US Virgin Islands, a United States territory in the Caribbean, is strategically located near Puerto Rico and British Virgin Islands providing US flag protection in a paradise setting. Like me, I am sure many would have dreamed about moving to the Caribbean specially in bitter United States’ winters and Virgin Islans must have struck them as an ideal location to work and live.
Opening a small or medium size business in the Virgin Islands is not difficult. As a US citizen, one can easily move down to the islands and establish residency. However, if you wish to provide services locally you must consider a limited local population of about 100,000 and small economy as major factors since growth possibilities maybe limited. On the other hand, if you wish to manage your state side clients or your international business from the US Virgin Islands, you can expect to save taxes by becoming Virign Islands Economic Development Authority‘s benificiary.
Real estate is very expensive due to the limited land availability specially on the island of St. Thomas, the territorial Capital. Other factors of productions are readily available but are comparatively expensive than the mainland United States. Remember! You will need a separate business operating license from the Department of Licensing and Consumer Affairs along with some others from various government agencies.
Once you have crossed all the challenges, the reward is worth struggling for. Living in always shining place with beautiful beaches and nice breeze will make you forget all the hurdles you went through.