US Virgin Islands Real Estate Report, 2021
The economy of the United States Virgin Islands is primarily dependent upon tourism, trade, and other services accounting for nearly 60% of the Virgin Island's GDP and about half of total civilian employment.
Pre-Covid, 2019 annual: 640,800 Stay-Over visitors and 1,433,000 Cruise Ship passengers. Total population of the USVI is approximately 112,000, on the three primary islands – St. Thomas, St. Croix and St. John (the fourth, Water island).
The USVI offer several attractive investment and tax advantage programs aimed at establishing a business, attracting investment in the islands, and new development opportunities. Some highlights include:
- The Economic Development Commission (EDC) offers a unique and attractive tax incentive program for companies located in the USVI.
- Opportunity Zone.
- The Enterprise Zone Commission (EZC) offers a unique and attractive tax incentive program for companies located in our historic towns. The EZC’s mandate is to revitalize once vital vibrant communities that are now considered to be distressed.
- The Hotel Development Program is designed to assist in the development of new hotels, resorts and other related tourism facilities in the U.S. Virgin Islands.
- University of the Virgin Islands Research & Technology Park. RTPark is designed to provide a foundation for a robust, vital and growing technology sector, promote territorial prosperity and growth, broaden the academic and financial capabilities of the UVI, and play a leading role in workforce development to help produce a more highly-skilled and globally-competitive workforce.
- Like-Kind Exchange, 1031 Exchange, and Starker Exchange tax-deferred property exchanges under Internal Revenue Code Section 1031. The USVI is considered a US Property for Like-Kind / 1031 exchanges.
The USVI offers the diverseness of the islands, cultural history, a top Caribbean tourism destination, and attractive business and investment incentives. To learn more: