Do you have assets in foreign countries?
Are you or your spouse from another country?
Do you have a relative in another country moving to the U.S., buying U.S. property, or making a gift to someone in the U.S.?
Are you a green card holder thinking about moving back your home country?
If you answer “yes” to any of these questions, you may want to consider the significant challenges that state and federal legal and tax rules could present. Without a strategy in place, one may face being hit with hefty taxes or complications, which could be minimized with proper estate planning.
When many people think of the United States Virgin Islands (“USVI”), they think of beautiful beaches on secluded islands. This is certainly correct, but many people do not know that the USVI is also home to some of the most lucrative tax incentives available to American citizens and permanent residents. For decades, Congress has allowed the USVI the ability to grant tax incentives to individuals and businesses located in the USVI. The United States Department of the Interior, which administers territories such as the USVI, touts these incentive programs as providing for economic stability of the territory.
Below are the basics to understanding USVI’s taxation laws and its tax incentive programs:
Foster Garvey’s International practice group comprises a cross-disciplinary group of attorneys practicing in areas ranging from business transactions, immigration, maritime, government regulatory work, transportation and logistics and estate planning. The group members include bilingual and multicultural attorneys who are well-versed in handling these subject matters in a cross-border context. A number of attorneys have been actively practicing in the international arena since the early 1970s.