USVI Promotes Business Incentives at Leading Investment Summit

USVI Promotes Business Incentives at Leading Investment Summit -2021

The U.S. Virgin Islands (USVI) is ready to get down to business at the Caribbean Hotel & Resort Investment Summit (CHRIS) at the Seminole Hard Rock Hotel & Casino in Hollywood, Florida.

Leading the Territory’s delegation is the U.S. Virgin Islands Department of Tourism and the U.S. Virgin Islands Economic Development Authority (USVIEDA), which are partnering to ensure that public and private sector stakeholders’ interests are promoted and communicated would-be investors.

The highly-anticipated annual investment conference features insightful information sessions and panel discussions, networking opportunities, and nearly 70 speakers. Approximately one-third of whom are chairmen, chairwomen, CEOs, or presidents representing various Caribbean hospitality and tourism brands and organizations.

“We continue to see strong expressions of interest in our destination, from both the leisure travel and business development perspectives. At CHRIS, we have an excellent opportunity to capitalize on this demand through follow-up discussions and pursuing new leads,” said USVI Commissioner of Tourism Joseph Boschulte, who added that the timing is right for stakeholders and investors alike to explore “all the fantastic business opportunities that await in the Territory.”

Today, Commissioner Boschulte will appear as a panelist in a session on public-private ownership collaboration, moderated by Annette Mark, president of the Caribbean Association of Investment Promotion Agencies. USVIEDA CEO Wayne Biggs will speak about opportunities in the Territory during an information session on Tuesday.

Biggs also expressed enthusiasm about the summit: “We are ready to accelerate the attraction of decision-makers from the hospitality sector by sharing the benefits, such as tax and economic incentives, that can enjoy from doing business in the U.S. Virgin Islands.”

In addition to supporting the conference as a patron sponsor, the Department of Tourism and the Economic Development Authority are jointly staffing the Territory’s trade show booth at the event and exploring new leads for the Territory.

More Caribbean Tourism News USVI

To learn more about the Caribbean Hotel & Resort Investment Summit, visit www.chrisconference.com.

About the U.S. Virgin Islands

When traveling to the U.S. Virgin Islands, U.S. citizens enjoy all the conveniences of domestic travel – including online check-in – making travel to the U.S. Virgin Islands easier than ever. As a United States Territory, travel to the U.S. Virgin Islands requires U.S. citizens’ passports from Puerto Rico or the U.S. mainland. Entry requirements for non-U.S. citizens are the same as for entering the United States from any foreign destination. Upon departure, a passport is required for all but U.S. citizens. For more information about the United States Virgin Islands, go to VisitUSVI.com, follow us on Instagram (@visitusvi) and Twitter (@usvitourism), and become a fan on Facebook (www.facebook.com/VisitUSVI).

About the United States Virgin Islands Economic Development Authority

The United States Virgin Islands Economic Development Authority (USVIEDA) is a semi-autonomous government organization responsible for promoting and enhancing economic development in the U.S. Virgin Islands. It has five major components: Economic Development Commission, Virgin Islands Economic Park Development Corporation (formerly the Industrial Park Development Corporation), Economic Development Bank (formerly the Government Development Bank and the Small Business Development Agency), and Enterprise Zone Commission. 

The Economic Development Commission (EDC) offers special tax incentives for qualified businesses. Benefits of the EDC program include a reduction of up to 90% of personal and corporate income taxes and up to a 100% exemption on excise, business property, and gross receipt taxes. The purpose of the U.S. Economic Development Authority is to act as an umbrella authority that integrates and unifies the functions of the five agencies under one executive board to maximize efficiency and enhance economic development in the Territory.

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