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FAQs

Passports

NO PASSPORT REQUIRED to travel to any of the U.S. Virgin Islands

USVI Economy

The main industry in the U.S. Virgin Islands is tourism. Other industries include manufacturing (petroleum refining, watch assembly, pharmaceuticals, textiles and electronics), construction, rum distilling, a small agricultural sector and a growing international business and financial services sector.

Transfer Tax

The Transfer Tax is based on the purchase price or the assessed value whichever is higher.
2% for property valued up to $350,000
2.5% for property valued from $350,001 to $1,000,000
3% for property valued from $1,000,001 to $5,000,000
3.5% for property valued at over $5,000,000

Property Taxes

Property Taxes: 100% of assessed value x rate
Homes & Condos Rate = .00377
Land Rate = .004946

Insurance

The cost is approximately 2-3% of the replacement value of the structure; wood frame is higher than masonry. Windstorm and earthquake insurance is a requirement for all home mortgage loans.