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Virgin Islands Statutes, Title 9

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Virgin Islands/Statutes

← All Virgin Islands coverage

Title 9, Banking

20 chapters · 557 sections in this title.

All chapters in Title 9557 Ch 26, Virgin Islands Finance Lenders159 Ch 23, Uniform Securities Act61 Ch 19, Savings and Loan Associations58 Ch 22, Uniform Money Services Act49 Ch 25, International Banking Center Regulat…43 Ch 20, Mortgage Loans38 Ch 15, Regulation of Small Loans and Pawnbr…37 Ch 11, Banking Transactions and Conduct of …36 Ch 3, Organization and Management of Banks15 Ch 24, Uniform Prudent Investors Act14 Ch 7, Merger or Consolidation8 Ch 17, Disclosure of Finance Charges8 Ch 1, General Provisions7 Ch 5, Regulation and Supervision of Banks …7

43 sections·Filtered byTitle 9✕Ch 25✕

9 V.I.C. § 715 Short title
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This chapter may be cited as “The International Financial Services Center Regulatory Act.”
9 V.I.C. § 716 Definitions
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(a) As used in this chapter:(a) “Affiliate” means a corporation partnership, limited liability company business trust, or any other legal organization or entity that controls, is controlled by, or is under common control with any other of these entities.(b) “Bank Secrecy Act (BSA…
9 V.I.C. § 717 Authority and duties of the Board
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(a) The Board shall:(1) adopt, and may thereafter, from time to time, repeal, amend, or supplement regulations in order to comply with the provisions of this chapter;(2) collect fees for examinations and audits, receive monies and make disbursements according to its budget or as …
9 V.I.C. § 718 Interest rates and reserves
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(a) International Financial Services Entities may never bear interest at an interest rate of less than five percentage points above the Federal Home Loan Mortgage Corporation’s posted yield on the last business day of the month on thirty-year standard conventional fixed-rate mort…

9 V.I.C. § 719 Organization

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(a) An international financial services entity may be:(1) any person, other than an individual, incorporated or organized under the laws of Virgin Islands, of the United States, or of any other country, or(2) constituted as a unit of another person, other than an individual, inco…

9 V.I.C. § 720 Application for permit

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(a) Any person, as defined in section 719, may apply to the Board for a permit to organize an international financial services entity. (1) The application must be in writing, in the form specified by the regulations of the Board and must be accompanied by:(1) The proposed article…

9 V.I.C. § 721 License

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(a) A person may not commence operations as an international financial services entity before it has been issued a license under this section. (b) The Board may issue to the applicants a license to operate an international financial services entity after receipt of:(1) the certif…

9 V.I.C. § 722 Amendments to articles of incorporation

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(a) The articles of incorporation, partnership agreement or other written document establishing an international financial services entity or to any license executed in accordance with section 721, may not be amended, unless the amendment has been previously approved, in writing,…

9 V.I.C. § 723 Unencumbered assets, capital, shares of capital stock

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(a) Every international financial services entity shall possess not less than $300,000 of unencumbered assets or acceptable financial securities, or that lesser sum that, by request of the interested party, the Board authorizes, when the type of business or power that the interna…

9 V.I.C. § 724 Transfer of capital or control of an international financial services entity

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(a) Except as provided in regulations of the Board, a sale, encumbrance, assignment, merger, barter, exchange or other transfer of shares, interest or participation in the capital of an international financial services entity may not be initiated without the previous written auth…

9 V.I.C. § 725 No transfer of license

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A license issued under this chapter may not be sold, assigned, transferred, pledged, used as security, or otherwise encumbered, except under the provisions of section 748.

9 V.I.C. § 726 Permitted transactions; prohibited transactions

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(a) Upon receipt of a license to operate an international financial services entity under section 721, an international financial services entity may:(1) accept transaction-related funds from foreign persons in accounts as well as demand or fixed term deposits and interbank depos…

9 V.I.C. § 727 Personnel

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(a) The international financial services entity shall employ on a full-time basis a minimum of three persons at its business office or offices in Virgin Islands. However, the Board may authorize a lesser number of employees upon request of the interested party. In considering suc…

9 V.I.C. § 728 Accounts and registers

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(a) The original of the account books and registers of the international financial services entity must be kept in its main business office in the Virgin Islands and must reflect such details and be kept in such a manner as may be required by the regulations of the Board; a dupli…

9 V.I.C. § 729 Reports

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Every international financial services entity shall submit to the Board all reports as may be required by the regulations of the Board, including an annual financial statement prepared by certified public accountants, licensed to practice in the Virgin Islands, as well as interim…

9 V.I.C. § 730 Revocation, suspension or surrender

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(a) The license issued under section 721 is subject to revocation or suspension by the Board, upon previous notice and hearing pursuant to the regulations under this chapter, if:(1) An international financial services entity or the person of which the international financial serv…

9 V.I.C. § 730a Denial of a License

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(1) The Board may deny the issuance of a license or revoke a license for any one of the following reasons:(1) providing incorrect, misleading, incomplete or materially untrue information in the license application;(2) violating or failing to comply with any financial services or …

9 V.I.C. § 731 Dissolution

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(a) The Board may appoint a receiver and order the dissolution of an international financial services entity if the license of the international financial services entity or of the person of which the international financial services entity is a unit, is revoked or surrendered un…

9 V.I.C. § 732 Penalties

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(a) If any director, official or individual acting in a similar capacity of an international financial services entity or of a person of which the international financial services entity is a unit, violates, or voluntarily or negligently permits any director officer, agent, or em…

9 V.I.C. § 733 Confidentiality

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(a) The information that the international financial services entity provides to the Board pursuant to this chapter and the regulations of the Board must be kept confidential, except:(1) when disclosure of such information is required by law or judicial order; or(2) through a for…

9 V.I.C. § 734 Administrative hearings, adjudication proceedings and judicial review

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All matters related to administrative hearings procedure, adjudicatory proceedings and judicial review must be set forth by regulations promulgated by the Board. The regulations must substantially conform to the principles of the federal Administrative Procedure Act, 5 U.S.C. Sec…

9 V.I.C. § 735 Inapplicability of existing laws

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Neither the provisions of this title, nor chapter 15 of title 11, which fix the maximum interest rates or charges permitted on loans, are applicable to the operations of international financial services entities established under this chapter.

9 V.I.C. § 735a The International Financial Services Center Revolving Fund

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(a) There is established in the Treasury of the Government of the Virgin Islands a fund designated as the International Financial Services Center Revolving Fund. The Commissioner of Finance shall administer the Fund as a separate and distinct fund in the Treasury of the Governmen…

9 V.I.C. § 736 Tax Incentive Benefits

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(a) Any international business entity licensed and regulated under this chapter before the effective date of subchapter III, is eligible to receive any tax exemption, tax credit, or tax privilege pursuant to this subchapter. (b) The Board may:(1) review all applications for tax i…

9 V.I.C. § 737 Contract

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Each certificate granting tax incentive benefits issued under this subchapter is a contract between the Government of the Virgin Islands and the beneficiary. Should the Government adopt any legislation impairing or limiting the obligations going forward, existing contracts must b…

9 V.I.C. § 738 Qualification

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(a) The Board may not require an applicant to meet qualifications or requirements in excess of the conditions listed in this subchapter for the granting of an initial certificate. (b) In order to qualify and remain eligible for tax incentive benefits under this chapter, an applic…

9 V.I.C. § 739 Discrimination, hearing, certificate revocation

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If after notice and hearing the Commissioner of Labor finds that the beneficiary or any contractor or any other agent of the beneficiary has willfully practiced discrimination in employment based on age, sex, race, national origin or religion, the Commissioner shall certify the f…

9 V.I.C. § 740 Employment of residents by international financial services entity; temporary permits

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(a) After the third year of operation, an international financial services entity shall have at least 60% of its management, supervisory or technical positions filled by residents of the Virgin Islands as defined in title 29, section 703 of the Virgin Islands Code, unless granted…

9 V.I.C. § 741 Powers and duties of the Commissioner of Labor

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(a) The Commissioner of Labor shall appoint a qualified and responsible employee of the Department of Labor to administer, supervise and enforce or cause to be enforced the provisions of this section and section 740, and in this context may promulgate necessary regulations, condu…

9 V.I.C. § 742 Tax exemptions

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(a) Each international financial services entity applicant granted a tax incentive benefit certificate, pursuant to this chapter is exempt from payment of the following taxes:(1) taxes on real property to the extent that properly is used in the business;(2) gross receipt taxes, e…

9 V.I.C. § 743 Income tax reduction; benefit options

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(a) Each applicant granted a tax incentive benefit certificate shall have its income tax liability for income derived from the business for which the certificate is granted, and income from investment described in this section reduced on a current basis, as provided in this secti…

9 V.I.C. § 743b Exemption on withholding tax

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(a) Every person who receives a payment of dividends or interest subject to the tax imposed by section 871(a)(1) or 881 of the Internal Revenue Code, as it applies in the Virgin Islands from an IFSE as hereunder provided, and every such applicant subject to a tax on a dividend eq…

9 V.I.C. § 744 Special provisions or limitations

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(a) Applicants for benefits under section 743 may be granted an additional ten years of tax exemption on the initial term of benefits and subsidy at one hundred percent of benefits if the principal place of business of the applicant is located within the town limits of Frederikst…

9 V.I.C. § 745 Certificate modifications, extension or renewals

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(a) Upon proper application or reapplication, public hearing and in compliance with all other relevant provisions of this chapter pertaining to the grant of initial benefits, as determined and required by the Board, any recipient of tax incentive benefits granted under this subch…

9 V.I.C. § 746 Action by the Board

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(a) Upon receipt of a finding by the Board that tax incentive benefits should be granted, the Board shall then proceed to issue the appropriate certificate. (b) If, after 60 calendar days, excluding Sundays and holidays, have elapsed from the date the Board has concluded his inve…

9 V.I.C. § 747 Contents of certificate

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(a) A tax incentive benefit certificate must be issued by the Board in the name of the Government of the Virgin Islands and must bear the signature of the Board. The certificate must specify all of the following:(1) In the case of a non-publicly owned corporation, the names and a…

9 V.I.C. § 748 Transferability of certificates

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A tax incentive benefit certificate granted under this subchapter may be transferred, for the unexpired portion of the term of the certificate to another international financial services entity which succeeds the beneficiary in carrying on or in operating the industry or business…

9 V.I.C. § 749 Revocation, suspension or modification of certificate

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(a) A tax incentive benefit certificate granted in accordance with this subchapter may be revoked, suspended or modified by the Board, after notice, public hearing, and written findings by the Board that:(1) The beneficiary has failed to maintain compliance with the requirements …

9 V.I.C. § 750 Penalties for violations

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(a) Any official or employee of an international financial services entity, or of a person of which it is a unit who, on behalf of the international financial services entity receives any investor funds with the knowledge that the international financial services entity is insolv…

9 V.I.C. § 751 Appeals

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Any applicant or beneficiary aggrieved by any action of the Board under the provisions of this subchapter is entitled to judicial review of the action by appealing to the Superior Court under the applicable writ of review provisions no later than 30 days after a final decision by…

9 V.I.C. § 752 Effect of other laws

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(a) Insofar as the laws of Virgin Islands are not inconsistent with the provisions of this chapter, the laws of the Virgin Islands shall prevail. (b) Insofar as the provisions of this chapter are inconsistent with any other laws of Virgin Islands, the provisions of this chapter s…

9 V.I.C. § 754 Tap Roots Program

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As prescribed in section 717, five percent (5%) of the net income obtained from the Board’s functions related to this chapter for any given fiscal year must be remitted to the non-profit foundation, Taproots, Inc., and ten percent (10%) to the Cancer Care Fund administered by the…

9 V.I.C. § 755 Application for tax benefits

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Notwithstanding anything to the contrary in this subchapter, an international financial services entity that was granted a license under this subchapter before January 20, 2017, and that seeks tax benefits, must apply for the tax benefits available under this subchapter. An inter…