Are the Virgin Islands tax free?
Are the Virgin Islands tax free? As a territory, the U.S. Congress is empowered to make all needful Rules and Regulations respecting the USVI. As far as taxes go, Congress requires that the USVI impose an income tax that mirrors the U.S. federal income tax found in United States Code, Title 26 (also known as the Internal Revenue Code or IRC).
How does British Virgin Islands make money?
The economic mainstays of the British Virgin Islands are tourism and financial services. Tourism—based on the nearly perfect climate, sparkling beaches, tropical vegetation, and undersea coral reefs—provides about half of the islands' income and is the largest employer.
Where can I live to avoid UK tax?
Where to live if you want to minimise tax
- The Bahamas. The jewel of the lavishly decorated Caribbean crown, The Bahamas are a nil-tax haven which means you won't have to pay any of the tax that you would have back home. ...
- Jersey. ...
- United Arab Emirates. ...
- Monaco. ...
- British Virgin Islands. ...
- Bermuda. ...
- Switzerland.