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02/09 New Lowtax Editor Column, by Kitty Miv
01/09 International Privacy and Security, Investors Offshore special feature
31/08 Lowtax Belize, annual update
27/08 IRS To Drop UBS Lawsuit, Tax-News.com
26/08 New Lowtax Editor Column, by Kitty Miv
25/08 New PBTG Editor Column, Caroline, PBTG editor
24/08 Uruguay Stays On OECD Grey List, Tax-News.com
23/08 Don't Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore blog entry
20/08 Ireland Plans Social Security Overhaul, Tax-News.com
19/08 New Lowtax Editor Column, by Kitty Miv
18/08 New PBTG Editor Column, Caroline, PBTG editor
17/06 Lowtax Cayman Islands, annual update
16/08 Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com
13/08 Jurisdiction Special Focus: Antigua and Barbuda, Investors Offshore special feature
12/08 New Lowtax Editor Column, by Kitty Miv
11/08 New PBTG Editor Column, Caroline, PBTG editor
10/08 Brazil Cuts Import Tariffs, Tax-News.com
09/08 Ukraine Tax Code Published, Tax-News.com
06/08 France Plans Reform Of Property Tax Credit, Tax-News.com
04/08 New PBTG Editor Column, Caroline, PBTG editor
02/08 Islamic Finance - The New Mainstream Alternative, Investors Offshore special feature
28/07 New PBTG Editor Column, Caroline, PBTG editor
27/07 UK Launches Raft Of Tax Consultations, Tax-News.com
26/07 Fat Tax On The Menu , Jeremy Hetherington-Gore blog entry
23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com
20/07 Singapore Base For Tuvalu OIFC, Tax-News.com
15/07 St Vincent & The Grenadines, Investors Offshore special feature
13/07 Tax- News.com Jersey Review 2010-2011
12/07 Goodbye To All That, Jeremy Hetherington-Gore blog entry
06/07 Hong Kong Full PBTG Guide, added to Personal Business Tax Guide
28/06 Lowtax Dubai, annual update
18/06 Singapore - Another Hong Kong?, Investors Offshore special feature
15/06 Swiss Parliament Approves UBS Agreement, Tax-News.com
08/06 Dubai Full PBTG Guide, added to Personal Business Tax Guide
04/06 Lowtax Panama, annual update
01/06 Lowtax Luxembourg, annual update
03/03 Personal Business Tax Guide, PBTG, has launched!
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LOWTAX OFFSHORE

BRITISH VIRGIN ISLANDS: PERSONAL TAXATION


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BACK TO BRITISH VIRGIN ISLANDS INFORMATION: BUSINESS, TAXATION AND OFFSHORE

On this Page:

- BRITISH VIRGIN ISLANDS RESIDENCE AND LIABILITY FOR TAXATION
- BRITISH VIRGIN ISLANDS INCOME TAX
- BRITISH VIRGIN ISLANDS REAL ESTATE TAXES
- BRITISH VIRGIN ISLANDS CUSTOMS DUTIES


The BVI, like other British 'dependent territories', was forced to apply the EU's Savings Tax Directive from 1st July, 2005, and chose to apply a withholding tax (initially of 15%, rising to 20% from 1st July, 2008, and to 35% in 2011) to the returns on savings paid to nationals of EU Member States. The Directive does not apply to corporate entities.


British Virgin Islands Residence and Liability for Taxation

For tax purposes, residence is defined as presence in the country for more than six months of a year. Individuals in the BVI pay income tax, land and housing taxes; there is no capital gains tax, wealth tax, inheritance or gift taxes, sales tax or VAT. Stamp duty is payable on some transactions.

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British Virgin Islands Income tax

NB Income tax was abolished in 2006; see below.

Until 2006, resident individuals paid income tax on their world-wide earnings. Foreign taxes paid were allowed as tax credits for those countries with which the BVI has Double Tax Treaties, and in the case of some other countries. Non-resident individuals paid income tax on their income arising in or remitted to the BVI.

Persons investing in hotel construction and some other enterprises for which the BVI has a special need could obtain tax holidays for the resulting profits.

In 2004, the government announced that income tax for both companies and individuals would be abolished with effect from 2005, with the introduction of a payroll tax.

In January, 2005, the Legislative Council approved the new payroll tax.

The new payroll tax is levied at a rate of 14%, 8% of which is paid by the employer and the remainder by the employee, although the first $10,000 of income is tax free. The contribution for small business, defined as those employing less than seven people and with a payroll of less than $150,000 per year, is 10%.

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British Virgin Islands Real Estate Taxes

Virgin Islanders pay $10 per year on the first acre of land or part-acre, and $3 on each additional acre. Expatriates pay $150 per year on the first acre or part-acre, and $50 on each additional acre.

House tax is charged annually on all privately-owned buildings at the rate of 1.5% of assessed value.

There is a 12% stamp duty on real estate transactions.

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British Virgin Islands Custom Duties

Customs Duties are imposed on most imports, at rates between 5% and 20%. Materials imported for hotel construction, and capital goods imported for enterprises which are deemed to be of special value to the BVI are exempt from import duties. If the BVI joins a wider Caribbean single-market zone, which now seems likely, the loss of tariff revenues will force the government into wholesale tax reform, with a sales tax seeming inevitable.

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