Puerto Rico Act 20 of January 17, 2012, as amended, “To establish the Law to Promote the Export of Services” (English language version). This law enables U.S. and other investors to establish a service business in Puerto Rico which will pay only a 4% corporate level income tax.

Puerto Rico Act 22 of January 17, 2012, “To establish the Law to Encourage the Transfer of Investors to Puerto Rico” (English language version). This is the only law in any U.S. jurisdiction that permits qualifying individuals to avoid all income taxes on certain dividends, interest, and capital gains they may earn. To take advantage of this law, a U.S. taxpayer must become a “bona fide resident” of Puerto Rico under Internal Revenue Code section 937.

The USVI has an entity called a “USVI exempt company” which is unique under the U.S. flag because it is a corporation that is not subject to any income taxes. This entity is designed for ownership by non-U.S. persons. Solomon Blum Heymann is pleased to make the statutory language available.

Since 1998, the U.S. Virgin Islands utilizes the Uniform Limited Liability Company Act recommended by the American Law Institute and the National Conference of Commissioners on Uniform State Laws. Solomon Blum Heymann is pleased to make the statutory language available.

The U.S. Virgin Islands utilizes the Uniform Partnership Act and the Uniform Limited Partnership Act recommended by the American Law Institute and the National Conference of Commissioners on Uniform State Laws. Unlike some jurisdictions, the USVI version also permits limited liability partnerships (LLPs), and is one of the few to also authorize limited liability limited partnerships (LLLPs). Solomon Blum Heymann is pleased to make the statutory language available.

The USVI General Corporation Law is similar to that of the State of Delaware, from which it is derived. Solomon Blum Heymann is pleased to make the statutory language available along with the language of the territory’s franchise tax law.