What basic requirements do I need to meet to be able to receive the EDC tax credits?
The basic requirements for entitlement to the EDC tax credits are: • The income for which you desire to receive the EDC tax credit must be “Non-U.S. Source Income”. • You must be a “bona fide resident” of the U.S. Virgin Islands. Alternatively, you may own a USVI C-corporation which owns the ownership interest in the USVI EDC beneficiary company and receives the 90% EDC tax credit on its “Non-U.S. Source Income” which passed-thru from the USVI EDC beneficiary company. • You must be an owner (or part-owner) of a USVI EDC beneficiary company that has been approved and is in compliance with all of its obligations to the USVI Economic Development Commission (“EDC”). • The income to receive the EDC tax credit must be received by this EDC beneficiary company and be an “eligible activity” of the EDC beneficiary company according to the terms of the EDC Certificate issued to the EDC beneficiary company by the US Virgin Islands Economic Development Commission. Please see other FAQs below for fu
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