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Tax preparation help in the BVI's
Dan
Posted: Tuesday, September 15, 2009 3:43 AM
Joined: 16/07/2008
Posts: 1


I am a US citizen currently working on a BVI's registered vessel and need to know where or whom to go to get get help with US taxes. Ideally a company that can also handle financial planning as well. Are there any companies located on Tortola that can deal with current US tax laws?
Richard
Posted: Thursday, September 17, 2009 8:23 PM
Joined: 30/08/2008
Posts: 9


Dan,

I spent 7 years in BVI and to my knowledge I am unaware of anyone in the BVI's that know US IRS regulations. Check with the clearing houses in Road Town, Charterport, Regency, or even the Charter Yacht Society. If anyone knows they would. There are financial planners there I am just not aware of them.

You should be able to find someone in St. Thomas. Again, I would ask someone at Flagship, the clearinghouse on St. Thomas in Frenchtown or let your fingers do the walking through the yellow pages.

Your income in BVI is earned income with regard to the IRS and does qualify as Foreign Earned Income Exclusion (look at http://www.irs.gov/businesses/small/international/article/0,,id=97130,00.html) and is tax exempt up to a certain level, somewhere over $87,600 per year as long as you meet the requirements. The limit has increased over the years. You are still required to prepare and submit a tax return. This is just what I have experienced, I am not a CPA.

Now that you bring the question up, there might be a little business opportunity in preparing returns for US citizens in BVI. Just don't prepare them while you are on a BVI island or in BVI waters since that would be a violation of your work permit. US IRS is not the only ones with convoluted legal structure and challenges.

P.S. remember that even though you are a US citizen your employer should be contributing to the Social Security system in BVI and if you stay long enough does afford you certain benefits later.

 


 
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