USVI governor submits bill to attract financial service industry
ST THOMAS, USVI -- US Virgin Islands Governor Kenneth Mapp has submitted for legislative approval The Virgin Islands Financial Services Improvement and Corporate Modernization Act of 2017 (FISA 2017).
In a letter to Senate President Myron Jackson, the governor wrote the act will “modernize Virgin Islands corporation law, based on best practices in the States and authorize the creation of new statutory trusts, based on Delaware law, which are increasingly utilized by US and international businesses to structure large and sophisticated financial transactions.”
In urging the Legislature’s approval, the governor stated that the FISA 2017 will position the US Virgin Islands as a centre for international investment, and as a hub for economic activity on par with other states and foreign jurisdictions. It will also create new government revenue streams, more contributions to charitable causes, higher paying jobs in the financial services sector and more spending in the US Virgin Islands’ economy.
Mapp referenced this important legislation, which will help attract new financial service businesses to the territory, during a Wednesday morning news conference on St Croix. He said that the new regulations would replace the existing general corporation laws of the US Virgin Islands with a modern corporate code based on successful stateside models. Many states and foreign jurisdictions, he noted, have also modernized their trust laws to meet the evolving needs of US and international businesses and investors.