to buy some new jewelry. Jewelry sales offer big savings. You will find advertisements for the sales in a variety of media mediums including on the net, in newspapers, and also in the stores themselves. If you purchase something on clearance, you might save 50% or more off the original purchase price.
When selling a piece of jewelry online, you should aim to present the piece in an attractive manner. This is very important since customers cannot handle the jewelry in an online transaction. Take pictures of jewelry in an environment that will put the focus on just the piece, not the background.
More desirable than a big piece is the cut and clarity of the diamond. Also, remember the person's personality who will be receiving the diamond.
When you are purchasing diamonds, do some shopping around. Every diamond is unique, and each will have some flaws. Once you get to see the flaw up close, you may find that it doesn't matter to you. When it comes to flaws, each jeweler prices diamonds a bit differently. While shopping, first determine your budget and then locate the best diamond you can find that fits in that price range.
When getting presents for someone, you may want to consider purchasing sets of jewelry. Jewelry stores often offer remarkable deals on jewelry sets. You can easily make that one purchase into two gifts for different occasions by breaking the set up and presenting it to them on the different days. This practice will ensure that you have appealing gifts planned out for a long time in the future.
When you are making a serious, high-dollar jewelry purchase, make sure that you can get years of use out of it. Although you usually get high-quality jewelry when you spend a lot of money, you also need to consider the style of the piece. A piece that is made in a popular style may not look quite so fashionable later. Check out some of the options that stand the test of time and maintain a unique edge.
Remember to contrast finely detailed, ornate jewelry with a simple outfit. Wear a solid color or the "little black dress" to highlight interesting pieces.
Trading in jewelry means trading in something priceless: memories. It doesn't matter whether jewelry reminds you of good times you've had or hope for the future. All jewelry encompasses human emotion in some form.
Solid Tips For Buying The Right Jewelry
Jewelry is complicated no matter how you come into a piece. You might have inherited it or bought it on an impulse, but either way you probably need to look up some information on jewelry. Where can you find information that you know you can trust? This article is going to outline a few useful tidbits about jewelry to help you on your quest to be a more educated consumer.
Keep your whole jewelry collection sparkling with a polishing cloth. This helps keep your jewelry shiny without the need for chemical cleansers, which can damage the pieces. Use the dual-sided cloth to gently buff your jewelry as you would a delicate glass. First you should use the polish side, then use the shining side to really make your jewelry look stunning!
Don't use acetone, bleach, ammonia or turpentine to clean copper. This will result in damage to both the stones and the metal of the piece.
Do some shopping around when you are looking to buy some diamonds. Look at what you like close up, and compare them to other pieces you have seen. Be aware that some dealers will use cheap tactics to make a diamond look better than it is.
See what types of earrings they wear, what color, if they wear ankle bracelets, etc. Doing this will provide a good basis for where you should begin so that you can purchase a special piece for that special someone.
Keep your jewelry from getting tarnished to preserve its best appearance. Avoid wearing your jewelry near water. Water exposure can cause different metals to become tarnished, dull or rusted. To protect your jewelry from exposure, apply a single coat of clear nail lacquer to its surface.
Costume Jewelry
You need to pay attention to care and maintenance if you intend to build up a costume jewelry collection. Well-done costume jewelry is often worth the price, but if it's worn out or visibly damaged, it won't be worth the effort it takes to restore it. A good piece will give you many years of happiness and even gain value over time.
Find out what the ideal methods are for maintaining each piece of jewelry you own. Not all types of jewelry can be cleaned in the same manner. What works well with one type of precious stone may actually harm another. Consult with a jeweler if you are unsure exactly how to care for your own jewels.
You will need to take special care when you are buying costume jewelery! Many of the costume type settings are glued-in, rather than set-in. Don't immerse costume jewelry in water, and never wash costume jewelery pieces with harsh chemicals. Simply wipe it with a damp warm cloth, followed by a soft, dry cloth. Done regularly, this process will keep your costume jewelry looking great.
In order to make sure your jewelry is always looking clean, you should only put a piece on once you've applied your make-up. The dust, oils and particles from makeup rub off on jewelry; putting on jewels first means they will get dingy and dull with a film of makeup over them. It is especially important to follow this tip for necklaces and earrings.
Before buying jewelry or a fine stone, find out if it was treated in any way. If it was, find out how. A treatment will make a difference on how to care for your gemstone. For example, you should avoid cleaning a gem that has been treated with a certain solution that could peel off the treatment because this could harm the gem.
Both types of saunas, dry and steam, should be avoided when wearing jewelry. The amount of moisture and heat can damage the pieces.
An important part of your necklace or bracelet is having a quality clasp. You risk losing an expensive or sentimental chain or gemstone pendant if the clasp is too loose. You can have a safety clasp added to any existing piece that may require additional protection. For very expensive items, some consumers choose to increase security with an additional clasp or two.
Keep your necklaces free of tangles by getting robe hooks to hang them. The small hooks can be hung just about anywhere and will allow you to neatly organize and display your necklaces. This will keep the necklaces from turning into a balled mess in a jewelry box. The hooks are attractive as well.
As you have read, jewelry has a myriad of various aspects. If you research jewelry items carefully, you can be certain that the pieces you purchase are high-quality. Welcome to the enchanting world of jewelry! Following many of the tips given should be useful for the first steps of your journey.


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CR Blog
Jim Woodring and his Nibbus Maximus
Posted by Mark Sinclair, 5 January 2011, 15:10 Permalink Comments (4)
Jim Woodring, creator of the psychedelic Frank comic books, recently finished work on a seven foot long ink pen and will be wielding his Nibbus Maximus this Saturday at the Gage Academy of Art in Seattle...
The hand-engraved, brass-plated steel pen nib is truly a thing of inky beauty. And it really works, too. At 16 inches long it will be fixed atop a laquered wooden handle to make a rather intimidating drawing implement.
Apparently, getting the surface tension right so that the nib holds the ink and deploys it on the paper correctly proved the biggest challenge. As a result Woodring is using a specially formulated acrylic ink in order to get a good ten feet of line with each dip (a vase doubles up as an inkwell).
Here's Woodring testing an early prototype model of the pen nib. The final steel nib (above) has a much smoother, polished point but the results from this test run – essentially 11 and a half wavy lines – suggest that he'll probably be able to come up with something rather special this weekend when he works on a pad measuring four foot by six. And no doubt has a bit of practice.
As Woodring says at the end of the above clip, the test has been a "very slightly qualified success and the naysayers have been put to rout." If anyone gets down to see him draw big on January 9, then do let us know.
Via BoingBoing.
Regulation pen-and-ink supplies will be on hand for interested audience members to use; instruction will be provided for beginners by members of Seattle's Friends of the Nib. The Giant Pen was built with finds raised through United States Artists Special Projects, 2010. The Nibbus Maximus will be in action from 1pm-4pm on January 9 at the Skinner Auditorium, Gage Academy of Art, 1501 10th Avenue East, Seattle.
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4 Comments
Why, my American chums, do you feel the need to make larger versions of very unremarkable everyday objects; balls of string, balls of rubber bands, cowboy boots, chickens, pineapples, pens? Are you trying to compensate for something lacking elsewhere?
2011-01-06 13:35:15
@Curator - Having read that comment, it appears that all we humble Americans are lacking is a sense of vaguely douchey superiority.
2011-01-06 20:59:52
You have us there, fine sir.
I suspect it is a huge case of Monarch Envy.
2011-01-07 04:59:38
...and a sense of humour evidently, dear Amurrican chum.
2011-01-11 18:12:55
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Last we checked in with Ashley Walters, he revealed that in addition to his upcoming work in the second season of the 4-part acclaimed TV drama series Top Boy, as well as the UK version of Bad Boys that he and Noel Clarke are working on, and an Entourage-like new series he was pitching to UK network...
Read More »Ashley Walters, Anthony Mackie In Talks To Play English Soccer Star, Laurie Cunningham
Read More »Ashley Walters has revealed that he'll appear in the hit BBC show Doctor Who for next season/series.
Read More »Noel Clarke first mentioned this last fall, and since then, both he and Ashley Walters have reiterated plans to produce a UK version of Bad Boys, which they wrote together, and it looks like they both plan to co-direct as well (at the very least, co-produce and co-star).
Read More »Lead role casting is currently underway for the planned Ashley Walters-directed film, The Charlatans.
Read More »BBC America announced today the acquisition of two new BBC drama miniseries-- White Heat, which stars David Gyasi, and the Ashley Walters-starring Inside Men.
Read More »As I said earlier today, there is nothing wrong with programs such as Channel 4's 2011 drama series Top Boy. I just think some black actors would appreciate greater opportunities to show their creative range, with more diverse subject matter. That being said, check out this interview with...
Read More »Premiering Thursday, February 02 @9PM on BBC1, Inside Men is a 4-part series that focuses on four men connected to one bank, who must decide if they are willing to take a risk that could either leave them set for life, or doing life sentences.
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text: 5 Swinging into ActionPosted: 30/05/2009This game had good reviews and do you know what? they where so, so right - it is an awesome game and the graphics are one of the best yet for PS3. The story is slightly short but you can live with that as the game play is kwl - play it on Commando and live the dream!!!


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McGard Cone Seat Lug Nut Wheel Locks Reviews Review Reviewed By John W (Vestal, NY) Reviewed for a 2013 Chevy Corvette —8/6/2014 10:03 AM Placed these locks on my Corvette with no problems. Used this product multiple times in past and knew the quality. View More Reviews
McGard Shank Style Lug Nut Wheel Locks Reviews ''CAN'T BEAT UM'' Reviewed By Ronald S (Romeoville, IL) Reviewed for a 2015 Toyota Tacoma —2/14/2015 5:48 AM PUT THEM ON WITH MY IMPACT WRENCH WITH NO PROBLEM. View More Reviews
McGard Center Cap Locks Reviews awsome!!! Reviewed By Jesus H (Houston, TX) —1/4/2015 8:12 PM they fit perfect. Great Customer Service. View More Reviews


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lol nice al gore reference
oh, i know most of these, and could look up the wiki. my point was asking who do YOU think did these things?
"Be a listener only, keep within yourself, and endeavor to establish with yourself the habit of silence, especially on politics." -Thomas Jefferson
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Obama wins Minnesota
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Tim: The information I have is as follows: There is a church at Level Land, South Carolina, called the Little River Baptist Church, established August 27, 1791. At that church is the Callaham/Carwile cemetery. There is a large memorial stone to John Callaham and to Zachariah Carwile. Under the Carwile side of the stone, the inscription reads as follows: Born in Goochland County, Virginia, 1750. I posted more information under Callaham, John - 1770 - 1855 - SC. I have a picture of the stone. If I can be of further service, please do not hesitate to contact me. My family is Callahan/Callaham. I could never connect this branch to my people. I am told that a lot of the Callahams and Carwiles died in 1855 during a typhoid epidemic.
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If there is ever a time to celebrate, it's the holidays! Prepare yourself with festive decor and colorful tableware. Our snowflake supplies will bring you great Christmas cheer, and our festive fall figurines will have your guests craving turkey and pumpkin pie for Thanksgiving. Our vast variety of designs represent most major holidays, and here you will find everything from the latest trends to simple classics in terms of decorations, favor containers, toys, tableware and more. Whether you're naughty or nice, elegant or simply fun-loving, we have a style to fit your fabulous holiday event or occasion.
Designed 2B Sweet boasts a beautiful selection of other holiday decor including patriotic flag pencils and food picks for the Fourth of July, paper lanterns and gliders to help you celebrate the Chinese New Year, elegant rosebud sugar cubes for Mother's Day, and heart-shaped trinkets, garlands, and candy for Valentine's Day. Make an impact on your guests with themed banners, scene setters, and party props. Food always sets the mood, too, so you'll be happy to know we have you covered there as well! Anticipation for the holidays always begins early, so be sure to take advantage of all Designed 2B Sweet has to offer.
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Recipe of the Day
Chicken Poppy Seed Stir Fry
Poppy seeds add a twist to this fast, easy chicken stir fry. — Brittany West
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