St. Croix Renaissance Park
Port St. Croix
||St. Croix Renaissance Park is a 1244-acre industrial park located on the south coast of St. Croix in the U.S. Virgin Islands. The property sits directly on the only four-land highway in the U.S. Virgin Islands, at the center of St. Croix's industrial corridor. Renaissance Park is located just west of Hovensa, one of the largest oil refineries in the Western Hemisphere, and is only one mile east of the international airport. The Park also has a deep-water port that is strategically located at the hub of a major international shipping route for import, export and transshipment.
St. Croix Renaissance Park offers businesses the best possible location for their operations. Advantages include:
Businesses that locate in at St. Croix Renaissance Park also enjoy unsurpassed economic benefits, including:
- Reliable and cost competitive energy from an on-site, 60 MW coal-fired power plant;
- Reliable and cost competitive water supplies from the site's two-million-gallon-per-day desalination plant;
- Extensive, high quality infrastructure for electricity, steam, water, and telecommunications;
- Direct access to a large deep-water port, Port St. Croix, that is centrally located relative to international shipping lanes and offers the economic benefits of Jones Act exemptions. More
- Direct access to St. Croix's main highway and international airport; and
- Use of a large and fully equipped machine and fabrication shop.
Tax Incentives: Businesses that locate in the U.S. Virgin Islands benefit from several aggressive tax incentives including a 90% exemption on local income taxes (which are paid in lieu of U.S. Federal Income Taxes); 90% exemption on Dividends; 100% exemption on Gross Receipts taxes; 100% exemption on Property Taxes; 100% exemption on Excise taxes; and 1% Custom Duties. Taxes are paid to the USVI's Bureau of Internal Revenue, which is a shadow agency to the Internal Revenue Service, so while the incentives are aggressive, the tax laws are the same as U.S. tax law.
Economic Development Packages: The U.S. Virgin Islands has a business friendly government that offers customized economic development packages to companies that locate here. The packages vary but have included bond financing for facility construction and infrastructure improvements and customized tax exemption packages that can go beyond the tax incentives described above.