U.S. Virgin Islands: America's Business Paradise
| Title | Date | Publication | Summary |
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 EDA board OKs partnerships with Puerto Rico group;SBA |
11/09/2018 | St. Croix Avis | |
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ICMC in process of layoffs, restructuring |
11/30/2018 | Virgin Islands Daily News | |
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Economic Enterprise Zone spotlights pampering products |
01/24/2019 | St. Croix Avis | |
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EDA Bank Claims Success from "Risky Loans" |
07/19/2019 | The Source | |
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EDA Reports Millions Earned Through Tax Incentive Program |
07/23/2019 | The Source | |
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Governor touts success of EDC tax breaks |
07/24/2019 | Virgin Islands Daily News | |
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Attracting companies high on Bryan's agenda |
07/24/2019 | St. Croix Avis | |
| EDA Reports Millions Earned Through Tax Incentive Program | 07/25/2019 | St. Thomas Source |
EDA Reports Millions Earned Through Tax Incentive Program July 24, 2019 Kamal Latham, chief executive officer of the Economic Development Authority, held a news conference at Government House on St. Croix. (Source photo by Susan Ellis) Between the years 2013 and 2015, Economic Development Commission beneficiaries paid an average of about $103 million per year in taxes and $3.3 million per year in contractually obligated donations to charitable organizations and educational programs, according to a new report from the Economic Development Authority. That is a slight increase in total dollars from the $91 million per year average for the years 1999 to 2009. If you controlling for inflation from 2009 to 2015, the receipts neither went up nor down. For all three years combined, that comes to more than $309 million in taxes and $9.7 million in required donations, Kamal Latham, chief executive officer of the Economic Development Authority, said Tuesday at Government House on St. Croix. Additionally, the 71 client companies directly hired between 2,939 and 4,305 employees in each of the three years. Other EDC data show that about half of those jobs are direct hiring by hotels that get tax breaks. Just three St. Thomas hotels: Frenchman’s Reef, Sugar Bay and the Ritz Carlton account for more than 1,000 of the direct employment by EDC beneficiaries. EDC hotels combined show about 1,795 direct jobs. Spending by those companies generated more jobs. The report speaks of 19,308 “person-years of employment” created over the three year period. One person employed full-time for three years would be three “person-years of employment,” so that number reflects an estimate of about 6,500 direct and indirect jobs attributable to EDC companies. Those jobs paid more than $1 billion in wages over the three years- or about $333 million per year. Those figures are from the Economic Impact Analysis Report published in June and based on data compiled by the University of the Virgin Islands Institute for Leadership and Organizational Effectiveness, and Appleseed Inc. Appleseed is a New York firm that provides economic impact analyses and economic development studies. Latham said his goal is to add another 50 new businesses to the tax benefit program. The areas of focus are new hotels and resorts, new financial services companies and manufacturers. Staff will attend trade shows and conferences to recruit businesses and there is a new website that advertises commercial properties for sale or lease. During his press conference, Latham introduced Gov. Albert Bryan Jr. and said he was the “main reason” for the success at the commission. Bryan served as chairman of the Economic Development Authority during his eight-year term as Labor commissioner under Gov. John deJongh, Jr. Gov. Albert Bryan addresses a news conference Tuesday. (Source photo by Susan Ellis) The governor talked about the tax report from 2017 and outlined some of the planned uses for the funds. He talked about improving education with safe environments, strong curriculums and less money spent on maintenance. There are internships available for students, provided by commission clients, and high school graduates can attend UVI free of charge. The government is helping clients by “gutting” the licensing and permitting processes, Bryan said, to make it easier to do business in the Virgin Islands. In the meantime, poverty statistics have to be lowered, he said, mentioning the costs of building low income housing and caring for prisoners. The V.I. poverty levels are “lopsided” and “killing us,” the governor said. Bryan pointed out that there were almost 35,000 individual and household tax filers in 2017 and 89 of them paid 66 percent of the taxes. Corporate taxpayers paid another $60 million. The Economic Development Authority was started in 2001 as a semi-autonomous government agency to create “an environment for business retention, expansion and growth for the economic stability.” The entities within the authority are the Economic Development Commission, the Economic Development Park Corporation, the Enterprise Zone Commission and the Economic Development Bank. There are strict rules and regulations for beneficiaries to receive tax benefits. Eighty percent of all those employed by clients of the commission are required to be V.I. residents and after the third year of operation, at least 20 percent of management, supervisory and/or technical positions must be filled by residents. Companies must pay employees at least the minimum wage and include health insurance, paid leave, a pension as well as professional development and tuition remission. During the three-year period of the study, the number of employees reported by beneficiaries declined by almost 2,000 people. The report speculated that the loss may have been due to increased competition from other areas, including Puerto Rico, difficult economic times in the territory, and an amendment to legislation that allows a reduced number of employees for financial services companies. The Economic Development Commission’s clients receive substantial tax breaks to operate in the territory: 90 percent reduction in corporate and personal income tax; 100 percent exemption on excise, property and gross receipt taxes. The clients are required also to reside in the territory at least 183 days a year and file their worldwide income taxes in the territory. |
| EDA Bank Claims Success from ‘Risky Loans’ | 07/25/2019 |
The Economic Development Bank has seen success with giving out what might be described as “risky loans” to residents of the territory according to the bank’s chief financial officer Ernest Halliday. https://stcroixsource.com/2019/07/18/eda-bank-claims-success-from-risky-loans/ |
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Education grilled about 2020 budget increase despite school consolidation |
07/25/2019 | ||
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Tourism defends Festivals Division plan, budget request |
07/25/2019 | ||
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Ritz-Carlton, Set For October Reopening, Announces Hiring Opportunities |
07/30/2019 | ||
| USVI Ready For The Limelight | 09/12/2019 |
It was no coincidence that representatives from the U.S. Virgin Islands were in Toronto yesterday (Sept. 5) to promote the perks of filming in the Caribbean destination during the Toronto International Film Festival. Made up of St. Croix, St. John, and St. Thomas, the multi-island destination was featured in feature films like The Shawshank Redemption, Twilight Saga: Breaking Dawn and The Curious Case of Benjamin Button and its backdrops and scenery have doubled for other locations from Mexico to the Greek islands... |
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| U.S. Virgin Islands is back in business | 09/12/2019 |
Back in 2017, the United States Virgin Islands experienced two major hurricanes. Both Category 5 storms, Hurricane Irma and Hurricane Maria blew through the islands just weeks apart, causing widespread damage and destruction to St. Croix, St. John, and St. Thomas, with extensive damage to St. Croix and its cruise port... |
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| TOURISM LEADERS TO BE RECOGNIZED AT LEADERSHIP AWARDS IN MIAMI | 11/14/2019 |
For Immediate Release Source: Caribbean Media Exchange, Inc. Contact:
TOURISM LEADERS TO BE RECOGNIZED AT LEADERSHIP AWARDS IN MIAMI MIAMI (November 3, 2019) - Three respected Caribbean tourism leaders will be recognized for their leadership achievements at the 2019 Caribbean Media Exchange (CMEx) Leadership Awards slated for December 14 in Miami. Muriel Wiltord, Director of The Americas for the Martinique Promotion Bureau; Commissioner of Tourism of the U.S. Virgin Islands (USVI) Joseph Boschulte; and Frank Comito, Director General and CEO of the Caribbean Hotel and Tourism Association (CHTA) are among the list of honorees for the year-end fundraiser, which will raise resources for Caribbean education. Born in Senegal, Muriel Wiltord's parents were originally from Martinique. She pursued her graduate studies in Paris and taught tourism at University of La Sorbonne for five years. After moving to New York in 1987, she became Director of the Martinique Promotion Bureau in New York where she establishes and maintains cultural and tourism ties between the United States and Martinique. Named one of the "100 most influential women of the tourism industry in the United States" by Travel Agent magazine, Wiltord was invested as a Knight of the National Order of Merit and as an ambassador of Martinique tourism.
Commissioner Joseph Boschulte, appointed to USVI Governor Albert Bryan Jr.'s cabinet to lead the tourism department, has vast experience in business and in government as well as a notable record of improving organizational performance and growth. He formerly served as President and CEO of The West Indian Company Limited (WICO), where he currently serves as Chairman of the Board of Directors. The Commissioner, who earned an MBA from Darden School of Business at the University of Virginia, held high-level positions in transportation, utilities, telecommunications, finance, government development and investment banking. A former Vice President of Institutional Advancement at the University of the Virgin Islands, Commissioner Boschulte previously served as Senior Vice President, Corporate Finance with Wachovia Securities in Atlanta, and Vice President of Banc of America Securities in Charlotte and New York City.
Frank Comito has more than 35 years of experience in economic development, organization management, government affairs, project management, workforce development, research, and in providing business and investor support in The Bahamas, the United States, the U.S. Virgin Islands and the Caribbean. He served as Executive Vice President for the Bahamas Hotel and Tourism Association for more than 10 years. Comito has held executive positions with the Nassau Tourism and Development Board, the National Alliance of Business in Washington, DC, and earlier with the St. Croix and St. Thomas-St. John Chambers of Commerce. Regionally, he was President of the Caribbean Society of Hotel Association Executives, a long-serving member of CHTA's Board of Directors, and has extensive experience in crisis planning and recovery. He was also Deputy Chairman of the Nassau Airport Development Company where he helped guide a $410 million investment in upgrading the airport. This year's CMEx honorees include leading Caribbean journalist and entrepreneur Janet Silvera; veteran airline executive Christine Kennedy of Delta Air Lines; Chef José Andrés of World Central Kitchen; attorney and philanthropist Marlon Hill; and Caribbean-American television anchor/reporter Neki Mohan of WPLG, ABC TV's local affiliate in Miami. The event, which will feature the musical talents of Trinidad and Tobago's Lord Relator and Virgin Islands steel pan player Stan Brown, will help support Bahamian scholars who have been impacted by the devastating Category 5 storm which lashed The Abacos and Grand Bahama in September. Providing a neutral platform for the industry's movers and shakers to address pressing tourism concerns, CMEx, which is partnering with the Caribbean Hotel and Tourism Association Education Foundation (CHTAEF) and the Errol and Nita Barrow Educational Trust in Miami, also lends a helping hand to Caribbean and American communities by sharing expertise, financial and in-kind assistance. The 2019 CMEx Leadership Awards is supported by Bahamas Ministry of Tourism and Aviation, International Career and Business Alliance (ICABA), Island Syndicate, Marketplace Excellence, Tropical Attractions, Inc., and the U.S. Virgin Islands Department of Tourism.
For tickets, visit www.tinyurl.com/CMEx-Awards-2019. About Caribbean Media Exchange, Inc. (CMEx) CMEx's mission is to support and develop the ability of the media, government, the travel and tourism industry and communities to consider the importance of tourism in sustainable development, while lending a hand to the communities involved by sharing relevant expertise, financial and in-kind assistance.
For further information, visit www.cmexmedia.org. |
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VIEDA Holiday Schedule |
12/26/2019 | ||
| EDA holds first of three town hall meetings | 01/31/2020 |
The V.I. Economic Development Authority held the first of three town hall meetings Tuesday on St. Croix, and will hold a second meeting tonight on St. John, with a third is set for Thursday evening on St. Thomas. “We exist to help the people of the territory. The objective that we look at is, what can we do to help the people?” said EDA Chief Executive Officer, Kamal Latham. “Most people think it’s only the EDC, the economic development commission that offers tax benefits, but the enterprise zone provides for tax credits or tax exemptions for revitalization of a building that you may own in Frederiksted or in Christiansted,” said Nadine Marchena-Kean, managing director of the Enterprise Zone Commission. Monique Samuel, acting director of the Economic Development Bank, said business loans are available but “we’re a bank of last resort,” and applicants must prove they’ve already been rejected for a bank loan. Cusa Holloway, manager of the small business incubator, said her program’s mission “is to provide a critical bridge” between the EDA and other programs, and has provided over 4,000 hours of consulting to businesses that grossed over $5 million in revenue since the program began in 2013. Margarita Greenidge-Benjamin, managing director of the tax incentive program, explained the various tax exemptions available, and compliance officer Joy Penn explained that companies which do not comply with their beneficiary agreements could be made to repay tax benefits. Assistant CEO Wayne Biggs detailed the industrial parks on St. Thomas and St. Croix, which are “pretty much filled right now,” but need additional infrastructure improvements. For more information, visit www.usvieda.org. — Contact Suzanne Carlson at 340-714-9122 or email scarlson@dailynews.vi. |
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| Public invited to EDA events | 01/31/2020 |
The Economic Development Authority is holding town hall meetings on all three islands so residents and business owners can learn more about economic opportunities in the territory, according to a news release issued Thursday. The first meeting is set for 6 to 9 p.m. Tuesday at the University of the Virgin Islands Great Hall on St. Croix. The second meeting is scheduled for 6 to 8 p.m. Wednesday at the St. John Legislative Annex conference room in Cruz Bay, St. John The third meeting will be from 6 to 9 p.m. Thursday at the V.I. Small Business Development Training Center in Nisky Center on St. Thomas. “Attendees will also have opportunities to ask questions and speak one-on-one with VIEDA team members,” according to the news release. “Established since 2001, the VIEDA is a semi-autonomous governmental instrumentality responsible for the promotion of economic development in the U.S. Virgin Islands. Four entities exist under its umbrella: the Economic Development Commission, Economic Development Bank, Economic Development Park Corporation and the Enterprise Zone Commission.” According to the news release, “These entities provide a wide range of programs and services, including but not limited to, tax incentives for large and small businesses; tax credits and exemptions for property and neighborhood revitalization; low-interest loan and loan-guarantee programs for local, small and medium-sized businesses and space for lease by businesses at industrial parks on St. Thomas and St. Croix. VIEDA offices are located on St. Thomas and St. Croix.” Authority CEO Kamal Latham, Assistant CEO Wayne Biggs Jr., Managing Director for Economic Development Margarita Benjamin, and other team members will lead the town hall meetings with a discussion about economic development and the purpose of the Economic Development Authority. Economic development practitioners from other authority divisions will also be present to share information and answer questions about its programs and services, according to the news release. To learn more, contact the Economic Development Authority office on St. Thomas at 340-714-1700, ext. 1133, or send an email to Ja’Nelle Forbes at jforbes@usvieda.org. — Contact Suzanne Carlson at 340-714-9122 or email scarlson@dailynews.vi. |
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| St. John residents get chance to learn about EDA programs | 01/31/2020 |
St. Johnians had a chance to learn more about the Economic Development Authority’s various programs at a Town Hall meeting Wednesday, and the team will give a final presentation tonight on St. Thomas. Several residents had questions about the tax incentives given to select businesses that agree to abide by certain conditions, including charitable contributions, and whether the EDC keeps a list of nonprofits approved to receive such contributions. “We’ve received a lot of inquiries similar to that,” said Margarita Greenidge-Benjamin, managing director of the tax incentive program. “We’re working through that process, because our clients also ask for that. So hopefully we’ll have that sooner than later.” At the EDA’s first Town Hall meeting on St. Croix on Tuesday, Charlita Shuster explained how her 37-year-old nonprofit dance organization, Music in Motion, did not survive after the hurricanes despite her pleas to Economic Development Commission beneficiary companies for financial help. “We need a little bit more stability of knowing where these people are giving their donations to,” Shuster said. Resident Pam Gan questioned the involvement of Caneel Bay in the program, and asked how much money has been forgone in taxes over the years. “Tax information is confidential,” said Assistant Chief Executive Officer Wayne Biggs, but he said the EDA does periodically release aggregate figures. Biggs also discussed the EDA’s industrial parks on St. Croix and St. Thomas, and how successful companies like Leatherback Brewery have been expanding. That brewery is moving into Puerto Rico and has plans to create a microbrewery in Havensight on St. Thomas, “so they’re expanding quickly,” he said. St. John also does not have an economic development zone like St. Croix and St. Thomas, which provide incentives for development in certain areas that are not otherwise available. Nadine Marchena-Kean, managing director of the Enterprise Zone Commission, said that “right now, because it’s the commercial zone, we’re looking at the outline of the historic Cruz Bay area, but that does not limit suggestions coming in from the community. EDA Chief Executive Officer Kamal Latham also highlighted the Vision 2040 program, funded through a $1.6 million federal grant, which will create an economic development “vision and plan for the entire territory,” with community input. The final EDA Town Hall meeting is set for tonight on St. Thomas from 6 to 9 p.m. at the V.I. Small Business Development Training Center in Nisky Center. For more information, visit www.usvieda.org. — Contact Suzanne Carlson at 340-714-9122 or email scarlson@dailynews.vi. |
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| St. Thomas residents impressed by EDA programs and services | 01/31/2020 |
ST. THOMAS — Members of the Virgin Islands Economic Development Authority received a warm reception Thursday during their latest town hall on St. Thomas, as residents and business owners seemed largely impressed by the EDA panel’s know-how and eagerness to help. The town hall — the last of three in January; the others were held on St. Croix and St. John — was held at the Small Business Development Center in Nisky Center, and gave the nearly 40 people in attendance a quick rundown of the EDA’s current programs, services and benefits. Programs included the Enterprise Zone Commission, the Economic Development Bank and the Economic Development Commission, through which beneficiaries can receive a 90% reduction in corporate and personal income tax and 100% exemption on excise tax. While some attendees asked about specific services, a fair number urged the EDA to improve its outreach, expand its social media presence and attempt to change its public perception as an entity that simply gives breaks to corporations to the detriment of the people. Indeed, “the people don’t know that you’re here for them,” was a recurring theme from the crowd. EDA Chief Executive Officer Kamal Latham, along with Deputy CEO Wayne Biggs, insisted that efforts are underway to expand outreach in schools, enhance social media with videos and tout the benefits — and the accomplishments — of the EDA. Latham and his team received praise from the crowd over their presentation, and encouraged the public to take advantage of the current moment in the territory’s growth. “We see that we are at a particular point in history where we do have a fair amount resources from the U.S. government that is scheduled to come into this territory, and we have a wonderful array of gifts and talents that are here in the territory,” he said. “We have a great opportunity now to release those gifts and talents and connect them to those resources that are coming into the territory, so that we can really create the energy that is needed to take this economy to the next level.” Speakers on Thursday included Nadine Marchena-Kean, managing director of the Enterprise Zone Commission, who spoke of how Enterprise Zones can revitalize distressed neighborhoods and encourage entrepreneurship through tax incentives. She also spoke about increasing the sales of products made in the territory through greater exports and pop-up shops. Cusa Holloway, manager of the small business incubator, said her mandate was to help residents start a business or expand their existing business through loan programs. Margarita Greenidge-Benjamin, managing director of the tax incentive program, explained the various tax exemptions available. For more specifics on the EDA and what it offers, visit usvieda.org. — Contact A.J. Rao at 340-714-9104 or email ajrao@dailynews.vi. |
